NFTs News

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.

Snapshot Will Enable DAOs To Hide Votes Using Threshold Encryption

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

DAOs To Hide Votes Using Threshold Encryption

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.” 

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

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

19 mins ago

BlockDAG X1 App Receives Huge Response From Community, Hiting Over 200K Users! Latest on Bitcoin & Chainlink Prices

Want to learn about Bitcoin and Chainlink's prices? See why BlockDAG with its X1 app…

39 mins ago

Bitcoin Mining Difficulty Tops 100T Hash for the First Time

New ATH for Bitcoin’s average hashrate, combined with Bitcoin mining difficulty surpassing 100 trillion hashes,…

1 hour ago

US Presidential Election Drives Bitcoin Price Back to $70,000

Bitcoin's price rose 3% to $70,200, influenced by excitement surrounding the US presidential election.

2 hours ago

Xinteria Surpasses $1 Billion in Trading Volume, Unveils Innovative Market-Making Technology

NY, United States of America, 5th November 2024, Chainwire

2 hours ago

Top DePIN Crypto Projects With Huge Airdrop Potential

This Coincu's article presents a curated list of the top DePIN crypto projects with airdrop…

2 hours ago

This website uses cookies.