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Author Topic: Quadratic Blockchain Voting system in Redenom project  (Read 32 times)
Redenom
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September 21, 2018, 06:53:08 AM
 #1

The voting system as a way of expressing the will of a group of people

Voting has been known to mankind since ancient times as a way of expressing the will of people, where a common opinion is determined by counting the votes of individual members of the group.
In today's world, a lot of important issues are solved by voting. Voting has become a kind of symbol of democracy, where every individual can influence decisions related to managing a country or company policy.
There are many different methods of voting, the only purpose of which is to achieve the best indicator of honesty as a factor of maximum conformity of results, to the general interests of the participants in the vote.
There are such important evidence as:

• Right to own voice
• Equitable distribution and equality of opportunity
• Competitiveness of the subject of voting
• Openness of process with observance of individual immunity
There are different voting systems that appeared as a result of searching for the ideal model:
• Approval vote
• Voting by feet
• Consensus
• Vote of confidence
• The Schulze method
Quadratic voting

Nevertheless, there is a lot of criticism about the methods of voting. So in most electoral systems there are vulnerabilities that theoretically allow falsifying the results of voting by a certain group of people to suit their interests.

Voting based on blockchain technology

Voting on the basis of blockchain technology has opened a new era in election technology. Thanks to crypto-voting it is possible to hold elections protected from falsifications, especially it became actual in DAO (Decentralized Autonomous Organization) projects where by voting it is defined where public capital will be invested. Often, at the same time, the weight of the voice is equal to the sum of investments in the DAO project. Thus, those who have invested more money have a more powerful voice in calculating the results. In contrast to ordinary voting, where the votes of all participants are equal. But even here there are unsatisfied parties. With this vote, top investors almost deprive everyone of the right to vote, as their votes can unilaterally change the balance of power.

Quadratic Blockchain voting in Redenom project

In addition to the task of excluding the possibility of falsification of the results of voting, an equally important aspect is the choice of a voting system based on a balanced and fair vote count.

To exclude the likely factor of monopolization of the election results, the Redenom project team chose the method of quadratic voting of the rule organized on top of the platform, which rules are prescribed in the smart contract code (link). Thus, in the project Redenom, the importance of the investment size was retained, but the top owners of NOM tokens are not in a position to monopolize the voting results.

In the Redenom system, the weight of each voice is equal to the square root of the amount of NOM tokens on the participant's account at the time of voting. Thus, having in fact a more weighty voice, top investors can not alone decide the outcome of the vote.

The voting system of the Redenom project actually solved the main problems associated with circumvention of the system and the abuse of the system logic.

In this regard, we can safely assume that today, thanks to the technological breakthrough and enthusiasm of the team, the Redenom project offers its users the most promising model of voting in the process of selecting projects to be funded from the collective Redenom DAO Fund.





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October 08, 2018, 11:48:34 AM
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Our solution for improvement Geth Node Sync stability

Some of Redenom project participants ask us why transactions and payments sometimes occur with the delays. In order to answer this question, we decided to explain about the structure of our system.

The core of the Redenom project is a crypto smart-contract in the Ethereum network. This system is still relatively new and its creators are constantly working to improve it, nevertheless it is Ethereum that is de facto the most advanced blockchain system oriented to the implementation of crypto smart-contracts.

To interact with the blockchain, you must have your own Ethereum network node called “GETH” and here lies the main reason why transactions can sometimes be delayed. The matter is that on whatever powerful server the GETH node does work, it still periodically loses synchronization with the network. Due to attacks on the blockchain system (which occur quite often), the node may temporarily lag and transactions through it cannot pass until it gets the last blocks and is not synchronized with the network.

In order to minimize the waiting time for transactions and prevent failures, we had to organize several geographically remote GETH Nodes and configure the Redenom system so that transactions are automatically sent through the node that they can process at the maximum speed.

By increasing the number of Redenom Nodes on the Ethereum network, we developed a synchronization and backup algorithm providing a high level of both executions of any transactions in the Ethereum network within the Redenom project and fault tolerance.

Another problem with Ethereum is that the price of transactions can increase 10 or more times in just a few minutes, depending on the load on the network. If the transaction was sent at a price below the average in the network before such a sudden increase in value, it may remain unconfirmed for a long time, blocking all subsequent transactions.

To avoid such a situation, we have created a tool that analyzes the information about the transaction price and the network load recently, determines how the price will change in the future and all transactions of the Redenom project are sent at a price that will take into account possible fluctuations and changes.

We will continue to develop solutions that will bypass all Ethereum imperfections to make your user experience as pleasant as possible and accelerate transactions as possible.
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