A quick overview of the proposed governance framework for the official announcement of the Ethereum domain name system ENS

Currently, there are approximately 150,000 unique registered addresses in ENS, and the total number of domain names created exceeds 400,000. The address with the largest number of domain names has 1,065 domain names.

Today, Ethernet Square Domain Name System ENS ( Ethereum the Name Service) officially announced the release of governance tokens ENS, and open the DAO behalf of the Applicant, to promote decentralization and sustainable development projects. The token will be open for claim next week, and the snapshot of the ENS domain name has been completed on November 1.

According to Dune Analytics, there are currently about 150,000 unique registered addresses in ENS, and the total number of domain names created exceeds 400,000. 8 addresses hold more than 500 domain names, and the address with the largest number of domain names has 1065 domain names. .

A quick overview of the proposed governance framework for the official announcement of the Ethereum domain name system ENS

Number of ENS domain names registered

ENS stated that it hopes that the ENS root domain multisig (root multisig) will transfer control of the existing ENS treasury, future funds, and registration contracts responsible for domain name pricing and registration mechanisms to the new ENS DAO.

In this regard, Brantly Millegan, ENS operations director, also proposed the proposed governance framework, the ENS charter, but the framework requires a 67% vote in the first week after the token issuance before it can be approved.

The specific rules of the current proposed governance framework specifically include the following points:

1. The domain name right is an absolute power. ENS Governance will not make any changes that violate the rights of ENS users, including renewing, transferring or otherwise using their domain names.

One example cited by Brantly Millegan is that ENS governance may change the registration and renewal costs based on transparent standards such as length, but will not change the renewal fees for existing domain names.

2. The registration fee is an incentive mechanism. The proposal states that the registration fee is seen as an incentive mechanism that can be used to regulate domain name registration and the renewal process when it expires, and to prevent it from being occupied by speculators. In addition, the registration fee can also provide income for DAO to fund the continuous development and improvement of ENS.

For example, ENS governance may increase domain name registration fees to solve the problem of excessive speculative registration caused by low costs, or increase registration fees when ENS operating costs are insufficient.

Currently, the registration fee for a 3-character .eth domain name is US$640 per year, 4 characters are US$160, and more than 4 characters are US$5 per year.

3. Any income generated in the ENS treasury will first be used to ensure the long-term development of ENS and to fund the continued development and improvement of the ENS system. Through governance, part of the revenue may be funded to Web3 public products that are not related to ENS or Ethereum, but projects that conflict with the goals of ENS may not be supported.

4. ENS is integrated with traditional DNS domain name system. ENS hopes to integrate the traditional DNS domain name system to the greatest extent without sacrificing the degree of decentralization of the project.

For example, ENS governance can grant control of top-level domain names to owners in the traditional DNS system upon request, but cannot create new top-level domain names unless these domain names have been granted to ENS by traditional DNS authority.

5. Only when the approval rate exceeds 2/3 and at least 5% of the token holders participate in the voting, the details of this charter can be revised.

ENS has now opened applications for ENS DAO governance representatives, and interested users can apply by submitting their views on the proposed charter and self-recommendation. After the token is officially issued, the ENS community can vote on candidate representatives.

Currently, ENS has not released the specific economic model and airdrop rules of the token. However, judging from the preliminary proposed charter, ENS is re-examining the fee mechanism to solve the current problems of transitional speculation and promote the long-term sustainable development of the project. In addition, integration with existing domain name systems and ensuring interoperability are also critical to increasing the adoption of ENS domain names.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/a-quick-overview-of-the-proposed-governance-framework-for-the-official-announcement-of-the-ethereum-domain-name-system-ens/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-11-02 22:29
Next 2021-11-02 22:31

Related articles