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Ethereum Name Service Achieves Full Decentralization With DAO Assuming Control

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A clear vote in favor of giving the DAO power over the ENS root node ushers in a new age of decentralized government.

The founder of Ethereum Name Service (ENS) announced on December 14 that the project had accomplished decentralized governance.

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The Ethereum blockchain’s ENS naming system gives readable names to a variety of resources, such as cryptocurrency wallets and webpages. Members of the Ethereum community have been in charge of the project’s root node up until now.

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The creator of ENS, Nick Johnson, approved of the ownership transfer. On X, he penned:

“[This is] truly the end of an era. Here’s the message I just sent to the ENS root keyholders, requesting the transfer of the last of their powers to the DAO.”

According to Johnson’s email attachment, the project’s root node was taken over by unanimous vote by the Decentralized Autonomous Organization (DAO) of ENS, a governance body established and managed by ENS token holders.

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He claimed that he had created a transaction to carry out two operations that provide the DAO address (wallet.ensdao.eth) root control in reaction to those vote results. He stated that by “retiring the multisig entirely,” all outstanding multisig duties are transferred to the DAO by this transaction. It’s unclear if the transaction has received approval from the other multisig owners.

Previously, Taylor Monahan of MyCrypto, Aron Fischer of Colony, Dan Finlay of Metamask, Jason Carver and Martin Swende of the Ethereum Foundation, and Johnson himself oversaw ENS’ multisig. In his statement, Johnson said to those people, “Thank you so much… for your service to ENS over the years.”

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Governance of ENS will be more transparent

The ENS DAO is a governance body made up of token holders that stake their tokens to vote on project-related decisions and issues.

The most recent proposal states that although the DAO has multiple ownership duties already, it did not previously have power over the basic ENS root name.

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By managing the ENS root, the DAO will be able to do additional functions. Aside from the permanent and unchangeable.eth domain, the ownership change will enable the DAO to create, manage, and permanently lock top-level domains. Reverse resolutions, which translate addresses back to names, will also be updated by the DAO thanks to this. On layer-2 networks, the DAO might potentially introduce primary domain names.

According to a snapshot, voting ended on December 15, 2023. 1.9 million ENS, or nearly 100% of the staked tokens, were staked in support of DAO ownership. Johnson staked 155,000 ENS in support, making him one of the biggest votes. Less than 17 ENS tokens were either utilized to abstain or staked against the proposal.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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