Voting systems are complex and multifaceted, with no one-size-fits-all solution. Quadratic voting (QV) is one such system, allowing voters to express the intensity of their preferences, not just their direction. However, it faces criticism for being potentially manipulable and too complex for the average voter.
Ethereum co-founder Vitalik Buterin proposes a new voting system, Quadratic Payment Voting (QPV), which combines the best aspects of QV and binary voting. This system allows voters to make binary decisions but also to pay to increase the weight of their vote. The collected payments would then be redistributed to all voters, incentivising participation.
Buterin also explores the idea of using prediction markets to gauge public sentiment, as they can provide a more accurate reflection of societal preferences. However, these markets can be influenced by wealthy individuals or groups.
To counteract this, Buterin suggests using a version of QV in prediction markets, allowing participants to express the strength of their belief about a future event. This would make it more expensive for wealthy individuals to manipulate the market, promoting a more democratic process.
While these concepts are still theoretical, they represent innovative approaches to addressing the limitations of existing voting systems.
Go to source article: https://vitalik.ca/general/2021/08/16/voting3.html