Exploring Quadratic Funding at Ethcon Korea 2023: An Experiment in Collective Decision-making

Ethcon Korea 2023: A Testing Ground for QF

At Ethcon Korea 2023, we are looking to explore the potential of QF within the structure of our hackathon. While the decisions of our expert panel continue to be the primary evaluation method, we are experimenting with a QF round. A portion of the ticket sales factors into the the QF prize pool, and on the event’s final day, you’ll have the unique opportunity to influence the allocation of these funds, directly affecting which projects receive support.

Problem Statement and Our Solution

Traditional hackathons present a common challenge — the event’s winners are usually chosen by a select few judges, appointed by the event organizers. This method may not fully capture the voice of all participants and potentially limits the scope of creativity and innovation. The Quadratic Funding (QF) Round presents a novel solution to this problem. Instead of a select few deciding which projects are worthy of recognition, the participants themselves have a say in the matter.

The Concept of Quadratic Funding

Quadratic Funding (QF) presents a unique way of resource allocation that aspires to enhance inclusivity and fairness. Instead of following a conventional one-person-one-vote system, QF creates a new dynamic where every participant’s decision matters. In this system, each participant receives voting credits that they can distribute among their favorite projects. However, the weight of these votes isn’t merely determined by the amount of credit assigned to a project. It’s shaped using a quadratic formula that significantly amplifies the impact of each vote. This results in a unique mechanism where numerous small votes can wield more influence than a few large ones. Every participant’s decision, no matter how small, becomes crucial in determining the outcome. Thus, the Quadratic Funding system provides an alternative approach that emphasizes the value of individual’s contribution.

Fostering Participation and Empowerment

Quadratic Funding’s potential isn’t limited to one-off events. Instead, it opens up a new path to a future where decision-making processes are more participatory, reflecting a world where every voice has equal importance.

At Ethcon, we strive to uphold this principle of egalitarian participation. With the QF round, we’re aiming to instill a sense of empowerment in each participant. Your ticket to Ethcon isn’t merely your pass into the event — it’s also your means to partake in this experiment, to contribute directly to its outcome.

We are intrigued by the potential of Quadratic Funding and are eager to delve deeper. By integrating the QF round at Ethcon, we offer participants a firsthand experience of this voting model and hope to stimulate discussions about its wider implications. Join us to experience a democratic decision-making process that could redefine how we collaborate and support projects in our communities.

Exploring Quadratic Funding at Ethcon Korea 2023 was originally published in EthconKorea on Medium, where people are continuing the conversation by highlighting and responding to this story.