Tech
Snapshot Labs Introduces Blockchain-Based Voting with Snapshot X on Starknet
Discover how Snapshot Labs is revolutionizing the voting process with Snapshot X on Starknet. Explore the benefits of blockchain-based voting, ensuring transparency, security, and efficiency in decision-making for communities and organizations.
Snapshot Labs Enhances Governance with Blockchain Integration
Snapshot Labs, the innovative developer behind a renowned off-chain voting platform, is making strides in the decentralized governance space. This platform is currently utilized by an impressive 96% of decentralized autonomous organizations (DAOs), including prominent decentralized finance (DeFi) projects such as Lido and Aave. In a significant advancement, Snapshot Labs is introducing a new blockchain-based voting option built on the Ethereum layer-2 network known as Starknet.
The newly launched governance protocol, Snapshot X, leverages storage proofs—a cutting-edge cryptographic feature that has been innovated by StarkWare, the leading developer behind Starknet. This technology enables users to prove the existence of their assets on one blockchain without the need for third-party interventions to transfer them to another blockchain.
According to StarkWare’s press release shared with CoinDesk, “By mathematically verifying data across chains, storage proofs eliminate the need for third-party intermediaries, making the process more secure and cost-efficient.” In practical terms for Snapshot X, this means that users can cast their votes based on assets held on one blockchain while executing governance actions on another, all without the hassle of transferring tokens or incurring gas fees.
Jeremy Musighi, the Chief Operating Officer of Snapshot Labs, elaborated on this functionality in a Telegram message to CoinDesk. He explained, “When a user submits a vote on our platform, a proof of their holdings is transmitted to the layer-1 blockchain. On the contract side, Snapshot X verifies this proof. Once verified, we can confidently ascertain that the user indeed possesses the balance they claim on L1.”
The inaugural vote on Snapshot X is set to take place this week and will focus on a proposal concerning the Starknet ecosystem itself. Community members of Starknet are invited to weigh in on a crucial decision regarding the minting mechanism for the project’s new staking proposal.
StarkWare announced, “From tomorrow, September 10, until September 13, STRK token holders will have the opportunity to vote on a staking proposal via the Starknet Governance Hub, a specially designed interface for Snapshot X.”
Read more: Starknet, Layer-2 Chain on Ethereum, to Open Staking By End of Year