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Binance CEO CZ and Ethereum co-founder Vitalik Buterin agree that a new blockchain-based voting system is needed to improve democratic processes in the United States. But one won’t be as easy to implement as many people think.
In response to the protracted uncertainty over the outcome of the controversial 2020 US presidential election, CZ tweeted this is the right time for developers to create “a blockchain-based mobile voting app”.
Binance CEO said such a voting system would reduce the time it takes to confirm an election result, improve voter privacy, and eliminate questions about the validity of the results.
CZ urged solicited developers to start work on such a system:
“Develop something now, get it approved (obviously the hardest step) and get over 300 million users (fully KYC’ed) in 4 years. Any capable developer should be willing to do it “for free”. “
Buterin shared the post, albeit him added that will not be an easy task:
“The technical challenges of creating a secure crypto voting system are significant (and often underestimated), but IMO this is 100% directionally correct.”
He clarified that a cryptographic approach does not necessarily mean a blockchain approach, although he explained that it could be used to “maximize anti-censorship guarantees”.
Although such systems may solve the “every vote was counted” question, they are still unable to solve the problem of determining whether votes were valid in the first place.
In the end, Buterin She said, it shouldn’t be difficult to improve on the current system:
Beating 73% accuracy isn’t hard. Https://t.co/zt9bn1IBQZ
– vitalik.eth (@VitalikButerin) November 5, 2020
Cardano founder Charles Hoskinson also believes blockchain voting is the way to go, suggesting last week that Cardano was “building the infrastructure” for this specific use case.
Not everyone is on board. MyCrypto CEO and founder Taylor Monahan thwarted that with the number of security problems facing current blockchain and cryptocurrency networks, the community is not ready for “blockchain democracy”.
He stated that “We can’t come close to guaranteeing fake internet money that tech geeks play and manipulate for fun”, quoting Initial Coin Offerings (ICOs), Scams, Ponzi, Hacks, and Insecure Smart Contracts Among Current Barriers:
“It is not [because] people want money. It is because people want power. Money = power. Votes = power. “
Last week, Overstock chief Jonathon Johnson said that Voatz, the voting app backed by Overstock subsidiary Medici Ventures, could have solved the problems facing the current election during an October 29 earnings call.
However, Voatz has been criticized for showing security vulnerabilities, with MIT security researchers condemning the app’s cybersecurity measures earlier this year.
Last month, Russia appeared to have successfully used a blockchain-based voting system built on Waves, recording nearly 300,000 votes.
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