On November 10th, the Ethereum Domain Name Service (ENS) began to authorize DAO to widely distribute its ENS governance tokens. The significance of DAO governance tokens is to enable community members to own the underlying projects for their own use.
The first task of ENS DAO is to vote on the “Constitution”. Five articles drafted by ENS founder and lead developer Nick Johnson outline the basic principles that the founder hopes the community can follow.
In the next few days, token holders must pass by an absolute majority. “This is only the original ENS constitution,” Millegan explained. “There is also an amendment. We hope that the DAO will revise and improve it in the future.” The project also accepts applications from potential clients who will be accepted by the community. Authorized to assume responsibility for managing the ENS treasury and representing the interests of DAO members.
It is worth mentioning that Coinbase Inc., as an organization, intends to become a client. This has caused dissatisfaction among some people, because the idea of large listed companies as principals of important parts of the Web3 infrastructure runs counter to decentralization. However, Millegan welcomes this: “Coinbase wants to participate, and I think this is good. ENS is the identity protocol of Web3, so we need a broad perspective: ordinary users, developers, companies, DAOs, etc. The key is that Coinbase does not Special internal advantages.
They are the same as everyone else. “Coinbase currently ranks third in delegator voting, second only to Millegan and Johnson, so it is likely to become an influential delegator. The process is open, and ENS token holders can choose to delegate to any delegate. People, or directly self-delegates and vote on governance issues.