Starknet Implements On-Chain Voting, Making Tokens Count for Every User

by Giorgi Kostiuk

2 years ago

Problems with Off-Chain Voting
Snapshot's New Approach
Importance of On-Chain Voting

Starknet has announced the start of on-chain voting, marking a major step forward in decentralized governance. This innovation will simplify voting and make it accessible to all users.

Problems with Off-Chain Voting

Blockchain protocols and decentralized autonomous organizations (DAOs) argue that conducting activities on-chain is best. However, most voting currently takes place off-chain, which is frustrating. The main issue with off-chain voting is its reliance on centralized operators, contrary to the principles of decentralization. Additionally, on-chain transaction fees can be high, excluding many users from participating in votes.

Snapshot's New Approach

Starting from September 10, the Snapshot platform, previously used for off-chain voting, will introduce on-chain voting. This will be done using the Starknet network, making the process free and accessible to users. This means voting will become more transparent and accessible without additional transaction fees.

I would be thrilled about the new voting approach even if it didn't use Starknet. It's the idea that matters, not the brand.Eli Ben-Sasson

Importance of On-Chain Voting

On-chain voting is a key element of blockchain governance, demonstrating the uniqueness and potential of this technology. It eliminates the need for intermediaries and makes each token meaningful, highlighting the democratic nature and importance of tokens in the Web3 ecosystem. In the future, blockchain could become a tool for mass participation in governance processes, making them more transparent and accessible.

The transition to on-chain voting is an important step for the entire blockchain industry. It proves that tokens have real value and can change the approach to decentralized governance. This move could become an example for others and raise the level of trust in blockchain technologies in society.

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