The fact of being a candidate or someone running for an election or position.
From 'candidate' (Latin: candidatus, meaning 'dressed in white,' from candidus meaning 'white'—because Roman politicians wore white togas). The suffix '-cy' forms nouns from adjectives and nouns.
The reason candidates wore white in ancient Rome is that white cloth was expensive and hard to keep clean, so wearing all-white actually proved you were wealthy enough and important enough to dress formally—it was basically ancient political branding!
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