Snapshot Will Enable DAOs To Hide Votes Using Threshold Encryption
Snapshot, a decentralized voting platform, is about to launch shielded voting, a privacy-preserving feature that will allow decentralized autonomous organizations (DAOs) to encrypt individual votes while a governance vote is still in progress.
If a vote has not yet concluded, shielded voting will completely conceal the distribution of previously cast votes. Once the voting is completed, all votes will be revealed, along with their respective addresses, and the results will be automatically calculated.
Snapshot is a popular governance tool among cryptocurrency projects
Hundreds of DAOs use the off-chain voting system to democratically make decisions on topics such as roadmap and treasury spending using multiple-choice or a simple “yes or no” voting scheme.
Anyone can view data on who is voting and for which voting option whenever there is a governance vote on Snapshot. While this is excellent for transparency, providing information on previously cast ballots may inadvertently influence the behavior of remaining voters.
In rare cases, voting information can be abused by stakeholders to influence governance decisions, such as vote collusion or vote buying. Such situations can be avoided by shielding the votes, according to a Snapshot spokesperson.
“Everyone should be on the same information level when they vote. That’s how we do it for real elections as well,” Nathan van der Heyden, ecosystem lead at Snapshot told The Block. “Due to the state of a certain vote, voters might be inclined to change their behavior. Knowing how others voted has an influence on our own voting behavior.”Â
The Snapshot team has collaborated with Shutter Network to integrate shielded voting. Snapshot’s shielded voting is based on threshold encryption, a cryptographic solution provided by the Shutter Network project.
Any Snapshot-enabled DAO will be able to enable shielded voting in their admin view. The feature is nearing the end of its closed beta period and will be available for public testing this week.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Snapshot Will Enable DAOs To Hide Votes Using Threshold Encryption
Snapshot, a decentralized voting platform, is about to launch shielded voting, a privacy-preserving feature that will allow decentralized autonomous organizations (DAOs) to encrypt individual votes while a governance vote is still in progress.
If a vote has not yet concluded, shielded voting will completely conceal the distribution of previously cast votes. Once the voting is completed, all votes will be revealed, along with their respective addresses, and the results will be automatically calculated.
Snapshot is a popular governance tool among cryptocurrency projects
Hundreds of DAOs use the off-chain voting system to democratically make decisions on topics such as roadmap and treasury spending using multiple-choice or a simple “yes or no” voting scheme.
Anyone can view data on who is voting and for which voting option whenever there is a governance vote on Snapshot. While this is excellent for transparency, providing information on previously cast ballots may inadvertently influence the behavior of remaining voters.
In rare cases, voting information can be abused by stakeholders to influence governance decisions, such as vote collusion or vote buying. Such situations can be avoided by shielding the votes, according to a Snapshot spokesperson.
“Everyone should be on the same information level when they vote. That’s how we do it for real elections as well,” Nathan van der Heyden, ecosystem lead at Snapshot told The Block. “Due to the state of a certain vote, voters might be inclined to change their behavior. Knowing how others voted has an influence on our own voting behavior.”Â
The Snapshot team has collaborated with Shutter Network to integrate shielded voting. Snapshot’s shielded voting is based on threshold encryption, a cryptographic solution provided by the Shutter Network project.
Any Snapshot-enabled DAO will be able to enable shielded voting in their admin view. The feature is nearing the end of its closed beta period and will be available for public testing this week.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
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