The $ EnsaDrop: What you need to know about the new DAO-and how you get free tokens
Christmas present. Image by Kristina Alexanderson via Flickr.com. License: Creative Commons
Curiosity pays off! The “Ethereum Name Service” (ENS), which via Smart Contract .ETH domains forgive, becomes a decentralized autonomous organization (DAO). The governance tokens that coordinate the decision making of this DAO are also distributed among those who once .have acquired ETH domain. You can pick up a nice bundle of Ens-token.
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Sometimes it is worthwhile to just do what we write about here. For example when we .Introduce ETH domains from ENS on Ethereum. You can secure a domain in a namespace via Smart Contract and create a website via the Interplanetary File System (IPFS). This is basically practical because the domain can replace the address. Instead of a complex Ethereum address, you can go to Bitcoinblogde.Pay ETH.
Above all, however, everyone who has bought such a domain can now be lucky to be able to participate in the EnSaDrops.
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ENS, the group that manages the Smart Contract and with the ENS website.Domains offer an interface for this, token gives you token. And that is worth a few thousand euros. Everything you have to do is to claim with the wallet with which you have one .ETH domain managed.
The unit of the company breaks up
“We are pleased to announce the start of $ Ens, the governance token of ENS,” writes Brantly.ETH from ENS. Because ENS is essentially “decentralized and self-operated (for example, no one can do the other person .take away eth names) ”, but there are one or the other thing that requires human intervention. Therefore, Ens sets up a DAO, a “decentralized autonomous organization”, in which, according to the classic model “Die Dao”, the owners of “Governance token” vote on important decisions.
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More specific: The EnS-Holder can and should vote on protocol parameters, such as the prices for domains, the source of prices (the oracle) and more. You can also determine what funds from the DAO treasury are used, and they should also be rewarded for this, for example by shares in the fees.
ENS has set up a foundation on the Cayman Islands, which the DAO is represented by law, for example in matters of tax nature. The foundation has a kind of constitution that determines that the token-holder-i.e. the DAO-appoint and deduct the directors and commission them to cause actions in the real world.
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With the claiming of the tokens, the DAO members-at least in the last and probably also this week-commit the first act of the DAO government: they choose a delegate who decides for them in a constitution of the DAO.
All of this is of course interesting. We are now also seeing the transition to a new, decentralized, automated, highly transparent type of organization, which breaks out the unity of the construct “company” or “company” and replaced by investors and commissioners who are welded together by a smart contract. But I’m sure you are more interested in something else:
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What about the tokens? How do I get you, what are you worth and what can I do with you?
The EnS tokens of the two-class dao
Another post by Brantly.ETH explains the details of the new token. The first good news is that there is no reason for hurry. You have until 4. May 2022 time to claim your tokens.
But who gets some now? For this, the ENS team has a snapshot on 31. Made October 2021. Any address that has ever had an EnS domain-even if the owner sold it-is entitled to Ens-token. The formula through which they are distributed is not entirely trivial, but also not so daring that we do not want to introduce them here:
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Per day when the address or. The account owned the first EnS-Domain, he receives 0.27 ENS. There are also 0.062 ENs per day until the domain entry runs out. If someone has set a “Primary Ens name”, the amount doubles. An example: I have the EnS-Domain Bitcoinblogde in mid-2020.Bought ETH. I have now received almost 100 ENS tokens. This is a nice retrospective reward that I tested ENS for an article.
Subdomains do not count, as well as more domains per account. If you have ordered two domains with an account, you get less than if you manage two domains with two accounts.
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There will be a total of 100 million ENS tokens. 25 percent of them go to the .ETH domestic owners and just as much to the “participants”, which more than 100 people and organizations have, “who have been significantly involved in ENS for the past four years, including the core team at True Names LTD, external employees, significant integrations, translators and more.”
There is a clear two -class society in ENS: here the more than 137.000 accounts that have or obsessed EnS-Domains, and there only a little more than 100 individuals there. Both groups each receive 25 percent of all EnS tokens, which is why a participant gets about 1000 times as many tokens as the domain owners.
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The king of this digital two-class organization is clearly the DAO itself. Half of all tokens – 50 million – flows into their treasury.
After all, the team praises itself, there is no money to investors. “Because there is none”. This distinguishes the ENS IDrop of comparable models, such as the uniswap airdrop or, a little further away, the creation of compound token.
Rich gifts and a full treasury
The ENS-TOKEN hit with a price of a little below or just over $ 30 on uniswap. For a gift, the 100 ENS tokens that I fell into the wallet had a nice value. The price then rose to around $ 80 and is now at around 50. This is that you have tried something, a decent reward.
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The more than 100 contributors at ENS receive more than one billion dollars, on average a good 10 million, which can be called a nice wage again for the fact that they have worked more or less full -time in the past four years. With the double amount, about $ 2.5 billion, the DAO now has a bulging treasury, with which in principle no longer no project is priceless.
You can’t even say how Clever is the release of these governance tokens. You are a major support to decentralize a previously centralized project by solving the problem of decision -making. At the same time, provide the decentralized organization with a rich budget, pay those who have previously worked voluntarily or paid for the project, and still reward users for having used a product.
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We have one of these strange win-win-win situations that are repeatedly available in “crypto”: all involved, no one loses. At least there is no determination of who loses the airdrop.
