Binance’s managing director, Changpeng Zhao or CZ, and Ethereum’s co-founder, Vitalik Buterin, agree that a new blockchain-based voting system is needed to improve democratic processes in the US. However, implementation is not as straightforward as you might think.
In response to the ongoing uncertainty about the outcome of the controversial US presidential election in 2020, CZ tweeted that now was the right time for developers to develop a “blockchain-based mobile voting app”.
Binance CEO argued that such a voting system would reduce the time to confirm the outcome of an election, improve voter privacy, and eliminate questions about the validity of the results.
CZ asked the developers to work on such a system:
“Develop something now, get it approved (obviously hardest step) and get more than 300 million (fully KYC) users in 4 years. Any skilled developer should be willing to do this “for free”. “
Buterin shared the post, though adding that it won’t be an easy task:
“The technical challenges of creating a secure cryptographic voting system are significant (and often underestimated), but IMO this is 100% right outright.”
He clarified that a cryptographic approach doesn’t necessarily mean a blockchain approach, although he stated that it could be used to “maximize anti-censorship guarantees”.
While such systems can solve the question of whether every vote was counted, they still cannot solve the problem of determining whether the votes were valid at all.
Ultimately, Buterin said, improving the current system shouldn’t be difficult:
Achieving an accuracy of 73% is not difficult. Https://t.co/zt9bn1IBQZ
– vitalik.eth (@VitalikButerin) November 5, 2020
Cardano founder Charles Hoskinson also believes blockchain voting is the right way to travel. Last week it was pointed out that Cardano had “built” the infrastructure for this special use case.
Not everyone is on board. MyCrypto CEO and founder Taylor Monahan countered that the community was not ready for a “blockchain democracy” given the multitude of security problems facing current blockchain and cryptocurrency networks.
She argued, “We can’t nearly secure fake internet money, play with tech geeks, and manipulate for fun.”
“It is not [because] People want money. That’s because people want power. Money = power. Votes = power. “
Last week, Overstock boss Jonathon Johnson said Voatz, the voting app backed by Overstock’s subsidiary Medici Ventures, could have resolved the problems of the current election during an October 29 earnings call.
However, Voatz has been criticized for showing security flaws, and MIT security researchers condemned the app’s cybersecurity measures earlier this year.
Last month, Russia appeared to have successfully deployed a Waves-based blockchain-based voting system with nearly 300,000 votes.