SnapShot
Gasless Voting - No payment of a fee is required to execute the voting transactions
Multiple voting Systems - Versatile voting systems to enable a user-engaging mechanism.
Flexible Voting Strategies- The voting strategies can be amended and edited as well.
Snapshot is a voting mechanism based on IPFS decentralized storage system, used by various crypto projects to access, review and study their user base via polling and conduction of surveys. In other words, it is an off-chain, gasless, multi-governance polling dashboard made for the community for receiving their feedback and opinions to reshape the decision-making. Snapshot has emerged as an interactive medium and an efficient platform wherein crypto-based projects can create proposals for users to vote on using their cryptocurrency.
Snapshot is at the forefront of innovating DAO participation by creating equitable and customizable participation structures across all DAOs for proposals, discussion, and voting. As communities and projects evolve the opinion of the audience begins to carry more and more weight. Thus, it becomes immensely important for the DAOs to get accurate and reliable feedback from their user base. And to serve this purpose Snapshot comes into play! It is a popular tool for the decentralized organizations to figure out and analyze the viewpoint and opinion of their audience.
Uniswap, for instance, asked its users if it should allocate funds for the creation of a legal defence pool if the project ever comes under regulatory scrutiny. In another poll, it asked users about the effective usage of treasury funds.
How to create a proposal on Snapshot?
In order to create a new proposal on Snapshot follow the below-mentioned steps
Go to any project space and click on connect wallet in the top right corner of the window.
Connect your wallet and thereafter click on “New Proposal”
Fill out the Title and summary of your proposal. Mention all the required details.
Go to the “Actions” box and select the Voting type, start date, and end date of your proposal.
The block number is the snapshot where the balance of voters will be counted.
Here comes the final step! Just click on “Publish” and your proposal is created!
How to vote on Snapshot?
If you wish to vote for a particular project, follow these guidelines
Go to your project's snapshot page.
Click on the "Connect wallet" button in the top right corner of the window.
Connect with the wallet provider where you hold the relevant token.
Click on the option(s) you wish to vote for.
Sign the message via your wallet and there you go! Your vote is recorded!
Voting types in Snapshot
Snapshot supports a number of different voting types. It follows a distinct mechanism to ascertain the voting power of each vote. The voting power of each vote can be calculated via the strategy selected in the proposal by the voter. Have a look at the voting types!
Single choice voting - Under this system, a voter can choose a single option among the various choices available to him. Under this case, the entire voting power would go to the selected choice.
Approval Voting - In this case, each voter can approve any number of choices and every selected choice would be given equal voting power.
Quadratic Voting - Herein, each voter may disperse his voting power across any number of choices and the results would be calculated quadratically.
Ranked Choice Voting - This is the most interesting voting type present in Snapshot. Here, each voter can rank any number of choices. Votes are initially counted for each voter's top choice. If a candidate has a majority of the vote based on first choices then that choice wins. If not, then the choice with the fewest votes is eliminated. The voters who selected the defeated choice as their first choice would then have their votes added to the totals of the next choice selected by them. This process of elimination and reducing the choices continues until a choice has more than half or majority of the votes. When the choices are reduced to two, there is a head-to-head comparison between the top choices!
Weighted Voting - It is the most customized voting type. Here, a voter can distribute or delegate his voting power among any number of choices as per his wish.
Strategies in Snapshot
A strategy is a JavaScript function which is used to return the score for a set of addresses. Strategies are often used on Snapshot to calculate the end result for a proposal. A proposal can have a single or multiple strategies. The default strategy in Snapshot is to calculate the balance of an ERC20 for each voter. ERC721 and ERC1155 are alternative options.
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