Liquid Democracy is a new way for a group of people to democratically share power. It combines elements and benefits of both representative democracy (electing representatives) and direct democracy (voting on issues).
In a liquid democracy, participants continuously have the choice when, on which topics and how deeply to engage in the democratic process: At any point, they can either take part directly (e.g. by making proposals and voting on others') or entrust other participants to represent them. Usually, participants can choose different people to trust on different topics. If those entrusted do not participate directly themselves, the trust is passed onwards to whoever they in turn have entrusted.
The aim is to reflect participants' intentions in a way that is more differentiated and more continuously up-to-date than traditional representative systems, while allowing those who can't (or choose not to) participate in every invidiual decision themselves to also be represented, unlike in purely direct systems of governance/decisionmaking.
Liquid democracy is usually implemented electronically due to its complexity and its flexibility requirements. Multiple software projects exist, and they have been employed for a variety of use cases already. Welcome to the community-edited knowledge base on all aspects of liquid democracy!