Snapshot: an interesting CAD tool

DAO is one of the key instructions for using blockchain. Most of Ethereum's green projects use DAO organization and management. However, while Ethereum's DAO application performance is across the chain, fuel costs and profit holding costs are the biggest issues for DAO management.

As a result of this, Balancer announced Snapshot, the full opening of the vote management system to solve the problem of the fuel cost of the Ethereum chain vote.

Snapshot is an IPFS partition storage based voting tool. Many crypto sites use it to vote for their root users. Many companies on the DeFi site use it for user research.

The project uses “off-chain” signature technology to reduce voting costs. Traditionally, voting using cryptocurrencies would typically pay a fee to move the token.

But that's because Snapshot has made intelligent use of the IPFS data stored on the network. Snapshot uses a network signing process and an IPFS layer. Ethereum network accounts can be signed with a private key. Signatures can be retrieved or not stored on a string, and words can be sorted in a string. Voting can be used. Without “chain” proof, any vote is a free start.

Businesses that want to use snapshots can see the vote at the address as long as the Ethereal Naming Service has the configuration file.

Users need a wallet address that contains the necessary cryptocurrencies to participate in the vote. For example, on Decrypt's Snapshot page, wallets must contain NFTs in order to vote.

Users simply need to link their portfolio to the Snapshot website to vote on the publicly accessible website.

Snapshots use the IPFS network to create and store votes. For voters, these polls are provided through the interface so you can follow them when they happen. Snapshot is similar to integrated administration, but after integrating Aragon tools, it can be transformed into a management solution that provides less expensive and more secure tools for operations requiring management. It provides the means of design support to achieve the goals of chain management.

Snapshot was developed by Snapshot Labs in August 2020. Due to the limitations of blockchain projects and networks, 52 public channel networks (including test networks) and nearly 4000 projects have been adopted. It also means that it can be designed in any direction since it is completely open.

In the future, Aragon will be experimenting with Snapshot. Support the solution off the chain with the use of chains. This is called optimistic execution. Costly string calculations don't need to be done, and users can submit and confirm themselves. Anyone who sees the result incorrectly can create the problem, the wrong export and private ownership will be forced.

This product uses Aragon Court as an oracle to verify that the information submitted is correct. Aragon Agent is responsible for the completion of the chain.

At the end of the voting process, the functions required by ballot are transferred to the DAO chain. DAO has a new application called Disputable Delay which allows for downtime before operation. In the meantime, anyone can challenge the lawsuit.

Now Snapshot has raised $ 4 million to grow its business. The funds come from 1kx and include LAO, MetaCartel Ventures, Gnosis, StarkWare, Coinbase Ventures, BoostVC, Scalar Capital, Fire Eyes DAO, LongHash Ventures and Kleros Cooperative.

A portion of the proceeds will be used to facilitate past integration and include the platform in various CAD development tools such as DeepDAO and Boardroom.