Snapshot

Snapshot is a decentralized voting system that allows users to create proposals and vote off-chain. Snapshot allows users to choose from multiple voting systems and use ERC-20s or NFTs to calculate voting power.

Snapshot gives users the tools to customize governance for their community. Instead of using Discord reactions or Google forms, Snapshot allows users to carry out governance in an organized way. It makes governance more accessible and affordable since the data is stored off-chain.

Snapshot contains multiple spaces with each space consisting of proposals voted on by the community.

Spaces: Each space is associated with a project and can contain a list of all the proposals that can be voted on. 

Proposals: Each proposal can be scheduled to be voted on by the token holders in a space. Users can describe the proposal, add options to vote on, and select the voting strategy.‍

Voting Type: Each voting type calculates the weight of an individual wallet differently:‍

• Single Choice Voting: Each voter can choose a maximum of one option to support with their entire voting power.

• Approval Voting: Each voter can select multiple options and their voting power will be distributed equally among the selected options.
• Quadratic Voting: Voters spread their voting power across options. The number of voters is weighted higher than the number of votes than an option receives. This method of voting removes power away from the whales in your ecosystem. Learn more here 
• Ranked Choice Voting: Voters rank options from most preferred to least preferred. Votes are counted for each voter’s top choice. If an option has more than 50% of the votes based on first-choice, that option wins. If not, the option with the least votes is eliminated and this process is repeated until a clear winner emerges or there is only one option left.
• Weighted Voting: Similar to Approval voting where voters can select multiple choices, but voters are allowed to choose how much of their voting power to allocate to each vote.

Start Date and End Date: Allows users to specify when a proposal goes live and stops accepting votes. It is important to specify a window that is not too short to allow the community members to have ample time to vote.

Block Number: Gives users the ability to decide who can or can’t vote, minimizing the chance that proposals will be influenced by a recent purchase of tokens by a Whale or by spreading tokens across multiple wallets. 

Notifications: Users can use the Discord, Telegram, or Email bots to notify their communities when a proposal goes live.