Ethereum name service unveils new token, to recruit DAO delegators
Ethereum-based, open-source protocol Ethereum Name Service announced on Monday that it has started recruiting delegators in accordance with its plans to decentralize its governance process. In addition, details regarding the distribution of ENS tokens will be announced on the 8th.
The Ethereum Name Service (ENS) is a decentralized, open, and extensible naming system that offers domain names for cryptocurrency addresses, and decentralized websites. Various domain names have been auctioned at the major NFT marketplaces, including darkmarket.eth, which was sold for millions of dollars.
While ENS is already decentralized, the team has decided to make the government system decentralized as well. The blog post read:
“We believe that both ENS and the DAO space have matured enough that now is the time to pass ENS governance over to the community via the creation of a DAO and the $ENS governance token.”
In August, major US beer brand “Budweiser” purchased the domain name “beer.eth” using ENS for about 30 ETH, thereby attracting a lot of attention towards the protocol.
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