The ENS operations director stated that DAO-based governance “has always been a plan”
On Monday, the distributed domain protocol Ethereum Name Service (ENS), Launched its own governance token Efforts to allocate the voting power of its new decentralized autonomous organization or DAO to the active users of the ecosystem.
Cointelegraph spoke with Brantly Millegan, Director of Operations at ENS, to learn more about the non-profit organization’s decision to switch to the DAO model and his views on the power of the ENS community:
“ENS is an open public protocol. The core components of ENS are decentralized and self-operating (for example, no one can take away another person’s .ETH name), but there are some things that require human judgment.”
He pointed out that previously, ENS was controlled by four-sevenths of multi-signature schemes, with members of related projects acting as key holders.They promoted upgrades and managed .eth pricing registration mechanism Domain names and handle the funds of the ENS treasury.
However, according to Millegan, it is “always a plan” to replace this multi-signature and pass ENS governance to the community through DAO:
“We are doing this now because we believe that both the ENS and DAO space are mature enough.”
When users request the distribution of ENS tokens in the most recent airdrop of the agreement, the service requires participants to immediately vote to approve the proposed ENS charter and authorize DAO to take over the multi-signature function.
Community members also need to delegate their future DAO voting rights before claiming tokens. The delegation process allows a smaller number of active users to make decisions for the ENS community, instead of requiring constant interaction with each token holder in the space every time a new vote is needed.Although a lot ENS contributor Volunteer to act as a potential representative, users don’t have to just choose from a list of suggestions on the platform. Instead, they can delegate voting to any address they want, including their own address.
Regarding the operation of the ENS token distribution and fair governance model, Brantley told Cointelegraph:
“ENS DAO will [be] One vote, one vote, but we chose a distribution rule that favors egalitarianism and users rather than speculators. “
He explained that non-profit organizations allocate tokens based on the number of days that individuals hold a single ENS name, not based on the number of domains that individuals have registered.
Users who pay up to eight years of renewal fees plan to receive additional token cache in the airdrop. For those who set the main ENS name, the number of tokens they are entitled to is multiplied by 2. Discord and Twitter participants of the agreement are also eligible for additional claims.
The DAO will ultimately be responsible for any revenue received by the non-profit organization that spends the agreement. According to Article 3 of the ENS Constitution, funds will be allocated to ENS development, the broader ecosystem, and public products in Web 3.0. Millegan pointed out that “there is no profit-sharing incentive” and the token-based DAO system “has great flexibility”.
Within 24 hours after its launch, the new ENS governance token has reached The fully diluted valuation is US$3.16 billionA day later, at the time of publication, this number has exceeded 8 billion U.S. dollars, and it continues to rise.