Ethereum Name Service

The Ethereum Name Services (ENS), which controls decentralized domains that are built on top of Ethereum, announced that it would shift to a decentralized governance model. This will open the door for the creation of a DAO (decentralized autonomous organization). To be elected, the ENS invites delegates to submit their views to it. On November 8, the DAO token airdrop will begin.

ENS Pivots to Decentralized Governance

The Ethereum Name Services, which is responsible for the Ethereum-based decentralized domain service, recently announced its intention to transform its governance model into a decentralized autonomous organization (DAO). The delegate model will allow users to submit their proposals and others to delegate tokens to them.

The ENS stated that although most core functions can be performed without supervision, some issues still require human interaction and oversight. It is primarily concerned by the multi-sig contract that governs the Treasury, future funds, as well as the registrar contract which manages the pricing mechanism for the domains.

DAO solutions are matured according to the organization, which is why this structure was chosen to address current governance issues.

Constitution and Airdrop

The DAO will be made up of members and users who use the platform services. They will each receive a portion of the governance tokens. Each user will be given a share of the 25 million tokens that will be distributed to them in an airdrop on November 8. 25 percent of these tokens will be distributed to the original ENS team, collaborators in Discord and the 50% remaining will go to the DAO treasury.

The ENS DAO will vote on a constitution. This document proposes a set of guidelines that will guide delegates in how to govern the ENS. You can find the proposed constitution here. It establishes integration and decentralization as the primary objectives of the organization and prevents delegates from submitting proposals that are in conflict with these principles.

The community has been abuzz about the airdrop, with many speculating on its value and comparing it with other similar events. This isn’t the first time that this type of airdrop has been offered on Ethereum. Dydx, a distributed exchange, gave tokes to customers based upon their usage of the platform. Some users were able to claim up to $50K of its native token.

By Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.