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Crypto Terms:  Letter S
Jun 19, 2023 |
updated Apr 02, 2024

What is Snapshot?

Snapshot Meaning:
Snapshot - The status of the blockchain at a particular block height is recorded via snapshot.
3 minutes

Let's find out Snapshot meaning, definition in crypto, what is Snapshot, and all other detailed facts.

The term snapshot indicates the capability to record the state of a computer system or storage device at a particular period of time. Also, it documents the status of a blockchain at a particular block height.

Essentially, it is used to document the amount and balance of token holders.

Snapshots are widely used in production. Meaning that each time a person creates a backup, the system begins with a snapshot. However, full backups take way longer, from a few hours to all day. This is because of the system resources they require.

Snapshots cannot be an exact reproduction of the data on a person's hard drive. They are mostly metadata that describes the current condition of a person's information. They can also only be stored on the local server or device that produced them.

In comparison, snapshots can be developed as frequently as desired and in a matter of seconds. It is also possible to deduplicate the information being snapshotted by employing different technologies.

Taking a storage snapshot or a snapshot is comparable to taking a photograph. A person photographs his server’s information at a particular moment.

Snapshots, if not correctly managed, can result in extremely complicated data chains and extremely lengthy consolidation times. They are only intended to be preserved for a limited time.

During blockchain hard forks, snapshots are very essential. They mark the block height in which the main chain will be recorded prior to issuing a new chain. As an example, when Bitcoin Cash hard occurred, every blockchain address that had Bitcoins at block 478,558 had the balance replicated on the Bitcoin Cash blockchain.

This is because both blockchains have the same historical information prior to the fork.

Moreover, snapshots give access to a huge number of clones of data, making it possible for a person to work on development without corrupting his regular routine. Workflows might be tested, iterated, and automated without the need for additional storage space.

As a fast failsafe, if any error takes place, it is possible to roll the server back to an earlier version.

Snapshots and Crypto Airdrop Events

Snapshots are routinely taken before each round of an airdrop event. Tokens are allocated in proportion to the balance of every blockchain address accessible during the snapshot time.

Snapshots are used to capture each token holder's balance at a specific moment. After taking their snapshot, consumers can often transfer their cash without compromising their qualifications for that round of pay-out.

Cryptographic Snapshots

In cryptocurrency, a snapshot is a record of the situation of the blockchain at a particular block height.

It records the entire blockchain ledger. This includes all current addresses and their related information.