4EVERLAND Enhances Snapshot with Decentralized Storage Solutions for DAOs, DeFi, and NFT Communities

Overview

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 article delves into each layer of Snapshot’s implementation and examines the significant role played by 4EVERLAND in ensuring verifiable off-chain storage of data.

What is Snapshot?

Snapshot is a revolutionary voting platform designed to streamline the decision-making processes for DAOs, DeFi protocols, and NFT communities. It enables organizations to utilize customizable solutions with minimal effort required for setup. Snapshot’s uniqueness lies in its utilization of IPFS to store proposals and user votes, employing a technique known as “off-chain” voting. This ensures that voters do not need to pay gas fees for transactions, making Snapshot an off-chain, gasless, multi-governance client with easily verifiable results.

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, while proposals and votes are associated with these spaces. Users need an ENS domain to create a space, which serves as the space identifier and allows users to access their page on Snapshot. Within a space, users can generate proposals and cast votes, with space admins defining the rules for proposal creation and voting.

Voting Process

Voting on Snapshot is conducted through proposals that outline the voting issue and include a voting system. Each proposal contains a snapshot block number pointing to a blockchain block number, preventing manipulation through temporary token accumulation after the proposal is made. 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 Use of 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). 4EVERLAND’s decentralized storage replaces costly on-chain solutions, ensuring transparency and gasless voting. Snapshot developed a microservice named Pineapple to simplify data persistence to IPFS, utilizing 4EVERLAND’s capabilities for efficient and secure data storage.

IPFS Pinning and Arweave Backup

4EVERLAND plays a crucial role in Snapshot’s data storage solution by offering IPFS pinning and Arweave backup services. The Bucket responds to JSON objects, promptly carries out the pinning service, and uploads data to Arweave for permanent backup, providing the respective IPFS CID and Arweave hash. This ensures both data integrity and long-term preservation.

4EVERLAND Storage Benefits

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. It combines the content addressing features of IPFS with the permanent storage characteristics of Arweave, ensuring robust security, scalability, and an intuitive user interface.

Final Thoughts

The collaboration between 4EVERLAND and Snapshot exemplifies the practical advancements in decentralized governance and storage solutions. As 4EVERLAND continues to expand its support for additional storage protocols, it will further enhance Snapshot’s ability to reliably store data across multiple decentralized storage solutions. This increased flexibility will significantly bolster Snapshot’s scalability, meeting the growing demands of decentralized communities.