Ethereum Name Service launches ENS Token, moves towards DAO

by Gordon James

ENS is a new name service for Ethereum. It was created to provide namespaces and easy-to-remember addresses for public Ethereum accounts, similar to how we would use email or web domains today. However the team behind ENS has since decided that it will be moving towards being fully decentralized, which means there won’t be any centralized servers where people can register their names anymore. Instead, they’ll have DAO’s (Decentralized Autonomous Organizations) holding all of the registered names in smart contracts on top of the blockchain without one entity having control over them

The “what is ethereum name service” is a new token that can be used to register and transfer domain names on the Ethereum blockchain. It will also allow for people to create their own decentralized applications on top of the Ethereum blockchain, which will run autonomously from any central authority.

Ethereum Name Service (ENS) has declared that the DAO, as well as the organization, has grown sufficiently to transmit the fundamentals of governing process to the community through a dedicated DAO system, according to information revealed in a blog post.

ENS is decentralizing governance and is currently accepting DAO delegate applications. A week from now, $ENS governance tokens will be available for ENS users to claim (snapshot taken yesterday), along with further information.

1/ http://t.co/4Qb9YhpCqT 1/ http://t.co/4Qb9YhpCqT 1/ http://t.co/4Qb9YhpCqT 1/ http://t.

November 1, 2021 — ens.eth (@ensdomains)

The blog also seeks suggestions and registrations for ENS governance delegates.

The ENS is looking for new delegates.

ENS has not yet revealed information on how many ENS tokens would be issued or created in total. The site, however, states that “tokens will open for claiming a week from now (snapshot was taken yesterday), with further specifics about them at that time.”

“Specifically, we want the ENS root multisig to hand over control of the current ENS treasury, future funds, and control of the.ETH registrar contract, which is in charge of the pricing and registration procedure for.ETH domains,” the team stated.

“The ENS DAO’s first item of business will be to officially seek them from the holders of the ENS root multisig key.” People may designate themselves as ENS governance representatives starting today.”

A decentralized autonomous organization, sometimes known as a DAO, is an open-source blockchain technology that follows a set of principles. The rules are made by elected members of the community, therefore there is no need for a middleman.

The choice to develop as a DAO seems to be “a decent form of governance to begin with,” according to the blog, which also underlines the laws of self delegation and voting for the same.

Individuals and organisations interested in the ENS’s development and longevity are encouraged to come forward and share their experience as long-term delegates.

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Ethereum Name Service launches ENS Token, moves towards DAO

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The “bitcoin name service” is a website that allows people to register their bitcoin addresses with an easy-to-remember name. The website also provides information on the current price of bitcoin, as well as other cryptocurrencies.

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