Starknet has launched a new governance protocol that will see participants in decentralized autonomous organizations (DAOs) vote on-chain without paying network fees. As revealed, the innovation will also allow other blockchain communities to vote on proposals without spending a dime on network fees.
The firm made the disclosure on Monday via a post on X. According to the post, the new governance protocol, Snapshot X, is built on the roll-up technology of Starknet. More so, the protocol intends to address the cost and shortcomings of DAO governance.
Also, the newly developed innovation by Starknet aims to usher in a new era that will see a shift from centralized off-chain voting and eliminate the costs that come with on-chain voting. Meanwhile, according to the firm, more DAOs are expected to adopt the innovation.
Insight into Some of the Features of the Snapshot X
The firm discussed how the cost of gas fees has prevented community members with voting rights from participating in the governance process of their DAO. Similarly, with the latest development, Snapshot X leverages the technology and infrastructural support of Starknet to offer gas-free voting that permits investors to verify the ownership of virtual assets on a blockchain without having to move them.
As a result of this process, DAOs will now enjoy reduced costs while improving security by extension. By that, Snapshot X can help facilitate on-chain governance on another blockchain while storing their holdings on another.
One of the core features of the Snapshot X is its flexibility which comes with a modular design that permits trustless and decentralized voting style. Likewise, in the post, the firm disclosed that from September 10, 2024, the Starknet crypto community will first put the Snapshot X to vote on a staking proposal that will have a direct impact on the holders of Starknet native token, STRK.
Furthermore, holders of the token will vote on the minting system for Starknet staking via a designated interface developed on Snapshot X. On the flip side, the Starknet Governance hub will take charge of the voting process.
However, the voting process will come to an end by September 13, 2024. Don’t forget that the process will help determine the distribution, establishment, and allowance of minting shifts over time to maintain sustainability and harmony.
Side Note on Starknet
It is worth mentioning that the launching of the Snapshot X came shortly after Starknet launched its 0.13.2 update that oversaw the introduction of parallel execution which enables the network to simultaneously process numerous transactions at once.
Following the release of the upgrade, Starknet made history as the first layer2 network on Ethereum mainnet to incorporate the technology. Similarly, there is growing optimism that parallel execution will become a popular trend across the crypto and blockchain industry.
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