Home
News
- Coinbase, a U.S. crypto exchange, has filed its first protocol vote after being chosen as a DAO delegate for the Ethereum Naming Service
- However, owing to the airdrop’s design, many users missed out on the 2x token multiplier
- The Ethereum NameService is an Ethereum-based service that allows users to identify crypto addresses using human-readable names in a safe and decentralized manner
Coinbase, a U.S. crypto exchange, has filed its first protocol vote after being chosen as a DAO delegate for the Ethereum Naming Service. A DAO delegate is an entity that has been awarded ENS tokens in exchange for acting as a representative for the ENS community’s best interests. Larger businesses or industry experts can pool votes instead of individual ENS holders voting one by one on several subjects. On November 8, individuals having an officially registered ENS name set, or one that concluded in the suffix eth, were the first to get ENS tokens.
ALSO READ: CHARLIE MUNGER THINKS CHINA WAS RIGHT TO BAN BITCOIN
However, owing to the airdrop’s design, many users missed out on the 2x token multiplier. The current proposal aims to rectify this by expanding the criteria to include any account that possessed a name that was used as the principal ENS name for an account, according to the proposal. So far, it appears that the plan will be approved unanimously, with 3.45 million votes in favor. Coinbase, in particular, has donated 453,980 ENS tokens to the total. After Brantly Millegan, ENS’ head of operations, the crypto exchange is now the second-largest voting body for this proposition. Millegan tweeted yesterday, Amazing to watch Coinbase vote on the newest ENS DAO proposal. He went on to say that due to a technical issue on their end, the corporation was unable to vote on the project’s initial proposal.
Additionally, it appears that this is Coinbase’s first vote within a decentralized autonomous organization. They were ecstatic to be a member of the ENS DAO and community, as well as to cast our first vote in this ecosystem. As we stated in our DAO application, we believe that the ecosystem requires a robust and decentralized identity standard to thrive, and this is the first of many steps as we work with ENS and the broader community to help build this standard In an email statement, Alex Reeve, the Product Identity Lead at Coinbase, said. On Tuesday, December 7, Reeve and others will explain Coinbase’s ENS engagement as part of the company’s weekly Twitter Spaces outreach.
The Ethereum NameService is an Ethereum-based service that allows users to identify crypto addresses using human-readable names in a safe and decentralized manner. It’s comparable to the DNS system on the internet in that it helps people discover information by using names rather than a string of letters and numbers, which might be difficult to comprehend at first look. The Ethereum Foundation’s Nick Johnson and Alex Van de Sane created ENS with a single goal in mind that to make internet naming infrastructure open, decentralized, non-profit, and community-driven.
ENS airdropped ENS coins and launched its DAO just a few weeks ago. The ENS market cap reached $1 billion a few days later. They have witnessed an explosion in invention and experimentation with DAOs in the last year or two, ENS Director of Operations Brantly Millegan told in an interview earlier. ENS is a naming project, not a DAO experiment, he explained. They believed DAOs had evolved sufficiently that we could trust one with crucial aspects of the ENS protocol.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
