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The Ethereum Name Service (ENS) launched its governance token, ENS, on Monday, which will be used to further the decentralization of the popular domain service for Ethereum wallets.
The official announcement on Mirror from Ethereum Name Service states that the ENS token will be used to vote on a proposed constitution and govern protocol parameters. The first issues holders can vote on in the new ENS decentralized autonomous organization (DAO) are the price oracle and how to allocate existing and future community treasury funds.
Ethereum wallet users who have created an ENS domain in the past are eligible to claim ENS tokens from the claims site until May 4, 2022. Unclaimed tokens will be sent to the DAO treasury. An ENS domain maps easy-to-read names that end in .eth (like “alice.eth”) onto Ethereum addresses.
One-quarter of the entire ENS supply was made available to .eth domain holders to claim in total. Each wallet received a varying quantity of ENS based on how long it has held its domain, the expiry date, and whether it has set a Primary ENS.
At the time of writing, crypto data aggregator CoinGecko estimates ENS to rank as the 313th-largest crypto asset with a market capitalization of $235 million and a whopping fully diluted valuation of $3.16 billion.
The token has experienced extreme price volatility and nine-figure trade volume, last change hands at $31.53 for a 75% daily gain as of this writing.
SushiSwap has moved to incentivize users to provide liquidity to its WETH/ENS pool, offering SUSHI rewards to farmers.
— Jiro (@0xJiro) November 8, 2021
In a blog post published Wednesday, Vitalik Buterin, co-founder of Ethereum (ETH), expressed his wishes to make nonfungible tokens, or NFTs, soulbound as with the namesake item class in popular MMORPG World of Warcraft, or WoW. In outlining his reasons, Buterin explained that if someone shows they own an NFT that is obtainable by doing X, such as attending an auction, it is not possible to tell if the person attended the auction to obtained it or simply bought the NFT via the secondary market.
An example of a soulbound item in WoW | Source: Blizzard Watch
The soulbound feature in WoW prevents an item from being traded, mailed or sold at the in-game Auction House to other players. It was designed by developers to prevent “twinking” or passing down gear from high-level to low-level characters to dramatically speed up the grinding process of fighting monsters to gain experience.
However, they also serve the purpose of demonstrating achievement; that is, the character earned the item by defeating challenging bosses and not via an heirloom. The latter property seems to be of interest to Buterin, as the Ethereum co-founder raised the point that on-chain proposals to store driver’s licenses, university degrees, etc., would face problems if someone who doesn’t meet the necessary conditions can readily purchase them.
Buterin also spoke highly of the “proof of attendance protocol” project POAP, which stores digital mementos of one’s life on-chain, and issues a unique badge supported by a cryptographic record. The team behind the project encourages developers who care about transferability to check “on-chain if the current owner is the same address as the original owner.” But like soulbound items in WoW, taking away the transferability of NFTs would also presumably take away their commercial viability.
The team behind the popular blockchain explorer and analytics platform Etherscan has launched an Ethereum-based wallet-to-wallet instant messaging service dubbed “Blockscan Chat.”
Blockscan is currently in beta testing mode, and it currently enables users to engage in an instant wallet-to-wallet chat, access chats from multiple devices, block spammy or unwanted addresses and get notified on the block explorer when a message has been received.
While the new feature is a great way to talk to other anons — say to negotiate an anonymous purchase — it might come in particularly handy for dealing with whitehat hackers, who have often left messages embedded in Ethereum transactions to communicate with individuals and exploited crypto platforms.
Last week’s Multichain hack, which saw a supposed whitehat hacker return 322 Ether (but keep a hefty finder’s fee) and the $610 million PolyNetwork from last year both involved anon discussion via Ethereum transactions as part of negotiations between the culprit and victims.
Etherescan subtly unveiled the new feature via a Jan. 26 tweet that read “wonder what this is for…?” with a screenshot depicting messenger notifications on the platform.
— “The Etherscan” (@etherscan) January 25, 2022
Apart from pleading with hackers to return funds for a bounty, such as the service could be helpful in the NFT market.
Twitter user “bdmartino” argued that the feature could be utilized for the negotiations of NFTs purchases between buyers and sellers, adding that if the transaction was conducted by a decentralized exchange both parties could reduce the fees associated with NFT platforms such as OpenSea.
5. Taking this one step further, why not just integrate sudoswap-like functionality directly into the Blockscan messaging app? Conversations about NFT trading will likely be a major use case.
— Bruno (@bdmartino) January 25, 2022
It also states that the information will not be traded to third parties, but will be disclosed or transferred to partnered parties such as data warehouses, IT service providers and data analytics agencies.
According to its terms of service any user who violates its acceptable use policies such as providing false, inaccurate or misleading information may be barred from a portion of, or all of Blockscan and Etherscan’s related services.
“The Market Report” with Cointelegraph is live right now!
On this week’s show, Cointelegraph’s resident experts discuss which nonfungible token (NFT) marketplace has the most to offer its customers.
But first, market expert Marcel Pechman carefully examines the Bitcoin (BTC) and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down.
Next up, join Cointelegraph analysts Benton Yaun, Jordan Finneseth and Sam Bourgi as they debate which marketplace is the best for NFTs. Will Bourgi’s pick of Solanart come out on top, with its high speeds and low transaction costs? Or will Yuan’s pick of Rarible beat out the rest with its community-owned approach, where RARI tokenholders can vote and make changes to the platform? Last but not least, we have Jordan’s pick of ThetaDrop, which supports all types of creators, from well-known artists like Katy Perry to crypto influencers and popular gamers. Which marketplace do you think has the most to offer? Leave us a comment with your thoughts, and vote in the poll in the chat room!
Stick around after the showdown for insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Markets Pro to identify two altcoins that stood out this week: Anchor Token (ANC) and Akash Token (AKT).
Do you have a question about a coin or topic not covered here? Don’t worry! Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a free month of Cointelegraph Markets Pro, worth $100!
The Market Report streams live every Tuesday at 12:00 pm ET (5:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page, and smash those like and subscribe buttons for all our future videos and updates.
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