Gnosis And Snapshot Develop SafeSnap To Automate Governance Votes On-Chain

Gnosis and Snapshot have developed SafeSnap, a platform to automate governance votes on-chain. The module was released on March 16. SafeSnap combines features of Gnosis Safe Multisig and the Snapshot off-chain governance platform. A“governance-as-a-service” provider, Snapshot includes Defi projects like Yearn.finance, SushiSwap, Balancer, Aave, Cream, and others.

Snapshot provides a simple user interface for creating governance proposals. The users can vouch for the proposals by connecting their wallets which bear the governance tokens. However, to save gas costs, the voting process is conducted off-chain. In Snapshot, the execution of the proposals is dependent on the goodwill of the team members and multisignature key holders. SafeSnap automatically executes the transactions resulting in enabling the proposal once the governance vote passes. However, the back-end process consists of SafeSnap using the Reality.eth crowdsourced oracle to verify the outcome of the off-chain vote. Once verified by the oracle, the particular transaction that triggers the change is to be triggered by any of the users, as by smart contract limitations, manual intervention comes by default.

Snapshot projects operating under the SafeSnap mechanism will be very much similar to Compound’s governance model. The Safesnap mechanism let the projects decide the ways of implementing their proposals, possibly conducting major upgrades adopting a more decentralized mechanism, retaining gas-saving measures.

Projects like Yearn, dHEDGE, SushiSwap, mStable, and others are set to embrace the system, as claimed by Gnosis. However, the core member of Yearn, Tracheopteryx explained that nothing is fixed yet, but also said that:

It’s one of the most promising avenues we’re considering.

Source: Cointelegraph | Image: 99cripto.com

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