Quadratic Voting

Quadratic voting (QV) represents a powerful mechanism for collective decision-making, allowing individuals to express the intensity of their preferences rather than just their direction. When applied within the Newcoin ecosystem, using Watts as a base for voting power instead of traditional proof-of-humanity, it introduces an innovative layer of engagement and valuation that emphasizes creative contributions and the multifaceted nature of individual merit. Here’s how this approach can redefine engagement and decision-making in decentralized communities:

‍Expression of Creative Value: By basing QV on Watts, the voting power of individuals is linked to their creative contributions and overall merit within the ecosystem, as measured by the accumulation of various types of Watts (e.g., IWATT for imagination, CWATT for curation). This allows for a more nuanced expression of preferences that reflects not just the presence of an individual but their active and valued participation in the community.

‍Incentivization of Quality Contributions: Utilizing Watts for QV naturally incentivizes users to contribute positively and creatively to the ecosystem, knowing that their capacity to influence outcomes grows with their constructive engagement. This encourages a culture of quality and innovation, where contributions are aimed at adding value to the community.

‍Mitigation of Sybil Attacks: Leveraging Watts, which encapsulate the value and authenticity of contributions, offers a robust mechanism against Sybil attacks. Unlike simple proof-of-humanity checks that can be circumvented, the effort to meaningfully contribute creative value as a means to gain voting power introduces a higher barrier for manipulation.

To implement a quadratic voting system using Watts:
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‍Integration with Newcoin’s Contract Tables: Platforms and projects need to integrate with Newcoin’s contract tables to query the Watts balances of their users. This will be essential in determining each user's voting power within the QV mechanism.
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‍Voting Power Calculation: Develop a smart contract or backend algorithm that calculates voting power based on the quadratic cost of votes and the user’s available Watts. The formula for QV ensures that the cost of each additional vote increases quadratically, which means the total voting power would need to be calculated based on the square root of the user’s available Watts.

‍Transparent Voting Mechanism: Ensure the voting process is transparent and verifiable. Users should be able to see how their Watts translate into voting power and understand the quadratic nature of vote costing. This transparency helps maintain trust in the voting process and the broader ecosystem.

‍Continuous Evaluation and Adaptation: Given the dynamic nature of creative contributions and the fluctuating balances of Watts, it's crucial to have a mechanism for continuous evaluation and adaptation of voting power. This ensures that the QV system remains responsive to the evolving landscape of contributions and merits within the community.