Polls: Moving Leofinance Towards Decentralized Ideas

We might be getting a feature that coudl really change the direction of much of Leofinance.

One of the big promises of cryptocurrency is decentralization. Throughout the industry, we see how this is still a dream. However, we are seeing things move, in some areas, in that direction.

Part of the issue is not having the tools to engage in ways that are different from what is usually done.

Could polls on LeoThreads be a valuable tool that moves Leofinance further down the decentralization road?

The idea of democraticizing knowledge along with providing the ability to survey the community is a radical step forward.

Immutable Voting

Polls is going to have to be run through the innovation line to see what comes out. It is truly opening up the floodgates to something completely new.

The basic premise is that a poll can be posted on LeoThreads, the same as on other social media sites such as Twitter. Where we see a major difference is with the control along with the immutability.

To start, anyone can put up a poll. Since this is Hive, it uses the account management system of the blockchain. There is no way to prevent anyone who accesses the chain from putting up a poll.

At the same time, we see this:

The fact that each vote is posted to the blockchain as a custom JSON means that every vote is tracked and is immutable. It essentially is a voting system that is fully transparent.

To me, this is big news.

When a poll is placed on Twitter, how do you know if the votes are tallied properly. With all that takes place with social media, is trust warranted? Obviously not. The same is true for most voting systems, including elections.

With Hive, we are about to get an immutable voting system that is fully transparent.

Accessing The Hivemind

One of the goals of Leofinance is to democratize information. Here is where the knowledge of many can be better than a single individual.

Polls is a tool that can be used to access the hivemind, the information center that is in the heads of the Leofinance community.

For example, what is someone put up a poll regarding the price of a particular stock over the next year, that would give us the pulse of the community regarding that asset. We see this done throughout the social media world.

Of course, we can then contour the voting mechanism to target what is desired.

For example, what is we wanted to have a Leofinance vote about whether to add a certain feature. However, to be part of the vote, one needed 100 LEO. Could we do that?

It appears this is something that can be done.

Perhaps, as layer 2 smart contracts evolve on Hive, we can start to see project issue a NFT to require access to vote. This could denote membership in a particular community, enabling one to participate in the poll. For those who are not part of it, no voting is possible on that one.

From this, how about setting up an application tied to this feature. Perhaps it is some type of prediction market with people putting up tokens to participate. For example, events such as the Superbowl, elections, and World Cup have people wagering on the results. Could polls be incorporated into something like this?

Since it is all on-chain, the selection made by each individual is transparent for everyone to see. The app could write the wager along with the option, pulling to totals together. This could then serve as the basis for the payouts.

In other words, people will have another tool to develop upon, bringing more potentiality to Hive.

All of this because polls are being added to LeoThreads.

What other ideas do you have for the new polling feature? Let us know in the comment section.

---

If you found this article informative, please give an upvote and rehive.

gif by @doze

logo by @st8z

• What is Hive

Posted Using LeoFinance ^Beta