An Overview of Quadratic Voting: Quadratic voting is a collective decision-making procedure which involves individuals allocating votes to express the degree of their preferences, rather than just the direction of their preferences. By doing so, quadratic voting seeks to address issues of the Condorcet paradox and majority rule.
Quadratic voting works by allowing users to "pay" for additional votes on a given matter to express their support for given issues more strongly, resulting in voting outcomes that are aligned with the highest willingness to pay outcome, rather than just the outcome preferred by the majority regardless of the intensity of individual preferences. The payment for votes may be through either artificial or real currencies (e.g. with tokens distributed equally among voting members or with real money).
The quadratic nature of the voting means that a voter can use his or her votes more efficiently spread across many issues. For example, a voter with a budget of 16 vote credits can apply 1 vote credit to each of 16 issues. However, if they feel strongly about a single issue, they can apply 4 votes at the cost of 16 credits to a single issue. This will use their entire budget. This also means there is a large incentive to buy and sell votes, although using a strictly secret ballot as done in my program offers substantial protection against vote buying as the purchase cannot be verified.
Read more about quadratic voting here: https://pdfs.semanticscholar.org/974c/ee1137b4a56372af58772a88361b3ff4b9d6.pdf