All you needed to know about PolkaMusic Voting Chart
PolkaMusic is the next generation of music discovery powered by Polkadot. PolkaMusic unlocks a brand new revenue source for musicians as well as fans through PolkaMusic decentralized music ranking chart.
Before we provide an insight on how PolkaMusic Voting works, let us see how and why voting emerged as an acceptable decision-making method.
The Origins of Voting and Crowdsourcing
Once the tyrannic rule of monarchs came to an end, people found the need to collectively agree on what works best for them. This marked the beginning of democracies, where every stakeholder had the right to opinion on a given topic.
While this system of crowdsourced opinions did seem to be the most efficient method of determining results, it hasn’t worked as well as it should. Several instances of democracies failing have come to the fore, especially in case of public referendums or elections.
Due to the commonly followed practice of one-person-one-vote, every person gets to choose only one option from several choices. Consequently, the person with the highest number of votes wins, regardless of whether they managed to secure more than 50% of the total votes. This often leaves the majority of the people unhappy with the outcome.
The flaw in the system is that the strength of people’s preferences is often ignored. To overcome this, other voting methods have been developed and are in use across multiple fields.
Popular Crowdsourced Voting Techniques Currently in Use
One Person One Vote: This is currently the most widely used method of voting, adopted by most democracies in the world. Each person is allowed a single vote, and a secondary vote cannot be cast. While this allows every individual to have the same amount of influence as the others, difference of opinion among the stakeholders can result in the lack of a clear majority, enabling the candidate with differentially higher votes to win.
One Dollar One Vote: This voting method uses a person’s economy as a yardstick for their voting power. The more the individual’s wealth, the higher their influence, should they wish to exercise it. This type of method is commonly used for popular voting such as in reality shows where the outcome doesn’t directly affect the voter much.
Quadratic Voting: In quadratic voting, every eligible voter is given a set of credits that can be used to place votes on multiple options. The voters can choose whether they wish to use all credits on a single option which they feel strongly about or share it across different options.
Quadratic Voting and its benefits
Quadratic voting lets voters express honest opinions by attaching a cost to their choices, which rises exponentially as additional votes are cast, based on a pricing rule.
In short, the formula can be described as: COST OF VOTE = (VOTE COUNT) ^2
For example, if a voter has 16 credits which he can use for 16 issues, he can either use 1 credit for each issue, or use all 16 credits to generate 4 votes for a single issue that he deeply cares about. As the number of votes for a particular issue increases, the corresponding credit cost also increases.
Quadratic voting can help save our democracies.
A good example of this was seen in an attempt by the Colorado Democratic Party based on the recommendations of E. Glen Weyl, an economist at Microsoft.
While it is complex, it still protects the interests of smaller factions that care deeply about certain issues. By raising the cost incrementally, it disincentivizes people who don’t care about the issue from voting for it.
PolkaMusic Voting is a quadratic voting fork, which uses the best aspects of quadratic voting and fine tunes it by using continuous tokens and a bonding curve, thus mitigating the shortcomings of the quadratic method.
Resetting the cost of a vote for an individual user wouldn’t make sense on an open blockchain ecosystem, as the users can simply create a new wallet to reset the voting cost.
While a simple KYC can solve this issue, it isn’t the most ideal method when looked at from both UX and privacy standpoints.
The other alternative would be to continue counting votes without resetting. We chose this option as the crypto token is the only element in the blockchain system that cannot be manipulated. On the PolkaMusic platform, voting takes place through $POLM tokens.
The Unvoting Concept
With easy access to music creation tools and a steep increase in the number of Indie artists, music production today happens on a massive scale. This means that millions of songs from across the world are vying for a coveted top ranking on the charts.
As songs cannot stay on top of these charts forever, our carefully designed PolkaMusic Ranking System lets users unvote previously chosen tracks and claim their $POLM tokens back, so that they can be used for voting elsewhere.
This serves two purposes:
- It lets newer music get discovered by regular fluctuations to the chart positions.
- It allows early voters of leading tracks to profit from their discovery, as the votes are basically continuous tokens that rise in value when others vote.
Continuous Token and the Bonding Curve
A Token Bonding Curve (TBC) is a graphical curve based on the relationship between token price and token supply.
Every subsequent buyer would have to buy the token at a rate slightly higher than what was paid by the earlier buyer. Thus, the early investors of the token would be able to generate profits on their initial token investments.
As the project continues to gain traction, more buying occurs, sending the price of the token higher after every transaction, along the bonding curve. Thus, these tokens can be bought early and sold off later at a higher price.
Where CURRENT TOKEN PRICE = (TOKEN SUPPLY) ^2
In the above figure, the price exponentially increases as supply increases, as the growth rate speeds up when the number of minted votes increases.
PolkaMusic has integrated sortition within the voting system, to gain insights when users create a playlist of songs on their own profile.
Sortition refers to the action of determining the value of something by casting a vote on random sets. On blockchain technology, transparency and reliability of the votes are easily achieved using sortition.
Sortition offers two major advantages:
- Random draws ensure votes are protected from manipulation attempts, while candidates are given equal attention spaces from a voter’s perspective
- It reduces the load on the voters by allowing them to focus on the programs of the candidates of their lot
The effectiveness of this method has been mathematically proven by Pierre-Louis Guhur.
If for example, a platform has 100 songs that it needs to assign a ranking to, all users of the platform cannot be expected to vote for each one of these options or make a well-informed decision of one song out of the 100.
Thus, under the sortition method, users are encouraged to create a playlist of their favorite songs. Thus, from a wider audience, one can establish which songs enjoy the highest popularity.
A gamified approach has to be taken in this regard, where playlist creators are rewarded for their opinions and choice of songs included.
Why PolkaMusic Voting works ?!
- Shifts power from corporations to actual music enthusiasts and creators
- The incremental cost of voting ensures that only people who genuinely connected with a certain track would upvote it, leading to more accurate rankings
- No scope for gaming the system through fake accounts, as the cost of the vote remains standard at a given point for any account, new or old
- Smart streaming platforms built on PolkaMusic infrastructure can analyze trends that work, without resorting to additional research
- Allows early discoverers of great music to benefit from increased vote token value at a future stage, should the track become popular
YOU decide what’s popular, not some manipulable algorithm 🔮
On the PolkaMusic platform, true power lies in the hands of the creators and the listeners, just how music was intended to be. The listeners have the authoritative power to decide what kind of music they like and are rewarded in the process, while the transaction fee from the process of voting goes to the creators, unlocking a new source of revenue.
PolkaMusic is here to revolutionize the music industry with enhancements to music charts and dynamic music ranking 🎵