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Snapshot is a decentralized IPFS (i.e. InterPlanetary File System) based voting tool, that is designed to give the community insight into the most impactful decisions concerning the development and project multiverse expansion. Snapshot is used to enable FOUR token community holders to signal their preferences on the project proposals.
We invite the community to vote! Connect your ERC-20 FOUR wallets and get ready to weigh in on some exciting 4thTech proposals. Visit https://vote.4thtech.io
Note: Voting on Snapshot is FREE! No gas is needed as the process is performed off-chain.
Governance token
According to CMC, governance tokens are tokens that developers create to allow token holders to help shape the future of a project. In the case of 4thTech, the ERC-20 FOUR token acts also as a governance signal token. ERC-20 FOUR token holders can influence decisions concerning the project such as proposing or deciding on new feature proposals, new chain deployment andĀ similar.
FOUR token
FOUR tokens are multi-chain assets, a technical component that enables 4thTech tokenization with staking and transaction services fee discounts. Natively an ERC-20 token has a deeper power also as a governance signalling mechanism.
Voting onĀ Snapshot
Snapshot is a decentralized voting signalling system that allows ERC-20 FOUR token holders to signal their preferences on 4thTech proposals but will not replace the governance structure. Voting on Snapshot is user-friendly and does not cost gas as the process is performed off-chain. 4thTech is using Snapshot to allow users to signal their preferences on the project proposals.
NOTE: Snapshot votes are NOT binding, they allow FOUR token holders to signal their preferences on 4thTech proposals but will not replace the governance structure.
4thTech uses the Snapshot platform to take a āsnapshotā at a certain block. This snapshot dictates the voting power of each wallet, where 1 FOUR = 1 vote. The platform weights votes by the amount of a given token a participating wallet address holds. Once a proposal reaches public referenda, token holders can vote on it using their own FOURĀ tokens.
Voting Eligibility
Strategie(s)
We use the various voting strategies, for example, a ābalance-of-with-minā strategy is used to check whether the participant has a minimum amount of tokens required to vote. āminBalanceā of 4k ERC-20 FOUR has been set, which equals the minimum balance required to vote on a proposal.
How toĀ signal?
This guide contains everything you need to start voting. In order to participate you willĀ need:
Voting process:
(1) visit: https://vote.4thtech.io;
(2) connect your Metamask wallet (it should be the one where FOUR tokens are stored);
(3) after reviewing the listed proposals, select your preferred option and clickĀ Vote.
Note: Voting on Snapshot is user-friendly and does not cost gas as the process is performed off-chain.
Additional resources
Disclaimer
4thpillar Technologies (i.e., 4thTech) is a blockchain technology innovation and development initiative. Its main focus goes to the development of future experimental blockchain technology. 4thTech does not guarantee or influence the token price or deal with financial or trading token elements, nor offer any licensed financial services, such as investment or brokerage services, capital raising, fund management, or investment advice. The content of this article is provided for information purposes only and is not to be used or considered to be an investment recommendation or an offer or solicitation to buy, sell or subscribe to any securities or other financial instruments. Snapshot votes are NOT binding, they allow FOUR token holders to signal their preferences on 4thTech proposals but will not replace the governance structure.
FOUR token Signaling on Snapshot, a decentralized Voting System was originally published in /4thtech on Medium, where people are continuing the conversation by highlighting and responding to this story.
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