Snapshot is a term used to describe the process of taking an instantaneous record of a blockchain’s state at a specific point in time. A snapshot allows users to transfer their balances from one version of the blockchain to another, such as when transitioning between different versions or switching between multiple chains.
A snapshot can be taken manually by downloading and analyzing the entire ledger, but this is often too cumbersome for most people. Instead, most cryptocurrencies use automated snapshots that are regularly taken during periodic intervals. This saves users from having to analyze and save copies of every single transaction on the network.
When it comes time for two different blockchains (or versions) to transition into one another, all funds will be automatically transferred over according to what was recorded in the last snapshot prior to the switchover time. This ensures that everyone’s balance is updated accordingly as soon as possible after any major changes have been made on either chain or version.
The usefulness of snapshots goes beyond just transitioning between blockchains; they can also be used for tracking user activity across networks or even within a single chain over different points in time so that suspicious activities can potentially be identified more easily than if done manually without any sort of data collection system in place at all times.
Finally, snapshots make it easier for developers and miners alike when building dApps since there’s no need for them to constantly update code with each new addition being added onto the network – instead they can simply rely on checking out whatever was stored within some recent snapshot before making any further changes themselves!
