4EVERLAND Revolutionizes Snapshot with Decentralized Storage Solutions

Overview of Decentralized Governance

In the ever-evolving blockchain ecosystem, decentralized governance plays a crucial role in democratizing decision-making processes within DAOs, DeFi protocols, and NFT communities. The open-source voting platform, Snapshot, has emerged as a vital tool for these communities, enabling seamless voting processes without incurring gas fees. This case study delves into each layer of Snapshot’s implementation and examines the significant role played by 4EVERLAND in ensuring verifiable off-chain data storage.

What is Snapshot?

Snapshot is a revolutionary voting platform designed to streamline decision-making processes for DAOs, DeFi protocols, and NFT communities. Without Snapshot, each organization would need to devise a voting solution tailored specifically to its use case. Snapshot enables organizations to utilize customizable solutions with minimal effort required for setup, allowing highly tailored voting processes to cater to diverse needs.

Snapshot’s Unique Approach

Snapshot’s uniqueness lies in its utilization of IPFS to store proposals and user votes, employing a technique known as “off-chain” voting. In this approach, the proof of user votes in the form of encrypted signatures is stored on IPFS rather than on the blockchain, ensuring that voters do not need to pay gas fees for transactions. Snapshot is an off-chain, gasless, multi-governance client whose results are both easy to verify and challenging to contest.

How Snapshot Works

Snapshot’s voting mechanism is built around three core elements: spaces, proposals, and votes. Spaces act as the profiles or accounts of organizations. Proposals and votes are associated with these spaces. To create a space on Snapshot, users need an ENS domain, which serves as the space identifier. Within a space, users can generate proposals and cast votes, with space admins defining the rules for proposal creation and voting.

Voting and Result Calculation

Once a space is created, voting is conducted through proposals. Proposals outline the voting issue and include a voting system that determines the options voters can choose from and how the results are calculated. The block number serves as a snapshot of voters’ balances, preventing manipulation through temporary token accumulation. The outcome of a proposal is calculated based on the selected voting system, such as single choice, approval voting, quadratic voting, or weighted voting.

Snapshot’s Integration with 4EVERLAND

Snapshot integrates various services to offer users a seamless experience, with all repositories being open-source. Each space, proposal, vote, and user action is added to the 4EVERLAND Bucket, complete with an IPFS content identifier (CID). Snapshot utilizes decentralized storage to supplant costly on-chain storage solutions, ensuring transparency, gasless voting, and enabling anyone to view, audit, and replicate data.

4EVERLAND Storage Benefits

The choice of 4EVERLAND as the storage provider by the Snapshot team was not coincidental. 4EVERLAND offers several distinct advantages, including compatibility with the AWS S3 API, a unified API for multiple storage protocols, high storage efficiency and low latency, and the combined benefits of IPFS and Arweave for data integrity and long-term preservation.

Future Outlook

As blockchain technology continues to evolve, the collaboration between 4EVERLAND and Snapshot exemplifies practical advancements in decentralized governance and storage solutions. This partnership has demonstrated the potential for more secure, efficient, and scalable applications within the blockchain space. Looking ahead, as 4EVERLAND expands its support for additional storage protocols, it will further enhance Snapshot’s ability to reliably store all its data across multiple decentralized storage solutions.

Final Thoughts

The partnership between Snapshot and 4EVERLAND showcases the potential of decentralized technologies in transforming governance and data storage within the blockchain ecosystem. With 4EVERLAND’s robust storage solutions, Snapshot is well-positioned to meet the growing demands of decentralized communities.