Ethereum Name Service (ENS) has revealed that the DAO, as well as the organization, has grown sufficiently to transmit the fundamentals of governing process to the community via a dedicated DAO system, according to details revealed in a blog post.
Decentralized autonomous organizations, often known as DAOs, are managed by a set of rules that are regulated by an open-source blockchain system.
ENS is decentralizing governance & is now accepting applications for DAO delegates.$ENS governance tokens will be opened for claiming by ENS users (snapshot made yesterday) a week from today, with more details about it then.Blog post or 🧵 for morehttps://t.co/4Qb9YhpCqT1/— ens.eth (@ensdomains) November 1, 2021
In addition, suggestions for ENS governance delegates are being accepted through the blog, which is also accepting registrations.
ENS has not yet provided information on its ENS tokens, such as how many tokens will be distributed or how many tokens will be created in total. The blog, on the other hand, states that “tokens will be available for claim a week from today (a snapshot was taken yesterday), with further information about them at that time.”
According to the team, “we desire to have the existing ENS treasury, its future money, and ownership of the. ETH registrar contract, which is in charge of the price and registration procedure for. ETH names, passed over to us via the ENS root multisig,” they stated, adding:
“The first order of business for the ENS DAO will be to formally request these from the ENS root multisig key holders. Starting today, people may nominate themselves as ENS governance delegates.”
Decentralized autonomous organizations (DAOs), sometimes known as decentralized autonomous organizations (DAOs), are open-source blockchain protocols that operate under a set of principles. The rules are formed by elected members of the community, and there is no need for a middleman in this process.
On the blog, it is also said that the choice to evolve was made because DAO appears to be “a good model of governance to begin with” and it also emphasizes the rules of self delegation and voting for the same in the blog post.
It is looking for individuals and groups that are interested in the expansion and long-term viability of the ENS to come forward and give their skills as effective delegates for the organization in the long run.