Ethereum Name Service (ENS) Is Transitioning Into A DAO With A Token

Leading domain service Ethereum Name Service (ENS) announced on Nov 02 that it’s now transitioning into a decentralized autonomous organization (DAO), facilitated by the launch of an ENS token and now seeking DAO delegates. The launch tweet notes that despite most of the things running automatically and nobody being able to tamper with anyone’s registration, there are still things requiring human intervention.

Ethereum Name Service (ENS) current administration wants “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 first order of business for the ENS DAO will be to formally request these from the ENS root multisig key holders” The current multi signature trusted model is being retired in favor of a decentralized autonomous organization (DAO) governing via community voted delegates.

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 to the new ENS DAO.

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The protocol has already proposed a constitution and requested community members to apply for the DAO delegate positions here. They have also announced that the snapshot for the ENS token airdrop was taken yesterday and they are all set to launch it by next week, by which time, the rest of the work will begin also. So, don’t forget to check your wallets next week, if you have registered an Ethereum Name Service (ENS) in the recent past!

About Ethereum Name Service (ENS)

Ethereum wallet addresses are complex and human unreadable. This makes it difficult for users to work with them. For instance, if you send funds to an Ethereum wallet, the long random address needs to be typed incorrectly and checked multiple times to establish that it’s the right one. It’s easier to make mistakes there.

Ethereum Name Service or ENS fixes that problem by using smart contracts, linking the complex human unreadable Ethereum addresses to a simple .eth (amongst other variants) domain. For instance, you can bind the address 0xb4b3351918a9bedc7d386c6a685c42e69920b34d to something.eth. Now, it’s easy to interact and work with.

You don’t have to copy/paste long addresses and hope that everything goes right. Just purchase a simple domain with low fees to start receiving cryptocurrency, assets, and NFTs. The ENS domains themselves are ERC-721 compliant NFTs, which can be traded too. You can read how to acquire an ENS name here.

ENS domains already are integrated with a large part of the crypto-ecosystem and growing day by day. Currently, it has compatibility with Coinbase, Rainbow, Trust Wallet, MyCrypto, MetaMask, Huobi, etc. The DApps supporting the domains are Uniswap, Etherscan, Tornado Cash, The Graph, Aavegotchi.