This is exactly what quadratic voting tries to solve.
Let me explain to you guys what I’ve gathered from the things I’ve been reading on the subject. You can probably learn more about it if you check Vitalik’s website.
In simple terms what you have here is that people are given a set amount of tokens which with they can buy votes, depending on the motion, but the more votes you buy the more expensive your vote becomes. The way it works is using the quadratic formula, hence the name, first vote = 1 token, second vote = 2 tokens, … , nth vote = n tokens. This scales up quickly.
So how would this look with our delegation method that we have on Uniswap, well, in a way everything would have to change. voting would have to burn your tokens otherwise the strategy just wouldn’t make sense. Now this might sound bad but in reality it’s not, we wouldn’t have to burn our tokens forever but instead what you can have is cycles. So several proposals might be proposed every 3 months, and people use their tokens to vote on these proposals in a quadratic manner.
Let me put it in an algorithmic manner:
- There is a period of 3 months for proposals to be presented.
- Every proposal can be voted on by either YES or NO.
- You can use your tokens to vote for as many proposals as you want, as much as you want in a quadratic manner. This means you could spend all your tokens voting for proposal number 1, or you could spend 50% of your tokens on proposal 1, 25% on proposal 2 and so on…
- Once the voting period is over (this could be three months). Any proposals that have been accepted will be implemented. And then the cycle repeats again.
Now this isn’t incompatible with delegation at all. People with more votes would still have more power. But it is much more balanced. One wallet with a lot of coins can buy many votes, but these votes will increase in their price. So it is much cheaper for 500 different people to each buy one vote (this would be 500 tokens) than one big whale casting 500 votes (this would cost 1 + 2 + 3 + … + 500 votes).
So here the problem becomes “well, how do we deal with people making many accounts to vote”. And honestly this is the biggest problem with quadratic voting. There are probably ways to solve this second problem though, maybe you have to “buy” a credential in order to vote, i don’t really know. I think this is an interesting problem that should certainly be discussed in more detail. Like @coolcryptomaniac says we need a sybil resistant system.