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Finance.vote - Democratising DeFi

Finance.vote – Democratising DeFi

By lucasc | Crypto Thoughts | 18 Nov 2020


The cryptospace is a proving ground for genuinely new democratic models. With the emergence of the decentralised finance (DeFi) movement, new and radical ways of reaching consensus and coordinating around money are being created with rapid open innovation. Although early DeFi applications have been active since 2017, it is the emergence of governance tokens that has caused explosive growth in the DeFi space. They are the mechanism by which true decentralisation can be achieved, pushing trust away from contract creators and onto token holders. They are however, largely flawed in their implementation. Highly asymmetric token distributions, voter apathy and huge gaps between the technical knowledge of core teams and token holders creates a context where genuine governance is surface level at best and thinly veiled centralisation at worst.

As a plethora of new tokens enter the market, it becomes increasingly difficult to keep up with new technological developments, but also separate out quality projects from low quality clones, or outright scams. Market signalling is a primary economic cost in the cryptospace and finance.vote will allow users and entrepreneurs to identify the impact of their signalling activity as well as provide early access to market signals. finance.vote is a decentralised application for reaching consensus across the cryptospace as a whole. It provides a space for users to engage with market discovery on new and existing tokens and be incentivised to share their perception on future price action.

This is an excerpt from the Finance.vote Whitepaper.

Finance.vote intends to use blockchain technology and consensus to verify legitimacy and trustworthiness of early markets.

"Finance.vote Raises $1.4m to Build a Social Consensus and Governance System for DeFi"
https://www.globenewswire.com/news-release/2020/09/21/2096684/0/en/Finance-vote-Raises-1-4m-to-Build-a-Social-Consensus-and-Governance-System-for-DeFi.html

$FVT is the governance token in their system. It could be used to place bets on the future of tokens or NFTs, for example. When the estimation is found to be true or false, $FVT reward tokens will be dispersed to those who made the correct bet, consolidating voting power to those who have proven their effectiveness, and making the overall estimations more accurate.

The voting system, termed Semantic Ballot Voting, is designed to minimize heavily incorrect guesses with a non-linear progression of cost.

In my imagination, I could see something like this used in real-world applications, such as to improve accuracy of polling data. 

DexTools link:
https://www.dextools.io/app/uniswap/pair-explorer/0x75001b3ffe0f77864c7dc64c55e1e22b205e4a07

Telegram:
https://t.me/financedotvote

Whitepaper:
https://f646e629-e6ab-436e-b4b5-ad62237799a8.filesusr.com/ugd/2f63aa_003edb48d0af467883d85931c1d6f8db.pdf

 

Let me know what you think in the comments, and leave a like if you found this interesting!

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lucasc
lucasc

Nodejs and Java Developer, learning blockchain.


Crypto Thoughts
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