Voting on the blockchain: is it a step back or step forward?

Everybody knows that using blockchain technology brings transparency and trust, regardless of the area it is used in. Be it sales, data storage, or even government.

Common voting procedure is related to some issues: vote fraud, financial costs, centralization. Blockchain voting can solve it, but at the cost of generating new issues.?

First, voting on blockchain means that voting data is stored in an immutable ledger. This can prevent tampering and fraud, but it also means that a voter's choice becomes public. The concept of a secret ballot is compromised; blockchain voting may not be suitable for certain elections where anonymity is crucial.?

Additionally, decentralization can create difficulties with voting regulations and laws. Different countries or jurisdictions may have different voting processes and requirements; it can be challenging to ensure that all voters are following the proper protocol on a decentralized network.?

Speaking of web3, there are also a lot of voting related issues. #DAOs, a current trend, use blockchain voting intensely. Voting on the future of a project, treasury managements, you name it. Issues can arise internally as well as externally.

Poor #tokenomincs can cause a small group of people to grab all the “power”, like in the #Uniswap case, where a user had to have at least 1% of governance tokens, UNI, to be able to vote.

And again, criminals are always out there. They’ll take a crypto loan, get a big chunk of governance tokens in one of DAOs. Then, they’ll hold a voting on using a couple of millions of dollars from the treasury. Having a sufficient number of the tokens to start the voting, they close it instantly and become millionaires.

Overall, while #blockchain voting has the potential to improve, it also introduces new considerations and risks.