Snapshot X, a newly developed governance protocol, is set to utilize storage proofs, a cryptographic feature championed by StarkWare, the main developer of Starknet.
This new protocol is the brainchild of Snapshot Labs, known for creating the off-chain voting platform that 96% of decentralized autonomous organizations (DAOs) use. This platform is a favorite for crypto giants such as Lido and Aave. The latest development sees Snapshot Labs incorporating a blockchain-based option, designed on Ethereum’s layer-2 network, Starknet.
The innovative storage proof technology for Snapshot X allows users to verify the existence of assets on a particular blockchain without the need for a third-party intermediary to move them to another blockchain. As StarkWare highlighted in a press release, this feature not only enhances the security but also increases cost-efficiency since users can now vote on their assets from one chain while running governance on another, without the necessity to transfer tokens or pay gas fees.
According to a statement by Snapshot Labs COO Jeremy Musighi, the novel technology allows users to cast votes on the platform, with a proof of their holdings sent to the layer-1 blockchain. He added, “Snapshot X verifies this proof on the contract side. Once verified, we can ascertain that the user’s balance claim on L1 is indeed accurate.”
The first ever vote on Snapshot X, related to a proposal on Starknet, is expected to occur this week. The stakeholders of Starknet are being asked to determine the minting mechanism for the project’s new staking proposal. StarkWare expressed in a statement, “From tomorrow, Sept. 10 to Sept. 13, STRK token holders will be voting on a staking proposal via the Starknet Governance Hub, a custom-built interface for Snapshot X.”