Ethereum Name Service (ENS), a distributed, open-source naming system based on the Ethereum (ETH) blockchain that has .ETH as its native name suffix, aims to pass governance over to its community through the launch of the ENS governance token and the creation of a decentralized autonomous organization (DAO).
The team behind the protocol insisted that ENS has always been an “open public utility that belongs to the community,” noting that the project has matured enough to pass the responsibility of governing to the community.
“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 project said, hinting that the community would govern key components of the protocol.
The project has also unveiled its proposed structure for the DAO, as well as token distribution and allocation layout.
The protocol will allow users to vote on the ENS Constitution, which is a set of guidelines for the community, for one week starting November 8. Subsequently, once the ENS token distribution process is finished, the token holders will vote on protocol parameters like pricing and other key components.
“ENS is probably the cleanest case study of what should be a DAO,”
Simon Taylor, Co-founder of 11:FS, a digital financial services company, said.
The project has allocated 25% of the total supply to airdrop and will be distributed among .ETH holders (over 137,000 accounts). Another 25% is allocated to contributors (100 individuals and groups, plus hundreds of Discord users), while the remaining 50% will be distributed to the DAO community treasury.
“Claims will open on November 8. Users will have until May 4th, 2022 to claim their tokens, after which any remaining tokens will be sent to the DAO treasury,” ENS tweeted.
Also, according to them, the retroactive airdrop is per account, not per name. “This means that each address is counted for a given day based on whether it owns at least one .ETH name on that day,” the team explained.
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Learn more:
– Ethereum Name Service – What’s Human Readable Domain Name Good For?
– DeFi Experiment: A Loan Issued With Ethereum Domain Name as Collateral
– Handshake Introduces a New Way to Send Your Crypto
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