New York-based Blockchain Technologierp., a blockchain- and bitcoin-focused firm and startup accelerator, has announced that it is working on a blockchain-based voting machine that it claims will be “tamper-resistant;" this according to media outlet CryptocoinNews. While this is not the first attempt at using the immutable and censorship-resistant properties of blockchain technology, it appears to be the first to marry the familiar paper ballots with this innovative technology.
Blockchain Voting Machines
The device being created, called "VoteWatcher," will guarantee two important features of the voting process: ensuring that the voting machine accurately captures the voter's intent (i.e. that they vote for who they wish to vote for); and safeguarding that all votes cast are counted and tabulated correctly. (See also: Blockchain Technology To Revo..
The blockchain is a permanent, distributed, public ledger, secured through powerful cryptography. This allows data to be entered and stored in such a way that it is auditable from outside, and at the same time unable to be altered, deleted, or copied once stored - meaning that once a vote is cast, it cannot be changed or deleted, and furthermore it can be verified as correct by the voter at a later date.
Unlike other start-ups looking to employ blockchain to secure voting, VoteWatcher will use familiar paper ballots as part of the process. The machines will scan paper ballots and then generate a unique hash for each, then upload them to the blockchain. CEO Nick Spanos argues, "What happens when non-technical people want to audit an election conducted using paperless electronic voting machines? All you can audit is the code the machine used to calculate the results. There is no original record of the votes cast. Paper ballots are the only way to do a real re-count for the general public." While some may disagree with this sentiment, it is planning to roll out beta versions of its system as early as for the 2016 presidential election.
The Bottom Line
Blockchain technology, which underpins digital currencies such as Bitcoin, can be employed for other forms of secure recordkeeping - including elections and voting. One startup, Blockchain Technologies Corp., is trying to marry blockchain's digital domain with familiar paper ballots in an effort to bridge the gap between tech-savvy and non-technical voters and auditors.
Year 0: 500 Steem
Year 1: 1000 Steem
Year 2: 2000 Steem
Year 3: 4000 Steem
Year 3.32: 5000 Steam (reverse split now occurs, and the number of Steem goes back to 500 and the process starts all over again)
Steem can also be converted into "Steem Power," which locks up their value for a two-year period. During this time, the Steem Power in your account grows through a process known as staking, a method for validating and confirming data on the Steemit blockchain. There are also Steem Dollars, which is a version of Steem that is pegged in value to 1 USD.
This might all sound complicated, so here is an excerpt from a Steem FAQ talking about 1. Steem, 2. Steem Power and 3. Steem Dollars:
1: Convert Steem back to USD and spend it on groceries or whatever
2: Convert it to Steem Power, thereby making a commitment of value to the Steem network for 2 years (because once you convert your Steem to Steem Power, you can’t just get it back right away)
3: Convert it to Steem Dollars, keeping the value committed to the Steem network (rather than selling it on an exchange), but also keeping it liquid so you can take it out if you like. Because you did commit value to Steem though, you get some reward, but not nearly as much as if you converted to Steem Power.
[Y] ou can think of it as these mindsets:
1: I’ve had enough of Steem, I just want to get my USD back and not be a part of it any more
2: Wow Steem is cool! I really think this is a great system of rewarding content creators and curators, and I want to commit my cash for the next 2 years with the expectation that it will grow and I will be rewarded by that growth
3: I like Steem, but I’m not sure if I can commit this money yet for 2 years. I’ll hold it here ready and when I make decision between mindset (1) and (2) I can take it out as USD if I want (mindset 1) or I can easily commit it as Steem Power if I choose to (mindset 2).
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