Behind the Network: July 8th, 2022
A guide to signing up and using Snapshot in the RNP process!
In this week’s Behind the Network, we’ll dive into a comprehensive guide to voting within the proposed “Render Network Proposal (RNP)” system, and how to use the Snapshot platform.
If you have not checked out the first Render Network Proposal, RNP-000, we suggest reading through to get a complete understanding of the process being proposed. Without further ado, let’s dive in:
Snapshot is a platform that allows for projects, like the Render Network, to hold public votes among their users. What sets Snapshot apart is that it is specifically designed to ONLY allow users of a given project or Network to vote within sanctioned votes. By setting up our voting platform, rndrnetwork.eth, to only allow users who are currently holding RNDR Tokens in either a Layer 1 Ethereum or Layer 2 Polygon wallet to vote, it makes sure that only actual members of the Render Network community who have an active stake in the Network can participate in deciding it’s future.
Additionally, Snapshot lives up to its namesake in preventing malicious users from gaming the system: at the beginning of a vote, the platform takes a snapshot of token holders and their account balances, which is checked against voting parties. This way users are unable to game the system by sending RNDR tokens across to multiple wallets and voting across different accounts.
How the Render Network is using Snapshot
As outlined in RNP-000, Snapshot will be used as a key piece of the RNP system at multiple stages. The first will be as a pass by the community, where the community will decide through a majority vote whether a proposal will continue onto a technical/logistical review by the Render Network team. The second vote will take place over a week long period once a proposal has made it past all prior review, whereby a proposal will need to garner at least 51% approval by minimum 25% of the total token supply being held in order to move forward to implementation on the Network. In both cases, there is a minimum threshold of Token participation needed in the vote in order for an RNP to move forward. Without that, it is considered invalid, as the community at large has either not seen it or not approved of it.
To use Snapshot, first go to Snapshot.org. On the home page you should see a button in the top right hand corner of the page labeled “connect your wallet”. Click the button to begin sign-up.
A window should pop up with multiple wallet connection options.
Please pick the wallet option that matches the wallet that you have that contains your RNDR Tokens.
For Metamask users, which would be the majority of Render Network creators, click on the option that says “WalletConnect”. An additional prompt will appear, where you will be able to select Metamask as an option. For Ledger hardware wallet users, you will do the same steps as well.
Once you have selected your wallet option, you should be prompted in a pop up window to connect your wallet through a simple signature.
Once you have signed off on the connection, your account will be created on Snapshot.
To vote in a Render Network Community vote, simply go to the Render Network Snapshot page, where you will see Active, Closed and Pending votes.
To participate in an Active vote, simply click on the vote you would like to participate in. You will then be taken to the vote page, where all voting options will be displayed.
Once you have selected your option, press vote. A popup window will appear, displaying your choice, the Snapshot vote # and the amount of RNDR you have available to cast as voting power.
If all is correct, confirm your choice by clicking “Vote”. A signature window will appear to confirm your vote choice, and once you have signed your vote will be confirmed!
Join us in the Rendering Revolution at:
Knowledge Base: https://know.rendertoken.com