EthforAll Introduces Quadratic Voting .

EthforAll is a global hackathon consisting 9700+ applications in which 65% builders were new to Ethereum. This online hackathon event take place from 4-19 February.

Quadratic voting was introduced in Closing ceremony of Ethforall. It is a voting system that let an individuals to express the intensity of their preferences rather than just a simple yes or no vote. Quadratic Funding Formula is the mathematically optimal way to fund public goods in a democratic community. Quadratic voting started on 27th February 9am IST that is today and will close on 3rd March, 9pm IST.

ETHForAll is Devfolio's first hackathon focusing on "Public good" and governance in collaboration with the Government of Telangana. Public goods are for everyone without and restictions. They are the resources that are non-excludable and non-rivalrous. A perfect example of punlic goods in Web3 is Open-source software in Web3.

Devfolio visions to create a thriving community of builders who love making things. They are the hosts of India’s largest community hackathon ETHIndia - India’s largest Ethereum hackathon. ETHIndia is a hackathon — a movement with the goal of inspiring and fostering a community of builders promoting technological advancements for Ethereum.

Introducing QUADRATIC VOTING 😎🪩💃🏾

QV is a mathematically optimal way of voting which goes beyond a yes or no vote, enabling people to choose the intensity of their preferences. And we're stoked to implement it at our hackathons.@faradayfury & @vanshikarattan delving deeper👇 pic.twitter.com/uF2TiQxflg
— Devfolio (@devfolio) February 27, 2023

Highlights of Building Public Goods with Public Blockchains :

What public goods currently need to be build and what are exiting areas? Any particular projects ?

According to Matthew - Climate and AIX central risk are really important public goods. AI being used for everybodies benefit and should not be misused in future. Gitcoin, Starling labs are doing incredible jobs.Angela focused on developer tooling, communities for developers and payment are the three areas that is the most simplest and important application of blockchain she is excited to see. Scaffold Heath and Bill Gill are good example.

Discussing about ideas to accelerate, Rohit suggests about doubling down education. Supporting to which Pooja Ranjan said about education that documentation education and community building around that is also one of the important public good task. She Leads a Ethereum cat herders which is a group to educate community about upcoming Ethereum updates . Different projects also need similar support as Ethereum. EtherWorld works similar as education building platform through it's YouTube channel where we provide the eli5 version of anything that is upcoming. Adding to Angela's point about developers who are contributing in protocol development should be well funded. Protocol group is a platform that encourages developers.

Talking about private entites funding and is it a concern? Pooja Ranjan stated that when we talk about corporate funding it may be influence the decision making. Like Ethereum Foundation tries to help many different projects over there but they try to preclude themselves from major decision. If any private entity is a major fund provider for any public good it may effect the decision. Public funds is more transparent and decentralised. Rohit & Mathhew both like Retroactive funding which distribute funds for Public good projects according to people's estimates of how valuable the project will be.

How do retroactively decides the fair? According to Pooja Ranjan its governanace is more decentralised . Also its like a badge wearing voting process. Benefits both the provider of funds and the recipent of funds as the person who provide funding are assured that the job is done and people trying to make their contribution are also confident that they will get the fundings.

Angela talks about funding mechanisms that interests her and said that she supports Retroactive funding that its a very innovative way of funding public goods and services. Nft can be one easy approachable solution for funding. As there already exists some local workforce for healthcare and education we can make all of these operations transparent on a blockchain that from where these funds originate and how they get distributed. Education is important to make use of available tools.

The results of the Quadrative voting will be announced on 5th March, 9pm IST. Finally, it is important to consider differnt aspects like externalities and longer-term benefits of public goods, not just profit.