Ethereum is a decentralized blockchain network powered by the Ether token that enables users to make transactions, earn interest on their holdings through staking, use and store nonfungible tokens (NFTs), trade cryptocurrencies, play games, use social media and so much more.

Many consider Ethereum to be the internet’s next step. If centralized platforms like Apple’s App Store represent Web 2.0, a decentralized, user-powered network like Ethereum is Web 3.0. This “next-generation web” supports decentralized applications (DApps), decentralized finance (DeFi) and decentralized exchanges (DEXs), for instance. 

This guide will provide you insights on the history of Ethereum, ethereum mining, how does Ethereum work, how to buy Ethereum, ETH vs BTC, Ethereum benefits and a glimpse of Ethereum 2.0. 

Decentralized Voting System

Snapshot is a voting tool based on the IPFS decentralized storage system, used by many crypto projects to poll their user bases.

Snapshot is a place where projects can create proposals for people to vote on using cryptocurrency. In the industry, this process is called ‘vote signaling’. Traditionally, to vote using cryptocurrency would normally incur fees to process the movement of currency from one wallet to another. 

But on Snapshot, that doesn’t happen, thanks to the clever use of the decentralized storage network called IPFS. Because Snapshot doesn’t use ‘on-chain’ verification, any votes are essentially fee-less

Description

Methods

In this dashboard, ==Snapshot in Ethereum==.

• Metrics of Snapshot platform were extracted from ethereum.core.ez_snapshot table.
• ethereum.core.dim_dates used as Dim Date and daily metrics of both platforms from day 1 of each platform calculated by that table.
• All Ethereum users were extracted from ethereum.core.fact_transactions table.
• Top ETH holders were extracted from flipside_prod_db.ethereum.erc20_balances table for the current day.
• Total Voting power and Quorum were extracted from ethereum.core.ez_snapshot table.

Popular Proposal Categories

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Description

According to the above charts, The most active DAO with the most number of votes on Snapshot is Arbitrum-odyssey. Arbitrum Odyssey is a multi-week initiative for exploring the Arbitrum ecosystem with exclusive NFTs as rewards.

But in terms of number of voters, We can see TBCC.ETH and also CAKE.ETH on the first and second ranks. both of these are exchanges. TBCC Exchange is a leading cryptocurrency trading platform in the world with the largest liquidity pool powered by Binance Cloud. PancakeSwap is a decentralized exchange native to BNB Chain. In other words, it shares some similarities with established platforms like UniSwap in that users can swap their coins for other coins without the input of middleman services.

Description

the Top 5 popular proposals and their DAOs on Snapshot.

As we see, The most popular proposal is “Ratification of the ENS DAO Constitution” on ens.eth DAO (Read more about this proposal).

The interesting thing is that TBCC.ETH and also Arbitrium-Odyssey.eth DAOs have 2 of the top 5 popular proposals on Snapshot.

Description

• Look at the voter distribution by number of participated proposals. Most of the voters on Snapshot related to Ethereum mainnet, voted for less than 3 proposals.
• Furthermore, about 300k of voters have been votes less than 5 times and its the highest group of voters by vote number.
• The most popular spaces on Ethereum mainnet have been shown in the net graphs and from the point of votes, aave.eth is the most popular one.

Conclusion

Both Snapshot are actually centralized platforms where users vote by signing with their wallet’s keys. It’s a good way to do Sybil-resistant polling, but there is no ability to enforce that the team or the multi-sig holders execute the governance proposals. Moreover, centralization has one clear benefit: accountability. For example, should users lose funds, companies like mine would be legally liable to return them to these clients by any means necessary. Contrast this to incidents like MakerDAO’s Black Thursday, where customers lost millions in unfair liquidations because someone was able to bid almost 0 DAI for each ETH.

Analyzer

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