Ethereum Name Service announces governance token launch

The Ethereum Name Service (ENS) project team announced a move to a decentralized governance model with community delegates and a governance token.

«We believe that both ENS and the decentralized autonomous organization space have matured sufficiently, and now is the time to transfer governance of the service to the community by creating a DAO and a governance token», the blog notes.

Primarily, the team wants to place existing and future project funds under community control, as well as the pricing mechanism and the registration of .ETH domain names.

«Starting today, people can nominate themselves as ENS governance delegates. The $ENS tokens will be available to claim in a week (the snapshot was taken yesterday). More details will be provided then», ENS clarified.

The statement noted that the delegation model is a “good start.” While every community member will be able to vote directly, the team intends to encourage token holders to delegate their powers to self-nominated leaders.

Earlier, Ethereum co-founder Vitalik Buterin expressed the view that governance-token voting poses a number of threats to project development.

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