Blockchain Quadratic Functions for Funding and Democratic Voting

Blockchain is one of the most known out of the cryptocurrency industry buzzwords. Most people know that blockchain is the underlying technology that enables cryptocurrency transactions. However, in reality, blockchain is just a kind of Distributed Ledger Technology (DLT), which means that virtually any sort of information, not necessarily related to cryptocurrencies, can be stored in such distributed ledgers in the global network. The information is generated, verified and stored by multiple network participants (who sort of watch over each other) and once recorded in a block protected by cryptography, it cannot be erased. This is how blockchain technology secures the immutability of the stored records.

One of the most promising applications of blockchain technology is voting precisely because of its immutability that makes it impossible to falsify the voting results. Quadratic voting is a form of decision making that gives the voters the possibility to allocate more voting power to specific issues and less to those personally less relevant. This distribution is determined by quadratic functions that have enormous potential not only for decision making but also charity, public funding, and any other action requiring democratic participation. This combined with the functionality of quadratic founding is a revolutionary technology that might have a great impact on popular issues. If you want to learn how exactly this principle works, read the whole article in the Lykke Blog.