In light of the recent US elections where there has been much speculation regarding allegations of ‘voting fraud’, CZ, the CEO of Binance, took to Twitter. Through his tweets, CZ expressed his views on the need for a new voting system. More specifically, a blockchain-based mobile voting app that would significantly improve current voting systems.
He claims that if there were a blockchain-based voting system/mobile app, we wouldn’t have to wait so long for votes to be counted (as they would be counted almost instantaneously). Further, there would be no need to question the system’s validity.
If there is a blockchain based mobile voting App (with proper KYC of course), we won't have to wait for results, or have any questions on its validity. Privacy can be protected using a number of encryption mechanisms.
— CZ Binance (@cz_binance) November 5, 2020
The Binance CEO called for developers to start working on a blockchain-based solution:
“Develop something now, get it approved (obviously the hardest step), and get 300 million plus (fully KYC’ed) users in 4 years time. Any capable developer should be willing to do it ‘for free’.”
Vitalik Buterin, Ethereum co-founder, shared CZ’s post, stating that the technical challenges related to making a secure voting system are significant, but he completely supports CZ’s views.
The technical challenges with making a secure cryptographic voting system are significant (and often underestimated), but IMO this is directionally 100% correct. https://t.co/J0qHiN2bbk
— vitalik.eth (@VitalikButerin) November 5, 2020
Not everyone was in agreement with their views though. CEO and founder of MyCrypto, Taylor Monahan, argued that the community is not ready to “blockchain democracy”, citing security issues.
Replying to a Twitter user who alleged that a blockchain-based voting system would be the perfect fraud system, Vitalik stated:
“Successfully committing fraud with a well-designed system would require breaking cryptographic algorithms. So actually quite far from the perfect fraud system.”