Quadratic Voting Is Leveling The Playing Field That Hollywood Has Long Needed For Fanbase Representation

Photo by Shubham Dhage on Unsplash
Photo : Shubham Dhage on Unsplash

Hollywood finally has the representation (of sentiments) it has long needed in production, and it is all thanks to quadratic voting.

This system of voting is leveling the playing field for fanbase representation which Hollywood has long needed. It is much better suited for protecting the interests of smaller groups of voters who happen to care deeply about some issues over others. The core sentiment behind the process is that voters are essentially able to use their votes in a more efficient manner. Support is shown by casting votes for some issues, at the expense of being able to vote on others. It's not just about preferences, it's also about showing the collective intensity of those preferences. A key example of this was seen in 2018 after Democrats won Colorado's Governorship and both of the state's houses, as quadratic voting was used to decide which appropriations bills to fund first. One of the newer applications of quadratic votes is on the blockchain, with Mogul Productions pioneering the way forward for filmmaking. 

Quadratic votes on the blockchain

Mogul Productions was created with the goal of decentralizing and democratizing fan  participation within the film industry. The company offers a decentralized film financing platform, as well as a movie-based NFT marketplace for enthusiasts. The company is using blockchain in the entertainment industry to give everyone a voice in the creative process of film production, effectively placing power into the hands of the movie fans. 

Mogul, which is no stranger to pioneering a slew of blockchain industry firsts, has gone the extra mile in acting as a bridge between the traditional entertainment industry and film financing and blockchain, by building an efficient proprietary quadratic voting system. In addition to facilitating the prevention of double voting and fraudulent activity, it serves as a hybrid financial model which includes voter staking, NFT film memorabilia funding, private funding, and a Mogul film fund.

How quadrating voting works on the Mogul Platform

Voting credits are assigned by Mogul. In this case, the number of credits per person depends on how many of Mogul's STARS tokens they own. The STARS tokens themselves can be earned through on-platform activities, contests, or via purchase. When it comes to the latter, large purchasers of STARS tokens will technically have many more tokens to vote with (compared to someone who owns just a few tokens). However, quadratic voting makes it less likely for a user with more tokens to skew the voting. By extension, Mogul users and STARS holders have the fair ability to influence and lend their voice to which movies should be made, as large token holders with millions of coins are unable to skew the vote. If anything, it is actually the smaller token holders who have a proportionally larger voice; this in turn allows Mogul to gauge the sentiment across its entire community, rather than from just a few large holders.

This is one of the newest ways in which the community-oriented Mogul Productions is using technological innovations to provide both artists within the entertainment industry and buyers alike with a more robust user experience.

And as far as quadratic voting is concerned, it will be interesting to see additional new applications for its use in Web3, which will obviously extend beyond the more traditional democratic politics and corporate governance in the private sector. Thanks to Mogul Productions, we find ourselves collectively on the cusp of greater changes, with more power handed to the people who are passionate about the things they would like to see produced.

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