What is a Snapshot? Decentralized voting system

From art to finance to space to food, crypto projects are always looking for new ways to disrupt the world around them. Recently, crypto has disrupted the way communities participate in shaping businesses. In this Learn guide, we'll explore how Snapshot helps decentralized companies determine which direction a project should take. What is a Snapshot? A snapshot is a place where projects can create proposals that people can vote on to use the cryptocurrency. In the industry, this process is called 'audio signaling'. Traditionally, cryptocurrency voting normally incurs a fee for managing the movement of currency from one wallet to another. In Snapshot, however, this does not happen, thanks to the clever use of the decentralized storage network called IPFS. Votes are essentially free as Snapshot does not use 'on-chain' authentication. The snapshot contains more than 1,000 project proposals. It is a popular tool for decentralized organizations (DAOs) who want to know what their audience is thinking using blockchain technology. How do you use Snapshot? For companies that want to use Snapshots, they must have an existing profile in the Ethereal Naming Service or ENS. Once they have it, they add a record to the ENS so that the votes at that address can be seen. Meanwhile, users need a wallet address with the required cryptocurrency to participate in a survey. For example, on Decrypt's Snapshot page, users who have one of our NFTs in a wallet like MetaMask may be eligible to vote. Users simply link their wallets to Snapshot's website and open offers can be voted on on the site. What makes Snapshot so special? Cryptocurrency projects have traditionally had to build the infrastructure themselves to run such surveys or use other decentralized methods. These methods are both time consuming and can be adopted by those who do not have the best of the project.

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