Ethereum Name Service launches ENS Token, moves towards DAO
Ethereum Name Service which is an Ethereum based open-source protocol for domain names has announced its plan to decentralize its governance process by transitioning into a DAO.
As per the details shared in a blog post, Ethereum Name Service (ENS) has announced that the DAO, as well as the organization, has matured enough to pass the essentials of governing process to the community via a dedicated DAO system.
ENS is decentralizing governance & is now accepting applications for DAO delegates.$ENS governance tokens will be opened for claiming by ENS users (snapshot made yesterday) a week from today, with more details about it then.
Blog post or ? for morehttps://t.co/4Qb9YhpCqT
— ens.eth (@ensdomains) November 1, 2021
The blog also invites nominations as ENS governance delegates and is inviting registrations.
ENS calls for new delegates
ENS has not yet shared details on its ENS tokens in terms of how many tokens will be distributed or minted in total. However, the blog mentions that the” tokens will open for claiming a week from today, (snapshot was made yesterday), with more details about it then.”
“Specifically, we wish to have the ENS root multisig pass over control of the existing ENS treasury, its future funds, and control of the.ETH registrar contract that is in charge of the pricing and registration mechanism for.ETH names,” the team wrote, adding:
“The first order of business for the ENS DAO will be to formally request these from the ENS root multisig key holders. Starting today, people may nominate themselves as ENS governance delegates.”
A DAO or a decentralized autonomous organization can be described as an open-source blockchain protocol that is governed by a set of rules. The rules are created by elected members of the community that does not require any intermediary.
The blog also lists that it’s the decision to evolve as DAO seems to be “a good model of governance to begin with” and also highlights the rules of self delegation and voting for the same.
The organization is seeking individuals and groups who are interested in the growth and longevity of the ENS to come forward and contribute their expertise as efficient delegates for the company in the long run.