Overview
Snapshot is a decentralized voting tool that has become the industry standard for DAO governance. It allows projects to conduct 'gasless' votes by using IPFS to store the voting data and cryptographic signatures to verify the voters' identities.
How it Works
- Snapshot: The system takes a 'snapshot' of token balances at a specific block height to determine voting power.
- Signing: Users sign their vote with their wallet (e.g., MetaMask), but the signature is stored off-chain, so no transaction fee is required.
- Verification: Anyone can verify the signatures and the final tally against the blockchain state at the time of the snapshot.
Significance
Snapshot significantly increases voter participation by removing the cost barrier of on-chain voting.