420 DAO announces its first proposal: This is all you need to know
One of the most important features of the 420 DAO is Governance. Every member is an important part of the 420 DAO and has full rights to participate in the governance of the DAO and any associated protocols right from the beginning. And after weeks of preparation, we are proud to announce that we are now live on Snapshot — a decentralized voting system.
What is Snapshot?
Snapshot is a place where projects such as the 420 DAO 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. However, on Snapshot, that does not happen, thanks to the clever use of the decentralized storage network called IPFS. Because Snapshot does not use ‘on-chain’ verification, any votes are essentially fee-less.
What are Governance tokens?
Governance tokens are to guarantee that the voices of the DAO’s members are heard while making decisions. For example if there is a new idea about the product, for example, changing or updating a critical feature of the dApp, token holders can vote on a preferable idea through the snapshot voting system. It can also be a decision about the DAO’s roadmap, a change in Treasury management or anything else related to the DAO’s daily operations. Let’s think of it as an upper management team taking decisions related to the company’s future. In this case, the responsibility lies in the hands of the token holders. Want to learn more about the 420 DAO Governance Token, please continue reading here.
Can all 420 DAO members use Snapshot to create proposals and/or vote for active proposals?
420 DAO structures its decision-making using its own tokens, which are governance tokens. Similar to any other governance tokens, 420 tokens give holders voting rights over an investment proposal. The members of 420 DAO will propose suggestions and then each token holder (irrespective of whether you own just ‘token 420’ or ‘s420’ or a combination of the two) can vote on those proposals and enough ‘for’ votes will put the proposal forward and it can be implemented accordingly. Not a 420 DAO token holder yet? Anyone can purchase and become the 420 DAO’s token holder by visiting the 420 DAO app.
What are the voting rights per user?
Token holders have voting rights depending on the number of tokens they own, for example, 1 token is equivalent to 1 vote.
Wondering how you can join Snapshot to exercise your 420 DAO Governance rights?
Please use this link to be redirected to the 420 DAO’s first proposal. And follow the steps detailed below.
How to log in? (Explained in annotated figures 1–3 below)
If you are able to connect your wallet successfully, you will see two updates on your screen (as shown in figure 4) below:
1- Your wallet address — will appear on the upper right corner of the screen
2- Logo of 420 DAO — it will appear on the left corner of the screen
With the above steps completed, you are all set to vote. Please have a look at the annotated figures (5–6) below to learn how to read the proposal.
In the voting area, you can choose your opinion, then click VOTE to cast your vote as shown in figures (7–9) below.
After clicking the ‘VOTE’ button, Metamask’s notification board will appear again and ask you to confirm your vote. As shown in figure 10 below.
Once you have confirmed your vote — refresh your browser to see the new update. If your vote is successful, your sign will appear on the ‘VOTE’ Board.
And there you go! Congratulations, you have casted your vote on 420 DAO’s first proposal. Now wondering how you can write a proposal as a 420 DAO token holder? Stay tuned for our next article.
About 420 DAO
420 DAO is a coordinating and supporting body that promotes the development of decentralized economies using its robust tools and 420 DAO token. The project is a revolutionary DAO that has established a dedicated community of crypto proponents, thought leaders, builders, and investors.
The 420 DAO ecosystem is powered by 420 token that has in-build properties such as Store of Value Membership Value Governance value. To learn more about 420 DAO visit,