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Cryptocurrency News Articles
Blockchain-Backed Referendum Challenges Putin's Election Victory in Russia
May 10, 2024 at 08:55 pm
Mark Feygin, a Russian opposition leader in exile, is launching an anonymous blockchain-based referendum via the Russia2024 app and Arbitrum blockchain to challenge the legitimacy of Vladimir Putin's recent election victory. This tool, powered by Arbitrum, aims to provide citizens with a secure and anonymous platform to express their dissent, despite potential consequences for opposition voices.
Blockchain-Based Referendum to Scrutinize Putin's Electoral Victory
Prominent opposition leader Mark Feygin has initiated an anonymous referendum in Russia, utilizing blockchain technology to foster transparency and challenge the legitimacy of Vladimir Putin's recent electoral victory.
An Alternative Voice for Critical Russians
The referendum, conducted through the Russia2024 application, harnesses the Arbitrum blockchain to provide an avenue for Russians to voice their dissent anonymously. Despite lacking legal binding, the initiative aims to amplify the concerns of those who view Putin's overwhelming victory—garnering 87% of the votes—as a meticulously orchestrated facade.
Harnessing Blockchain for Electoral Integrity
The referendum taps into the inherent immutability and transparency of blockchain technology to safeguard the anonymity of voters. The Russia2024 application employs Arbitrum and zero-knowledge cryptography to render voters' identities untraceable.
Proof-of-Citizenship and Secure Voting
To participate, users must download the Russia2024 application and establish their citizenship by scanning their passports with their smartphones. The passports' biometric chips facilitate anonymous voting, while a shared phone can be utilized for individuals lacking smartphones.
Resilience Against Retaliation
The referendum will span approximately two weeks, and its organizers express confidence in the security of the voting process, assuaging fears of repercussions for participants. Freedom Tool co-founder Lasha Antadze emphasizes the robust nature of the system: "Even after Navalny's death, people came out and protested, so they will vote as a countermeasure to the outcome. Decentralized voting and the Freedom Tool are designed in such a way that there is no single entity to attack, block, or eliminate. It cannot be hacked, just like bitcoin cannot be hacked."
Arbitrum's Milestone: $150 Billion Traded
The referendum leverages Arbitrum, an Ethereum layer-2 crypto solution, which recently achieved a significant milestone by generating $150 billion in volume on its chain. Within three years of inception, Arbitrum has emerged as the fifth-richest chain globally, trailing only Solana, BNB Chain, Tron, and Ethereum.
DefiLama's Recognition
DefiLama ranks Arbitrum as the fifth blockchain by TVL (Total Value Locked), with $2.6 billion in locked funds. Considering "bridged" funds not committed to dApps, the TVL ascends to $16.35 billion.
Key DeFi Protocols Contributing
Uniswap, Ramses Exchange, Cameleot, TraderJow, Pancakeswap, Hashflow, Sushiswap, Dodo, Vertex, Balancer, and GMX are among the notable DeFi protocols that have significantly contributed to Arbitrum's success.
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