Cross posted from: https://forums.nxtcrypto.org/viewtopic.php?f=2&t=530&p=2612#p2612
My thoughts on how to count votes.
Personally I think the most democratic way is 1 Account = 1 Vote, regardless of your wealth (amount of NXT). Sure someone could create multiple accounts to have more votes but since it costs NXT to send NXT to other accounts, you couldn't do this for long without going broke.
Imagine I have 10,000 NXT. I can't create 10,000 accounts. At most I could create 5,000. Since if I send 1NXT to 5,000 accounts it costs me 5,000 NXT in transaction fees just to do so. If I want those NXT all back in one account (to increase ability to forge) then I can create even less accounts since I will incur a transaction fee to send NXT from those dummy accounts back to my main account.
This can actually work well early on since it may help to distribute NXT even more.
Another way to prevent the creation of dummy voting accounts would be to have a rule that NXT must remain in an account for a certain number of blocks before a vote to be counted as a valid voting account. Or say for example if a vote comes up at block 45,000 for example, only accounts that have a balance as of block 45,000 are counted for voting.
I think the coolest part about the voting is that we can use the voting system to tweak the voting system as time goes on. We could come up with all sorts of complex algorithms in the future once we see what the NXT ecosystem looks like.
Any ideas?
Edit: Or maybe even, 1 Account = 1 Vote but it costs 1NXT per account to vote.
My thoughts on how to count votes.
Personally I think the most democratic way is 1 Account = 1 Vote, regardless of your wealth (amount of NXT). Sure someone could create multiple accounts to have more votes but since it costs NXT to send NXT to other accounts, you couldn't do this for long without going broke.
Imagine I have 10,000 NXT. I can't create 10,000 accounts. At most I could create 5,000. Since if I send 1NXT to 5,000 accounts it costs me 5,000 NXT in transaction fees just to do so. If I want those NXT all back in one account (to increase ability to forge) then I can create even less accounts since I will incur a transaction fee to send NXT from those dummy accounts back to my main account.
This can actually work well early on since it may help to distribute NXT even more.
Another way to prevent the creation of dummy voting accounts would be to have a rule that NXT must remain in an account for a certain number of blocks before a vote to be counted as a valid voting account. Or say for example if a vote comes up at block 45,000 for example, only accounts that have a balance as of block 45,000 are counted for voting.
I think the coolest part about the voting is that we can use the voting system to tweak the voting system as time goes on. We could come up with all sorts of complex algorithms in the future once we see what the NXT ecosystem looks like.
Any ideas?
Edit: Or maybe even, 1 Account = 1 Vote but it costs 1NXT per account to vote.
My only concern with 1 account = 1 vote is that all it does is cause people to spread out their NXT as much as possible. Also, there are only ~14k accounts right now, someone with a large stake only has to spend ~28k NXT to win every single vote. This will result in an account creating arms race to see who can create the most accounts possible so they have the most voting power. I know this idea is meant to help the small guys, but it will in fact hurt them more (since they can't afford to as many transaction fees as large holders can to create a large number of accounts).
Good point. 1 account = 1 vote will increase manipulation on important decisions. I would support 1 NXT/ 1 vote, at least in the beginning period. We could add tweaks to reduce the power of big accounts later on.
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