Governance platform Snapshot X launches today, introducing a new Layer 2-based protocol that enables on-chain voting for decentralized autonomous organizations (DAOs) without associated gas fees.
Utilizing Starknet’s rollup technology, this feature aims to streamline the voting process within blockchain projects by removing the costs that have traditionally hindered participation.
DAOs have traditionally faced a choice between fast, centrally controlled off-chain voting systems and on-chain voting, which adheres to the core principles of blockchain but is often costly and inefficient. Snapshot X aims to solve this problem by providing a cost-effective on-chain solution.
Jeremy Musighi, COO of Snapshot Labs, described Snapshot X as a turning point for on-chain governance. “For the first time, DAOs can offer their communities free on-chain voting, enabling greater inclusion and higher participation in decentralized decision-making,” Musighi said.
This protocol facilitates secure and tamper-proof voting on multiple blockchains without transferring tokens or charging gas fees, using STARK scaling and proof-of-storage, a type of cryptographic verification. This approach enhances security and reduces the reliance on third-party intermediaries, making the voting process more cost-effective.
Proof of storage is a cryptographic proof that a user owns a specific token or non-fungible token in their wallet at a specific point in time. It is used to calculate a user’s voting power when a proposal is launched, without requiring token bridging.
This setup also utilizes a transaction relayer. To bypass the need to manage a Starknet account, users sign their votes with their Ethereum wallets, and the votes are relayed to the Starknet network via Mana, a transaction relayer. The modularity of the Snapshot X system allows a special authenticator to verify the provided signatures and count the votes.
The debut of Snapshot X will be marked by a governance vote within the Starknet community on a new staking proposal, showcasing its capabilities and the broad potential of a decentralized governance system.
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