QVote Receives Grant to Build an Entirely Decentralized Quadratic Voting Platform for Crypto Communities

June 28th 2021 -  QVote and the Algorand community have partnered, through the Algorand Foundation Grants program, to build an entirely decentralized quadratic voting platform for crypto communities. This will provide Algorand users the ability to conduct elections and decisions on-chain, in an entirely trustless manner. QVote plans to become the standard go-to platform for on-chain voting and governance on Algorand. 

The development of QVote consists of 3 phases. 

  1. Creation of quadratic voting smart contracts. This also includes smart contracts necessary to ensure the whole process does not rely on any centralized entity.
  2. Creation of an SDK to facilitate interaction with the QVote smart contracts. This is designed to help developers who want to integrate QVote functionality in their own app. The SDK will integrate with the MyAlgo wallet in order to allow easy and safe creation and signing of transactions.
  3. Creation of a web application to allow users to interact with the decisions created and to create new decisions. Everything is designed such that an advanced user would be able to use the full QVote functionality without having to use the web-application: they could deploy contracts and sign the transactions themselves. 

There are three big impacts QVote delivers with this project. Firstly, as described, the creation of such a voting platform that will continue working in a decentralized manner as long as the users want to use it. Secondly, we hope this will become a large community driven project that will stir the creation of additional features and components in the platform. Thirdly, in the long term, we hope to catalyze the adoption of quadratic voting in blockchain communities as the superior mode of online governance.

Quadratic voting gives more freedom to the voters in expressing a nuanced view. Through the quadratic cost function it encourages voters to spread their votes so they represent their opinions. More practically this means that voters vote for options that they are more invested in, creating results that are driven by people with the most knowledge and passion for a certain subject. Scarcity is introduced by limiting the total number of credits. This forces the voters to be more thoughtful and express their opinions with care. The credit distribution mechanism also has the effect of ranking the options for each individual. 

''Algorand has the best technology with its Pure Proof of Stake (PPoS) system it manages to achieve finality times, speed and decentralisation, like no other blockchain platform can. Algorand will definitely play a major role in the decentralized financial and custodial ecosystem that we are building today''.

''Algorand transaction confirmation speed today is incredibly fast allowing for the creation of seamless user experiences, abstracting the common dApp development problems away'', Mateusz Bednarski, QVote co-founder.

Addie Wagenknecht, Head of Ecosystem Advocacy & Platform Operations at Algorand Foundation said, "We are thrilled to see the implementation and architecture of QVote become part of the development of the Algorand ecosystem. Their solution for voting mechanisms and applications is a much needed resource for the future of blockchain".

If you are interested in submitting a project for support from the Algorand Foundation Grant program, please apply here.



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