IOTA Unleashes Billion-Dollar Use Case: Revolutionizing Fair Voting for Governments Worldwide

The latest research paper by the IOTA researchers has taken a comprehensive view of the fairness of voting protocols with greedy sampling and proposes a scheme asymptotically fair to a broader class of weight distribution.

The research paper authored by Abraham Gutierrez, Sebastian Muller, and Stjepan Sebek explained that the basic idea of any voting protocol is that nodes query a sample of other nodes and make an adjustment to their opinion through several rounds based on the proportion of the sampled opinion.

In the classic model, it is assumed that all nodes have the same weight. We study voting protocols for heterogeneous weights with respect to fairness. A voting protocol is fair if the influence on the eventual outcome of a given participant is linear in its weight.

Previous work used sampling with replacement to construct a fair voting scheme. However, it was shown that using greedy sampling, i.e., sampling with replacement until a given number of distinct elements is chosen, turns out to be more robust and performant.

The theoretical findings of the study were further complemented with numerical proofs to ascertain the need for their proposed scheme of voting. This comes with a lot of interest as fairness plays major roles in many areas of science and applications including distributed ledger technologies

Some Observations of the IOTA Researchers

The researchers observed that the Proof of Work consensus algorithm, for instance, makes sure that the probability of creating a new block is proportional to the computational power of a node. Comparative to the Proof of Stake consensus algorithm, the probability of creating a new block is proportional to the node’s balance.

In addition, the authors mentioned that their initial motivation stemmed from the urge to show that the consensus protocol used in the new generation protocol of IOTA is robust against splitting and merging

The above-mentioned use case of IOTA is just one of the many it can boast of in both the digital and the real environment. It can be recalled that Taipei, the capital city of Taiwan had an agreement with IOTA in 2018 to embark on a smart city project. Energy is another area of interest and has been massively impacted by IOTA.

It can decentralize the power grid for clean and efficient energy throughput. In the area of global trade and supply chain, IOTA provides better authentication, documentation, and flow of products from their starting point to the point of sale

IOTA (MIOTA) has had a bullish period in the last seven days after surging by 2.16 percent over the period to trade at $0.181366. Regardless, it is still 96 percent down from its all-time high of $5