Home
News
Due to the recently suggested pricing structures, Vitalik Buterin, the co-founder of Ethereum (ETH), and the developers of the Ethereum Name Service (ENS), are at odds. Vitalik posted a question on whether the domains should have a recurring fee structure on his ENS website on September 9.
He claimed that ENS domains are extremely affordable because it just costs $5 to maintain a five-word domain. Vitalik highlighted the issues with property rights and an efficient market and suggested that a higher pricing structure would provide a remedy. He also discussed the potential of funding the ENS Decentralized Autonomous Organization with the proceeds (ENSDAO)
The ENS developers appeared to be responding to the ETH founder’s suggestion on the opposite side of the page. Nick Johnson was the first to call attention to several problems with the concept.
Vitalik’s essay, according to the developer, was intelligent. He countered that there were some design limitations as well as the name system’s externalities. Additionally, it might not be appealing to spend extra money on a name. Johnson remarked,
“The folks who lose out when ownership changes could not be the same ones who get compensated for the name. The profit made by the domain’s present owner owning it does not always equate to the value of the name to a third party.
Interesting enough, Johnson wasn’t the only person who disagreed with Vitalik’s plan. Jeff Lau, another ENS developer, agreed with Johnson’s assessment. She pointed out that Vitalik’s approach placed an excessive emphasis on money at the expense of user accessibility.
It was an instance of ENS not being bothered by the events. In fact, it appeared as though the token price would fare worse because it chose to follow the negative trend rather than the cryptocurrency market’s recovery over the past 24 hours.
As of press time, according to CoinMarketCap’s analysis, ENS has lost 4.86% of its value from the day before. Additionally, according to the on-chain platform Santiment, its 24-hour volume had decreased within the same time period. At the time of publication, the data showed the volume to be $117.71 million, down from the 9 September total of $132.85 million.
Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.
