Ever Wondered what Choice coin DAO is all about, below should be Food for Thought.
Voting is an exclusive responsibility of every member or citizen in a democratic society. It is the best practice that gives voters a mandate to make decisions on issues or choose their leaders to represent them and their ideas, and it’s the responsibility of the leaders to support their interests.
In a centralized blockchain, a central authority always chooses and distributes the next block. While a single entity produces the block, every user locally stores all blocks, and thus block contents are tamperproof. This approach requires a super-strong trust assumption. A central entity must be trusted not to censor any user and to give identical new blocks to all users.
Decentralization has been an ongoing and top-priority objective of Algorand. The blockchain has achieved decentralization at the protocol level and solved the blockchain trilemma. However, true decentralization cannot be simultaneously achieved in all areas of governance.
The recent publication of Choice Coin DAO explained this: “Choice Coin DAO was created to solve the decentralized voting problem, which concerns the process by which groups makes decisions on blockchains. It’s an important problem because the solution is the bedrock to both distributed ledger and consensus technologies. This is especially true on Algorand, a proof-of-stake blockchain with a new, cheaper, and faster software structure than any other blockchain. Solving, the decentralized voting problem requires formulating a way for participants to reach a consensus on how to distribute value or assets for governance.”
How does the Choice Coin voting system Differ from the primitive voting systems?
Aside from the old and widely known traditional voting system, a likely similar system close to the Choice Coin DAO is Thomas Edison’s invention which was the Electric Voting Machine. The object of his invention is to produce an apparatus which records and registers in an instant, and with great accuracy, the votes of legislative bodies. — Thus avoiding loss of valuable time consumed in counting and registering the votes and names, as done in the usual manner.
Choice Coin is a decentralized voting asset built on the Algorand blockchain to bridge the centralized voting system’s gap and facilitate democratic participation. Choice Coin provides a new mechanism by which decentralized decisions may be made. Choice Coin produces an instant and accurate vote, avoiding the loss of valuable time consumed in counting and registering the votes and names, as done in the usual manner. Choice Coin’s voting technology is fast and made for global decisions rather than simply that of legislative bodies.
Choice Coin solves the decentralized governance problem by securely providing a mechanism for the decentralized organization to vote using post-quantum cryptography.
VOTE 1: Choice Coin DAO has completed its second vote with decentralized decisions and the result is out. The issue concern is the distribution of Choice for charitable purposes, where voters vote on which charities receive more $Choice as a donation. Four members of the DAO have been elected to sponsor four charities. Rewards will soon be distributed to voters.
Choice Coin DAO’s voting mechanism is set to take the world by storm. The system will give more opportunities for a better experience in all industries.
Don’t forget to grab a copy of Choice Coin Digital Magazine for FREE via the link below.