UMA and Snapshot launch decentralized DAO tool for off-chain voting decisions

02/17/2023 04:34 • Blockchain Buzz • 162 views

On February 17, the decentralized financial contract platform UMA and Snapshot cooperated to launch a DAO tool for on-chain transactions based on off-chain voting decisions, which uses Snapshot and Safe to implement the results of DAO governance voting in a decentralized manner without the intervention of privileged signers.

UMA cooperates with Snapshot to launch the DAO tool for on-chain transactions based on off-chain voting decisions

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UMA and Snapshot have teamed up to create a new decentralized tool on February 17 that allows Distributed Autonomous Organizations (DAOs) to make decisions based on off-chain voting. The tool uses Snapshot and Safe, which allow for decentralized implementation of the results of DAO governance voting, without the need for intervention of privileged signers.

DAOs are organizations that operate on blockchain networks, allowing their members to have a say in the decision-making process of the organization. The UMA-Snapshot cooperation aims to create a tool that will enable DAOs to achieve complete decentralization in their decision-making process.

The new tool works by allowing off-chain voting to take place, where participants can submit their votes through a Snapshot interface. Once the votes are submitted, they are verified on-chain through smart contracts. From there, the Safe tool uses the verified results of the off-chain vote to implement the decision in a completely decentralized way, where no privileged signers are required to approve the results.

This new DAO tool has many advantages over current centralised decision-making systems. Decentralisation allows for increased transparency and security, as there is no central authority that has the power to manipulate the outcomes of the voting process. It also allows for more efficient and streamlined decision-making, as there is no need for lengthy approval processes by centralised authorities.

The cooperation between UMA and Snapshot brings about another step towards fully decentralised governance, and a more democratic and equitable future. This technology has the potential to revolutionize traditional decision-making, moving us towards a more decentralized society.

In summary, the new UMA-Snapshot DAO tool for off-chain voting is a significant milestone towards the creation of fully decentralized organizations. By using off-chain voting and decentralized implementation, this new tool will undoubtedly bring increased transparency, security and efficiency to the decision-making processes of DAOs.

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