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“Proposals from an economist to eliminate private property using blockchain technology”

by Joseph Mack

**A New Vision for Voting**

*Challenging the Status Quo*

Economist Glen Weyl and law professor Eric Posner have put forth a new proposal to revolutionize the voting system, with the goal of giving minorities a more powerful voice in decision-making. Their idea is to introduce a radical new way of voting, which would limit the power of those who hoard votes and give a stronger voice to those who feel strongly about certain issues.

**A Fairer System**

Under Weyl and Posner’s proposal, each person would be given a certain number of votes, but the price for additional votes would exponentially grow, making it more difficult for a small group to hoard votes. In this way, the proposal aims to prevent racists or any minority group from dominating the decision-making process.

Weyl argues, “If racists threw all their votes at racist measures, they would have no impact on anything else.” This system would give minorities a stronger and more influential voice on issues that matter to them.

**Wide-Ranging Implications**

Beyond voting reform, Posner and Weyl have also delved into other policy areas, including antitrust regulation, immigration, and data privacy. Their bold proposals have caught the attention of politicians and policy-makers, leading to discussions about how their ideas might be applied in fields such as antitrust regulation and data protection.

**Partnership with Vitalik Buterin**

Their ideas have also attracted the interest of Vitalik Buterin, the co-founder of Ethereum. Weyl and Buterin are now working together to explore ways to use technology and markets to decentralize the power of different institutions and create a more equal and equitable system.

The blockchain, in particular, is seen as an ideal testing ground for Weyl’s vision of a decentralized marketplace. While originally conceived for virtual currency exchange, the blockchain has evolved to become an experiment in economic design. Weyl and Buterin believe that it has the potential to create a leaderless, market-based community where users can exchange virtual assets without the need for a middleman.

**Real-World Applications**

While the full implementation of Weyl’s blueprint may not be realized in the near future, there is growing interest in testing these ideas in the real world. This indicates a shift towards exploring new, innovative ways to address longstanding issues of power and inequality.

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