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What is snapshot protocol? Introducing Snapshot Decentralized Voting System

Projects related to Blockchain They are changing the structure of our world every moment. Contrary to popular belief, the impact of blockchain technology is not only related to economics and digital currencies; Rather, this technology has been able to influence many fields such as art, air and space, and even social life. In the meantime Snapshot protocol One of the fascinating applications of this technology has flourished. By using this protocol, an independent environment for polling and voting is provided to users.

In this article, we will review the Snapshot protocol and introduce its features to you. If you are interested in the world of DeFi and its deconstructions, getting to know this project can be very interesting for you.

What is snapshot protocol?

The weakness of traditional survey methods cannot be denied. From the possibility of fraud in the counting of votes and manipulation of the result to the lack of a fair platform for voting, all made technology think of a solution for this issue. Thanks to the existence of blockchain, the problems of traditional voting were gradually forgotten. But the issue of token payment to participate in the survey and its cost, became a new problem in this direction. Fortunately, the snapshot protocol was able to solve this problem by using new methods.

In short, Snapshot is a platform by which different projects can provide independent polling for their users. This method of polling, with the term Vote signaling Or vote signalling is also known. Previously used protocols for decentralized voting required participants to spend digital currency. But Snapshot has solved this problem thanks to the use of a decentralized storage network called IPFS. As a result of users without paying any feeswill be able to participate in voting.

Snapshot protocol is a popular tool for Decentralized Autonomous Organizations (DAO). Organizations can poll their users about future plans or any other topic using this protocol.

Characteristics of the Snapshot protocol

To better understand the features and benefits of snapshots, it’s best to first take a look at the different types of decentralized polling systems. Voting in DiFi systems in two ways within the chain (on-chain) and off chain (off-chain) is done. The mechanism of such systems is based on blockchain network codes. To use this method, it will be necessary to develop the platform and even request the payment of digital currency and tokens by users for verification. On the opposite side, off-chain practices take place outside the domain of blockchain codes. In this way, big shareholders, market whales and digital currency mining companies will have more influence than ordinary users.

While each of these methods has its own unique advantages and disadvantages, Snapshot has managed to achieve an optimal method by integrating them. by using SnapshotOrganizations can poll the most committed members of their community who hold a designated token at any time without paying. In this method, users will not need any transaction to confirm the correctness of their opinion; Because Snapshot used the IPFS network to create, record and store votes.

The IPFS network is a peer-to-peer protocol that provides data storage and sharing in a distributed system. This network has played a prominent role in decentralization.

How to use Snapshot

Imagine that as a company manager, you want to know the opinion of your users about the projects and the future direction of the company. This is where snapshots come into play. To use this platform, you will need an Ethereal Naming Service or ENS account and domain. ENS actually has the same function as DNS; With the difference that in this service it will be possible to manage website domains in a decentralized and secure manner. Using ENS, you can bind the cryptocurrency wallet or IP address of a DeFi project to a user-identifiable name.

After connecting ENS to Snapshot, you will have a space to create polls and customize it. Snapshot settings provide you with functions such as determining the number of admins, distribution of voting powers and other such things. After applying the desired customizations, everything will be ready to create the first survey.

Decentralized voting system

On the other hand, users will need to connect the wallet to the Snapshot service to participate in the survey. In this case, as long as the users have the desired digital currency in their wallet, they can participate in the voting without the slightest cost. In other words, the condition for participating in the survey is to have a special token in the wallet (without the need to spend it). Surveys created on Snapshot are available with a ready-to-use interface and the ability to update results instantly.

For more information about creating or participating in a survey, you can visit Snapshot documentation use.

Currently, a wide range of companies active in the field of DeFi use the unique Snapshot survey system. Among the clients of this service, the names of well-known companies such as Uni swap (Uniswap), balancer (Balancer), Bankor (Bancor), Yen Finance (annual finance) and Aragon (Aragon) is also seen. For example, UniSwap created a poll on how to use its assets using snapshots.

Snapshot protocol limitations

Currently, no significant security breaches have been observed in the Snapshot voting system. The trust of big companies in the world of DeFi in this project can be a confirmation of its security and reliability. However, blockchain world analysts consider some cases as limitations of this protocol. The most important things mentioned in this regard include the following:

Ability to identify the currencies in the wallet: Snapshot needs to check the type of wallet assets of the participants to confirm the correctness of the voting. As a result, if someone participates in a vote, he definitely has the required digital currency in his account. The same can affect the privacy of participants’ assets.

Limited to ENS: Most websites today use DNS to provide their domains. But due to its decentralized nature, Snapshot cannot support these domains.

Snapshot features

The new generation of voting platforms with Snapshot

In this article to introduce and review snapshot as One of the newest projects We paid in the field of polling and decentralized voting. Thanks to this project, you will not need to pay tokens to participate in the voting held on the blockchain platform; Rather, it is enough to have the desired token of the organizer in your account. On the other hand, being decentralized and not needing to pay tokens has also created some restrictions and concerns; But big companies’ trust in Snapshot can ease the mind of other new companies as well.

What do you think this platform can be used for? Share your opinion in this field with us and other Valex users.

What is the snapshot protocol? Introducing Snapshot Decentralized Voting System for the first time on Wallex Blog. appeared.


hello my name is amir; i love bitcoin and dogecoin 🎯

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