As a seasoned researcher with a penchant for blockchain technology and its applications, I find the development by Snapshot Labs particularly intriguing. The introduction of Snapshot X, a governance protocol that leverages the Ethereum layer-2 network Starknet, is a significant stride towards enhancing the efficiency and security of decentralized autonomous organizations (DAOs).
Snapshot Labs, creator of an off-chain voting system utilized by 96% of decentralized autonomous organizations (DAOs), including those managing top DeFi projects such as Lido and Aave, is introducing a blockchain alternative, developed on the Ethereum layer-2 network Starknet.
In simpler terms, Snapshot X – the latest governance system we’re talking about – leverages storage proofs, a cutting-edge cryptographic tool that StarkWare, creators of Starknet, have contributed to developing. This technology enables users to confirm the presence of assets on one blockchain without having to transfer them through a third party to another.
StarkWare stated in a press release to CoinDesk that storage proofs, by mathematically verifying data across various systems, remove the need for third-party intermediaries. This makes the process more secure and cost-effective. In simpler terms, this means Snapshot X users can vote using assets stored on one chain, while managing governance on another without having to transfer tokens or pay gas fees.
In a conversation via Telegram with CoinDesk, Snapshot Labs COO Jeremy Musighi explained that whenever a user votes on the platform, a verification of their assets is transmitted to the primary blockchain.
On the contract’s part, Snapshot X validates this claim. Once the validation is complete, we can confidently assert that the user truly possesses the balance they declare to have on Layer 1.
This coming week, the initial vote on Snapshot X will focus on a plan concerning Starknet itself. The Starknet community is invited to cast their votes on the method for minting tokens in relation to the new staking proposal they’ve proposed.
Starting September 10th and ending on September 13th, the STRK token owners will be casting their votes on a staking proposal via the Starknet Governance Hub – a special tool created specifically for Snapshot X, according to StarkWare’s announcement.
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2024-09-09 12:42