Ethereum name service shifts to DAO governance, airdrops ENS tokens to domain name holders – Bitcoin News

The Ethereum Name Service (ENS) is an entity that controls the decentralized domain built on Ethereum. It announced that it will shift to a decentralized governance model, opening the door to the formation of DAO (Decentralized Autonomous Organization). ENS now calls on delegates to present their opinions to the community in order to be elected. The airdrop of DAO tokens will open on November 8.

ENS shifts to decentralized governance

Ethereum Name Service, the organization behind decentralized domain services on Ethereum, Announce Recently, it intends to shift its governance model to a decentralized autonomous organization (DAO). The organization is adopting a delegation model that allows individuals to submit their proposals, while other users can delegate their tokens to support them.

ENS explained that although most of the core functions of the organization operate without supervision, there are still some issues that require specialized human interaction and supervision. Its main focus is on multi-signature contracts for the management of the national treasury, future funds, and registrar contracts for the management of domain name pricing mechanisms.

The organization believes that the DAO solution is mature, which is why it chose this structure to solve current governance issues.

Constitution and airdrop

In order to form a DAO, members and users of the organization will obtain part of the governance tokens based on their use of platform services. The airdrop of these tokens will take place on November 8, and each user will receive a portion of the 25 million tokens allocated for this purpose. The other 25% of these tokens will be delivered to Discord’s original ENS team and collaborators, while the remaining 50% will be allocated to the DAO vault.

One of the first actions of the ENS DAO will be to vote on the constitution, which proposes a series of guidelines to teach delegates how ENS should be administered.The proposed constitution is available here, And regard decentralization and integration as the main goals of the organization to prevent representatives from applying proposals that conflict with these principles.

this airdrop It has caused a lot of sensation in the community, and now the community is guessing its value and comparing it with other similar incidents. This is not the first such airdrop on Ethereum. Dydx is a decentralized exchange that airdrops tokens to customers based on their usage of the platform. Some users claim Native tokens worth up to $50,000.

What do you think of the shift from ENS to DAO-based governance? Tell us in the comments section below.

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