What does digital currency snapshot mean? Learn more about the digital currency snapshot in one article

For some novice investors who have just entered the currency circle, they will always encounter some professional vocabulary during the investment process. These professional vocabulary are created to facilitate investors’ investment, but at the same time, these vocabulary may It will also be harder to understand. The digital currency snapshot we introduce to you today is a relatively professional concept in the currency circle. As we all know, the market of Bitcoin changes very quickly, so it is often necessary to take snapshots to understand the changes in the market and our operating processes. Many investors may still not know what digital currency snapshots mean. Now let the editor take you through an article to understand the digital currency snapshot.

What does digital currency snapshot mean?

A digital currency snapshot is the currency holding record of all accounts (wallet addresses) on a specified blockchain at a certain moment (that is, until a certain block). At a certain point in time, record the number of positions you hold in a certain currency, called a snapshot, which is generally used for airdrops. The currency circle snapshot is the process of saving the ledger, including the sender, receiver, transfer amount, and digital signature.

Snapshot is stored in a table based on account information at a certain moment and used as a reference for airdrops or other analyses. Currently, EOS airdrops are almost entirely distributed based on the account information in the genesis snapshot. For example, in the genesis snapshot, if you have 1,000 EOS in your account, then when a certain token is airdropped at a ratio of 1:1, you can get 1,000 airdropped tokens.

·Get all the accounts on the current mainnet from the voter table and generate the names.csv file.

·According to the account name in the names.csv file, traverse and query the account balance and other information to generate a snapshot file in csv format.

·Conduct airdrop of tokens based on the snapshot file.

The role of digital currency snapshots

Digital currency snapshots play a key role in maintaining transparency, providing evidence, ensuring fairness, and meeting compliance requirements. By recording data such as account balances, transaction history, and position information, snapshots provide a reliable basis for regulatory agencies and relevant parties.

Digital currency snapshot is an effective evidence that can be used to prove the position and transaction history of a user account at a specific point in time. This is critical for resolving disputes, conducting audits and ensuring compliance.

Airdrop and distribution: Some projects will conduct airdrops or distribute tokens at specific snapshot time points. At this time, the snapshot can ensure a fair and reasonable distribution of tokens to eligible holders.

Governance and Voting: In some decentralized autonomous organizations (DAO), snapshots can be used as the basis for voting. Users holding specific tokens can participate in governance decisions based on their balance at the time of the snapshot.

Quick backtracking and data restoration: In digital currency transactions, it is sometimes necessary to restore the account status at a certain time in the past for detailed analysis or investigation.

History and auditing: For exchanges, wallet providers, and other digital asset service providers, digital currency snapshots can be used to create a user’s history for subsequent auditing or querying.

Compliance Requirements: Some regulatory agencies may require digital currency service providers to regularly save snapshots of user account status to ensure compliance and transparency.

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