In a groundbreaking move for decentralized governance, Snapshot X is set to redefine the landscape of blockchain voting. For the first time, participants in decentralized autonomous organizations (DAOs) and other blockchain communities will be able to cast their votes onchain without incurring gas fees, thanks to the innovative governance protocol built on Starknet’s rollup technology.
According to a recent press release shared with Cointelegraph, Snapshot X promises to address the cost and inefficiency traditionally associated with onchain voting by leveraging Starknet’s advanced rollup technology. This development marks a significant shift from centralized offchain voting mechanisms, paving the way for more efficient and cost-effective governance processes.
A Paradigm Shift In Governance
Eli Ben-Sasson, CEO of StarkWare and a board member at the Starknet Foundation, highlighted the transformative impact of Snapshot X. He noted that this new protocol would enable “many DAOs and other entities” to transition to a more efficient governance model. Snapshot X employs Starknet’s rollup technology and storage proofs to facilitate gasless voting, allowing users to prove ownership of assets on one blockchain without the need to transfer them. This approach not only reduces costs but also enhances security and streamlines onchain governance.
Jeremy Musighi, Chief Operating Officer at Snapshot Labs, emphasized the protocol’s modular design, which offers “customizable, trustless, and decentralized voting.” This flexibility is expected to attract a wide range of blockchain communities looking to optimize their governance processes.
Starknet’s Pioneering Vote
Starting on September 10, the Starknet crypto community will become the first to experience gasless voting through Snapshot X. The initial vote will involve a critical staking proposal that will affect native Starknet (STRK) tokenholders. STRK holders will use a custom interface on Snapshot X to vote on the minting mechanism for Starknet staking. The vote, facilitated by the Starknet Governance Hub, will conclude on September 13 and will influence token distribution, minting modifications, and overall sustainability.
Latest Upgrade – Parallel Execution
In addition to this governance innovation, Starknet recently rolled out upgrade 0.13.2 on August 28, introducing parallel execution to its layer-2 network. This upgrade allows for the simultaneous processing of multiple transactions, a significant advancement from traditional sequential processing methods that often lead to bottlenecks during high demand periods. Ben-Sasson predicts that parallel execution will soon become an “industry norm,” further solidifying Starknet’s position as a leader in blockchain technology.
With Snapshot X and the latest Starknet upgrade, the blockchain ecosystem is poised for a new era of efficient and cost-effective governance. The ability to vote onchain without gas fees is set to empower DAOs and other blockchain communities, paving the way for a more streamlined and democratic approach to decentralized decision-making.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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