Cross Collateralization In Web3: Key To Capital Efficiency
Learn how Cross-collateralization in web3 is potentially redefining lending and borrowing in this digital economy.
Learn how Cross-collateralization in web3 is potentially redefining lending and borrowing in this digital economy.
I will take the bet...
In the crypto market, token standards specify how and where a coin can be used. There are different standards for crypto tokens on different blockchains. These include ERC-20 for Ethereum network, BEP-20 for Binance smart chain , TRC-20 Tron network, and now BRC-20.
What governs the dynamics of crypto markets and why do prices move the way they do? The invisible hand theory explains a lot.
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Isn’t it inappropriate that the traditional databases are been taken care of by a single organization? This organization has full control of the database, the power to change the stored data, or to illegally add data in a deceitful way. To ensure that no single body can manipulate the database, the database must be made public, and anyone should be allowed to store unnecessary copies of the database so as to prove to everyone that their copy cannot be tampered with.
Also, the bodies keeping a copy of the database decides which changes are to be made and in what order. If any of the bodies can make changes at any time, the unnecessary copies of the database will mismatch and if all of the bodies agree on a certain one who makes changes first then, others copy from it, meanwhile, that one has the power to red-pencil changes it doesn’t like. Hence, if that single body withdraws, the database is disabled until replacement is done by others.
To implement blockchain voting, there will still be a normal voter registration process but once a voter registration agency determines that one is eligible to vote, a token that would allow them to vote just and exactly once would be sent to them.
With blockchain voting, there is no central agency to conduct the elections fairly and securely. Anybody can participate as long as they meet requirements which are confirmed during registration and become a server in the system . This ensures that the system is available throughout the time of the election ensuring full security, and has an accurate, real and confirmed counted votes.
In the case of voting security which everyone knows that keeping our elections secured and transparent is the best way, blockchain technology has the ability to introduce a system that is seemingly impossible to hack to the table and it ensures that votes could be completely and accurately verified immediately after the voting is finished, so as to be certain that the votes are accurately counted without the need for a central agency overseeing the results.
Democracy is more Transparent with Blockchain Voting
Blockchain voting systems provide full transparency by eliminating the need for central authorities to be involved. The technology can be an answer to the question of how to keep elections and voting secured to ensure democracy.
Because blockchain doesn’t face most of the challenges political elections have, the biggest benefit of blockchain voting is, increased transparency. In political election, once you cast your vote, you know nothing about what happens to it. You trust the poll workers to count the vote correctly. However, there’s no way to be sure that your vote counted. But on the blockchain it could be possible to track your vote and see that it counts in the right place which eliminates election rigging and reduce fraud to bring true democracy.
With blockchain, everyone can count the votes, and they can verify that no votes were changed or removed, and no illegitimate votes were added.
Importantly, one of the key parts of democracy is the secret ballot. Nobody should know how you voted so they can’t influence your vote in any way. With blockchain voting, the information about the sender of the voting token has to be hidden. Meanwhile, experts in cybersecurity generally agree that blockchains are unhackable.
However, governments aren’t the only institutions that could benefit from blockchain voting. Employees or shareholders could vote for initiatives within a company as well.
Hence, blockchain is something to look forward to as our society continues to grow and advance.
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