The ENS DAO and $ENS Airdrop | Brantly Millegan & Nick Johnson

Transcript

hey bankless nation welcome to another edition of state of the nation david i'm super excited i'm full of energy you know why it's air drop season my friend ens just did a big airdrop and we are talking to who the people behind ens and the airdrop david who are we talking to and what's this episode all about yeah we are talking to brantley milligan and nick johnson of the ens team they have been hard at work building out the ens protocol for years now and now the era of dows are is upon us and it's really uh in my opinion a very nice capstone to a lot of the work that uh nick and and brantley has been doing over the years tirelessly making ethereum more and more usable for all of

us uh and now we are full they are folding the ens protocol into a dow to be community owned community governed and so we are going to unpack what exactly that means what does it mean to govern over ens can i just say we we're not just talking about ens because they're doing an air drop i mean that's why specifically this week okay because they just did an airdrop and you guys should know about it we want to hear the details about this down everything they're they're planning with it but we've been talking about ens for a long time now on the bankless program both in our newsletter and through various interviews and conversations because this is kind of like um we talked about a tweet last week david where you know somebody tweeted out hey the the model for ethereum as a wallet is right but there's also the model for

an ether dress as a profile as an identity and so your ens address can be part of that it's like a dot eth type address you can also link this to a dns a domain name and it gives kind of a human readable destination for um for your ethereum wallet or your ethereum profile in this way and this unlocks so much david that we're gonna unpack here today um unlocks the ability to do like you know kind of single sign-on using uh using ethereum uh unlocks the ability to do very easy you know uh payments to and from the the legacy web 2 world so lots of things going on here we're a big fan of the projects and have been big fans of the project but

this airdrop is kind of fun too yeah hair talks are always fun yeah this is a huge participation from a number of people in the community so we're going to go over what's actually being governed over the next phases of ens how the dow is going to be organized how you can actually get the ens airdrop who's eligible and all of that and more uh dave before we get into this conversation we should talk about a few announcements few things going on in the bankless nation the first is brian armstrong the ceo co-founder of coinbase was on the podcast on monday it was just a great episode super exciting to talk to brian also you had dc investor on layer zero i just listened to that this morning i love listening to dc investor like i totally vibe with that guy um fantastic episode

as well anything you want to say about those two episodes david yeah it's just really nice to see the clarity of thought that brian armstrong has for coinbase and establish a vision for coinbase base that is fundamentally aligned with the world of crypto so brian's not a short term or a medium-term thinker he is a long-term thinker with long-term plans for coinbase and having that podcast with him just like just like faith in the crypto world restored i can't wait to see what coinbase does in the next chapter of his life uh and then also yeah dc investor everyone loves cc investor really just connected the dots behind like uh you know becoming a good investor before crypto was even a thing also simultaneously watching the rise of the internet and then applying those skills to the world of crypto so a great way to

like speed run the last 30 years of investing in internet knowledge all at once uh it's kind of what hopefully a lot of like layer zero uh stories are all about is speed running the parts of the history of the world that you haven't been a part of yourself uh and so definitely tap into those two episodes yeah absolutely and speaking of speed running this i feel like we've been speed running user user experience in ux and d5 uh here lately um dharma wanted us to let you know they are sponsoring this message they wanted us to let you know that they now have a version of their smart contract wallet the dharma wallet that works with polygon what's beautiful about this is um fees are reduced fees are like nothing to onboard so you can go from bank account to d5

in about under 10 minutes this is like connecting your bank account going through the entire process and purchasing a token in 10 minutes and if you do that now there's fifty dollars in free eth waiting for you on the other side they're actually giving away this money you have to um purchase above 500 but if you use the bankless magic link then you get 50 in free eth crypto is full of these incentives to like uh incent you into using crypto not just like buying it and holding it that's one way to use but there are all of these other verbs all of these other ways to use crypto including opening a wallet including creating an uh ens address and registering that right it's like crypto

isn't sending people to do this here's just another incentive so make sure you tap into that there's a link in the show notes directly where you get the magic link and you can get your fifty dollars in free eth by doing that um david you and i are also doing this thing called office hours talking office hours yeah there's gonna be a new thing that we do for the bankless premium members so if you are a bankless premium subscriber that you and if you are not yet a bankless premium subscriber but you have some maybe you're brand new into crypto some 101 questions you've got and you guys listen to bank lists so maybe you want to ask me and ryan those questions and so at the last friday of every month uh except not this month because it's thanksgiving and also not next month because the holidays but

moving forward the last friday of every month we will be doing office hours where if you are a not a premium subscriber but then you sign up to be a premium subscriber you will be invited to office hours we'll be in the discord and we will answer your questions directly against uh only available for premium members so sign up for bank list premium if you want to ask me and ryan some questions that's gonna be fun david i gotta start by asking the question i always ask which is what is the state of the nation today sir into the nation ryan is claiming we are claiming we're claiming the air drops it's always a fun day when you claim an airdrop and i made a call to action for the the broader crypto twitter world's like why haven't i seen the the claymore meme and

apparently here it is so we have the claymore meme and so here we're delivering you're getting a meme of the week a little bit early this week with the claymore i'm claiming uh that's what we're doing we're claiming we're claiming the ens airdrop that's what basically everyone in crypto is doing this week we are claiming and this is an economic incentive to help decentralize these networks decentralize these multi-stakes we're going to talk all about the ens claiming process why they are creating a doubt when we get back but before we do we want to thank the sponsors that made this episode possible bankless is proud to be supported by uniswap uniswap is a new paradigm in asset exchange infrastructure instead of a cumbersome order book system where trades are matched with other humans uniswap is an autonomous piece of software on ethereum

which is what ryan and i call a money robot no human counterparties or centralized intermediaries just autonomous code on ethereum input the token you want to sell and receive the token you want to buy something brand new in the uniswop ecosystem is the uniswap grants program is now accepting applications for grants we have been saying this for a while and we'll say it again dows have money and they are in need of labor if you think that you have something to contribute to the una swap dow apply for a grant to uniswap just look at the size of the uniswap treasury it's almost three billion dollars this mountain of capital is looking for labor do you have something of value to contribute to the uni swap dow no matter how big or small your idea is you can

apply for a uni grant at unigrants.org and help steer uniswap in the direction that you think it should go that's exactly what we did to get uniswop to be a sponsor for bankless and you can do the same for your project thank you uniswap for sponsoring bankless the ave protocol is a decentralized liquidity protocol on ethereum which allows users to supply and borrow certain crypto assets ave version 2 has a ton of cool features that makes using the ave protocol even more powerful with ave you can leverage the full power of d5 money legos yield and composability all in one application on ave there are a ton of assets that you can supply to the protocol in order to gain yield and all of those same

assets can also be borrowed from the protocol if you have supplied collateral here you can see me borrowing 200 usdc against my portfolio of a number of different defy tokens in eth i'll choose a variable interest rate because it's a lower rate than the stable interest rate option but i can choose the stable interest rate option if i wanted to lock in that interest rate in permanently v2 also features the ability for users to swap collateral without having to withdraw their assets trade them on unit swap and then deposit them back into ave with ave users can do this in one seamless transaction saving you time and gas costs check out the power of ave at ave.com that's aave.com hey guys we hey guys we are back talking

all about ens recent airdrop uh ens of course a domain name we're here with brantley milligan who's the director of operations at ens you've been on the bankless podcast before also nick johnson he is a founder lead developer of ens his first time on the podcast brantley nick how are you guys doing good are you uh are you relaxed and you know doing okay or has this been like a totally frenetic wild time for you like what's the what's the vibe like right now i i think for me like we had like a war room for the launch and and my team was like wow nick you're so calm and i'm like dealing with stuff and then today i'm like there are 10 000 things i need to check and i haven't had any time to

look at them oh god yeah it feels crazier than the actual launch did well thank you for covering out some time for coming on the bank list everyone in the nation appreciates it yeah we appreciate it brantley how are you doing you hanging in there too yeah i mean i i would say a huge amount to do and so i think uh the team has mostly been just focused on doing the work we haven't really had time to really reflect that much because it's just been like so much to do how big is the team right now so like when you talk about distribution work like how many people are you uh eight full-time people and then a couple part-time and other people who do different things but eight full-time okay so it's like a relatively small team like the you know this is like the

bankless size team i mean we're a bit fewer but we know very much what it's like to operate that and like you guys are operating i think with a a a few more help desks probably requests than we are um so like how does it feel uh coming on the other side of this are you guys feeling uh like rejuvenated or is this uh yeah is there a feeling of excitement on the team are you just looking forward to getting this week over i think everyone's really excited like we you know we were all sort of we we thought we'd nailed down everything we could but there's always that like that jitter leading up to it look like you know is everything going to go as smoothly as we hope it will and you know we're like we're going to get a lot of people on

the claim site in the first hour like is our hosting robust enough is something to go down because so often it does you know and seeing it all come off smoothly was was a blast it's really great um i think everyone's excited i can't speak for everyone but like i'm a little bit intimidated because this has been like far more popular than i thought it would be you know having been like quietly building enes for nearly five years now and then suddenly having like the entire crypto twitter and crypto internet just talking about it seemingly exclusively it's a little bit intimidating yeah you know and i've been super impressed at the uh percentage of claims you guys have had i saw on a dashboard it's it's already up to like 33 something like this it might be even

higher yeah i've been i've been astonished by that as well it's uh yeah it's doing really well let me let me just check for you uh we've got um 15 million left which means 10 million has already been claimed wow that's incredible wow that's that's the sign of a very surgical and precise airdrop that's exactly who you want the people that are ready to to claim their ens because they are active users of the ens system and of ethereum at large so nice job with it with a dispersion of ens tokens we're going to talk about the ens allocation later on in the show but just overall like very assigned a really good sign of health on day one yeah thank you i've got to confess i haven't uh i haven't claimed mine yet

but i do still have some time right guys you have six months i haven't either i haven't claimed either yeah you haven't had time and gas prices have you seen gas prices yeah i know i just like wait wait for the you know that hurts to claim theirs and i'll get mine when the gas prices are cheap again your fingers yes can i say something also just on the the feeling here absolutely yeah i i agree with nick i mean it's it's it's it's exhilarating it's a relief there's tension um there's it's intimidating because it's like we've now decided to go down a path that you know we're committed to now that is gonna require you know dealing you know with a lot more people and things like this i mean there's just there's a lot going on here um and i i

really feel like this is almost like a second founding of ens this feels like a founding moment i mean it really is i guess the founding of ens dao which is a decisive milestone in the history of this protocol um and uh so i feel a lot of that um weight and excitement about that as well i never thought about that there's like no undo button for an airdrop is there it's like once it's out you can't you can't go back on that it's pretty pretty immutable yep nick you were talking about how like once upon a time you started ens and it was very quiet you just were building this thing that you had a vision for and as brantley just said it feels like a second founding of ens first there was the inception of the the protocol and now there's the inception of the dao can

you guys take us a little bit through that history when and who had the idea to do a dao and when did it become obvious that the dao is the right path and when when were these decisions made take us a little bit through a memory lane yeah so it's something that's come up repeatedly through ens's like existence uh starting back you know when it first became a full-time project for me and then we started hiring you know other people um it you know it always kept coming up especially during like the sort of 2017 2018 like everybody is launching a token nonsense you know and uh i'd always felt that like first of all dowels weren't mature enough uh and secondly that uh that ens wasn't mature enough and that

there were too many like risks from like particularly you know things like hostile takeover and so on and so a number of things have changed like first of all ens has removed human control over some important letters so the key holders today can't actually affect existing.eth registrations and when that's handed over to the dow the dial won't be able to do that either and removing that from something that somebody could override and like you know decide that they you know every every ns address is now going to point at their wallet or something uh was like a crucial step uh to being comfortable with uh you know with a less sort of tightly controlled i guess uh you know system so just just to rehash that what

that meant is like i own davidhoffman.eth but previously there was a time where the keys that controlled the ens contracts could have revoked that from me but no longer this is now i own davidhoffman.eth until the end of ethereum as of now right so yes and no almost uh so first of all the the keys were a multi-secret of seven independent people and it wasn't like there was a like take a name away function it would have been like really a major like you know replacing a bunch of contracts and stuff but it wasn't impossible you know it was the the worry um now if you've renewed davidhoffman.eth out 10 years there is nothing anybody can do to that name for at least the next 10 years what they could do in principle would be to

like put in like discriminatory renewal rules you know like it's 10 bucks for everyone but for you it's 10 000 bucks or something you know um but given that there's a time lock on this on any changes as well if something like that were to happen which i view is extremely unlikely uh you would just be able to go like okay fine i'll register for 10 000 years before the new rules come into place and then your name's safe it can't be affected you know would you go as far as to say nick that this is like one of the most censorship resistant protocols on ethereum like i don't you know there's many i don't want to either like but like there are there's degrees of decentralization here and what is ens

yeah like i i guess i would probably put things like uh uniswap for instance where like the deployed contract is entirely you know pretty much entirely permissionless and requires upgrades to new versions at one extreme where there's like the the governance is entirely social through like here's a new version we think you should use it and people like yeah that looks great um and then the other extreme you have a lot of new platforms where everything is under admin key control including things that i think really shouldn't be uh and i won't name names because i don't want to make enemies and and i would say ens is much closer to the uniswapping of things particularly today there are a few things like we don't really feel it's safe to like because

unlike say uniswap a complete migration to like a new platform to introduce a new feature isn't very practical because there's a big risk in something like that where some apps are using the old version and some are using the new version and that's a really that's a wide open window for someone to uh you know to use the chaos to to fill people into sending things to the wrong place and stuff like that so we think like a single unified name space is important and that means that a few of these things do have to kind of be under somebody's control and that will be the dow going forward so you mentioned like um that you were kind of waiting i think until some of this infrastructure was built out to do the dow but like i i was wondering if you almost made a sound

nick like a dow design was always the intent from the beginning is that the case or has that been an emergent idea within ens yes so so some form of community decentralization to the community was always the idea and you know at the time the dows were the obvious choice because of well capital letters the dao um and then all the things that followed it but we've sort of just been keeping an eye on like the decentralized governance you know ecosystem in general for for whatever seems the most viable option and the emergence of like the compound dao which has a very straightforward and very like well-structured on-chain strategy and the emergence of tools like tally and snapshot to make it easier to work with and and more importantly just the

various projects proving out that model and demonstrating that it can actually function uh were i think really important factors it's so funny because so much of this has just emerged in the last year or so as you say it's relatively recent it is uh so guys um so many dows have been spun up and each dow has their own sort of flavor their own architecture their own components what components from other dows did you guys really like that you decided to borrow from when constructing the ens dow so i really like the the compound style contracts for on chain governance with the delegation set up and so on because although it requires on-chain voting the the delegates you have reduces the

number of people that have to vote and it gives you the highest level of security you know technical security against uh you know manipulation uh that's available um uh we we based our stuff was heavily inspired off bitcoin setup uh because we feel like they're you know very similar to us we're well aligned with fairmen so we look closely at what they were doing what we ended up doing was using open zeppelin's new governance contracts which are based on the compound contracts but open zeppelin's engineering is is amazing they're really good at building modular secure like you know well architected contracts that permit customization without like you know well minimizing the risk of unexpected consequences so we ended up basing it on that

and then um so let's go into this dive into the the delegation side of things because that's a big component that's running around with dallas i know git coin dow did it um talk about the role of delegation with ens uh dao and when somebody claims their ens tokens tell uh illustrate like what they are prompted with and why delegation as a concept is important so as part of the claim flow you you ask to approve a constitution which is a separate thing and then you provide them with this delegates and every delegate is someone who's put themselves forward and said i want to be part of the voting on decentralized governance for the ens they've they've said a profile picture they've said in ens name and they've written a short or in some some cases quite long

uh description of their position on both the constitution and like ongoing governance and what their expertise is and so forth and you can flick through those and pick a delegate who you prefer and what you're doing by doing that is you are giving that person control over your voting power so you keep the tokens but when they vote they vote with the sum of all the tokens that have been delegated to them um and this is kind of important because it's simply not reasonable to ask someone who has 100 ens tokens to keep abreast of like all the details of every development in the ens dow and the ecosystem and so on and vote intelligently on on everything you know most most people aren't going to want to do that and if you rely on that your

participation is very very low but it's much more reasonable to ask someone to pick a delegate who has similar views to them and the delegate to be the one who keeps themselves up to date on everything is there real quick i'm sorry real quick on that nick i just passed you again on the delegates can i see this guys it's been neck and neck can we see this is this happening in real time because people are watching bank list and they're like you know we're really liking what brantley's saying how should i share it with you if your screen share that'll work just fine yeah i can do that uh let me say been me nick and coinbase have been all have been neck and neck who who which delegates have shown up that you guys were surprised would show up coinbase was a little bit of a

surprise to me why do you think people are delegating to coinbase that's a good question uh i mean i guess they they're a popular and largely trusted name but uh and you know we've worked well with them but it does seem a little counterintuitive to me to delegate to a large company uh in this uh you know i still trust that they're going to interact with their users best interest in mind but personally i would pick one of the many excellent people who have put themselves forward personally nick dye ether would pick nick.eth i think no so here's the funny thing if you go to my delegate profile which you can see by clicking on like the speech bubble link next to my thing the first thing i do is i list seven other people you should vote for ahead of me and ask you

like tell you what's excellent about each of them and tell you why you should pick them because you know i i i'm happy to to accept people's delegations but i think there are there are many other excellent people and they don't all have the same opinions as me and and if you agree with them better you should vote for them can i ask a question what is the incentive of being a delegate right so you know is it sort of like um operating on a on a board of some type um without financial compensation without financial payment you're sort of doing it because you believe in the cause you believe in the missions you're dedicating some of your your time to it is that the principle to a degree yeah i mean it's it's i guess it's uh in some ways it's like being on a board in other ways it's

being like uh you know leading a department or something like that and and it's sort of it is the business of running the company so a board is a reasonable parallel um the the compensation question is an interesting one uh do you want me to keep sharing this or should i oh yeah we can yeah we can stop thanks for that appreciate it um the the conversation question's an interesting one because uh on the one hand like you don't want people like seeing this as a sinicure that pays the money and having you know lots of delegates just show up for that on the other hand like i think this is going to be a good conversation for the dow to have because we also don't want to have a situation where the only people who can afford to be delegates and spend the time to be properly

informed on things are those who are like independently wealthy or those that are compensated externally by which i mean basically lobbyists um so i think there's a pretty good argument for saying like if you're a delegate and you have like more than whatever proportion then there is some sort of compensation available to compensate you for your time spent on this because we believe uh running this is as much a job or a profession as as anything else uh and i think you know we haven't tried to like nail that down as a precondition of the dow but i think that's going to be an interesting discussion to have with everybody about what's reasonable because you also don't want a situation where people are seen to be like exploiting their position for profit either

i'd love to unpack what it actually what a day in the life of a delegate might actually look like and i know ensl just started yesterday so it's very very fresh but in your guys's imaginations just give us a reminder of what are we actually governing over and what do you think are going to be the most common activities that all of the ens delegates are going to do on behalf of the ens holders that have delegated to to them yep so there's going to be sort of three main things one is ens has a treasury that's accumulated from registration fees and i i think it would be very good for people to to propose ways that that could be put to good use to improve other ens to improve other public goods

in the ethereum and ens and crypto spaces uh and you know perhaps even more widely than that if we satisfy ourselves that it will be impactful um so there's going to be a lot of work around like identifying uh you know what things can can be effectively funded and improved with with some of the e s treasury and then just i guess the wider financials about like you know keeping track of enes's income and all that sort of stuff uh the second is like upgrades and changes to ens itself um and so for instance uh we the the true names team uh you know the development team have been working on a number of improvements to some of the core smart contracts and so once those are ready to go we'll deploy

them and then we'll ask the dow like hey here's the new code we propose to enable these as the new contracts for uh you know for these components and if the delegates approve then they sign a transaction that puts that into effect uh and the third thing that i that will probably happen a lot more in early days than than later is we have this constitution which spells out sort of the bounds of what the dow can you know legitimately do it's sort of a social contract rather than a code contract um and i think people are going to be proposing amendments to that and that's going to be a big job the delegates is sort of the meta governance of how do we change how we govern i want to go into the the details of the treasury because the treasury is an

interesting part of the story of ens but before i do that i want to zoom all the way back out and really just have a very broad uh conversation about um again why why dao is and maybe why a dow works why not just you guys why not why not you two why can't you guys govern the ens system what's wrong with that well well so i think the you know the obvious question is like centralization which you know people are like oh boogeyman centralization but it's useful to sort of back up and say like why is that bad i mean apart from like the bus factor there is just the fact that uh if we're building a system that should be useful to a wide variety of people we shouldn't be relying on one single person's judgment on exactly how that should operate and what changes

they should make and wherever possible i prefer to just remove power over things which is what we did with the dot eth names but where that's not possible we need a reasonably decentralized system with a variety of viewpoints to decide like what's best for the users and i think the best way to do that is to actually have the users involved um yeah you know i trust myself uh but i don't trust myself with all of the nes and in fact right from day one uh we've had the route controlled by a multi-sig uh seven people uh only one of whom myself is actually on the ens team the rest are all drawn from the community fantastic okay uh so going into the details of the treasury brantley you and i talked about this i think like three

years ago or something on on pov crypto pod before i even started bank list with ryan and back in the day back in the day yeah back in the day before before ethereum was cool right um and uh we we were talking about the concept of ens and and all of the the great things that ens does and we we talked about the whole why why you have to actually sell enos addresses and the answer you gave me well we would love to hand out all these ens addresses to whoever we whoever wants them but you have to actually put a monetary price on these things as the anti-sybil mechanism because you just give them out for free then one person's going to claim all of them and the whole thing kind of breaks so you have to sell enos addresses and so you guys use the selling mechanism as

just a way to make the actual system actually work not as a way to actually make money and so from whatever from what i remember in that conversation uh you the ens uh system was just collecting a large amount of eth and like that was large back then i can't imagine how big it is now uh over and over time really just as like a byproduct of what you guys wanted to get done which is get ens into the hands of people that want it and the right ens addresses into the right people's hands uh and so now there's this treasury of eth can you guys take us through that history has that treasury been used for anything at all before now uh and also where is that treasury going now is it all going to

the dow how big is it yeah and also how big is it yeah yeah good question so i just looked it up um and it's about 46 million dollars right now okay and uh you can see this on etherscan uh if you go to multisig.ens.ef uh that wallet that it points to is one of the places where it's held there's a second place that's controller.ens.eth and right now that's still held by the multi-stake one of the first things that the dao is going to do once the kind of the dust settles is to formally request we have a proposal that people vote on to formally request these things and all things that nick talked about and then the multi-stick will send all of the

current uh money and also set so that all future money also goes to the dow so the multi-stake will be completely done with the money in terms of what money has been spent already uh not very much uh so there was a seven hundred thousand dollar they did a seven hundred thousand dollar donation bitcoin grants earlier this year um and that was just because the the with the run-up in price the the treasury was worth more we felt like we want to give back to the community we received a lot of grants and things like that so uh they did that um and there was also some money that they set aside just recently uh to pay taxes um taxes on money from protocols and dows is like a whole topic that that we have developed opinions on um but you do

you have videos on this different show but yeah we want your opinions on that not not for today although we are not tax lawyers so maybe people shouldn't listen to our opinions but at least they'll be recorded we have lawyers who have opinions on it and they have told us what to do and so we did set aside was like two and a half million dollars actually uh to pay taxes on this um anyway that's before it gets passed over i think the main reason the money had not been spent though was that although the multi-sig had the technical power to spend the money they didn't have the political mandate this is this is so critical for people to understand about enos this is i say this all the time if you've heard me speak in

spaces okay ens is an open public protocol of the internet we have no investors like literally no investors we've never accepted investment from anybody there are no vcs even with this token thing no all tokens went to users or contributors there was no investors and why is that and it's not because investors are bad i'm i'm super capitalistic okay like rah-rah america capitalism okay but for this it's supposed to be a neutral protocol of the internet and so that the um the credible neutrality is critical to ens um and so yes money's coming in but we think that money doesn't belong to us it doesn't belong to the multi-stake it belongs to the community and so we were just sort of waiting

until we had a mechanism for the community to be able to govern this and now we do and so i'm actually really looking forward to seeing how the dao can finally put this money to use that's just been sitting there by the way the treasury will not only be the ether from dottie things i mentioned uh dao is also getting half of the dow tokens um which i would say it appears as though that will actually be the vast majority of the treasury that the dow has well this really just lends itself to the vision that you guys have established for ens from the get-go if if you guys were selling ens domains and then going out with on like yachts with champagne it would it would just ruin the whole point of having

decentralized open source protocols right and this is really what dao's allow us to do so thank you for having that vision so early and sticking through it uh sticking with it all the way through through and through and so just to be clear um uh unit swap it provides liquidity collects transaction fees ethereum it sells block space ens dow sells enos names like that's just is that that's the product is there any is it is it really that simple yeah i mean i i say it's it's fundamental job is running the nes system like making it as useful to as many people as possible and so like you know we've got this dns integration for instance where you can use like a dot com name or a dot

anything name in ens and you know any styles job is to keep that useful and and valuable and and functional for everybody as well as much as it is to like you know sell names because selling names kind of implies that the goal is to make money whereas the goal here is to make useful infrastructure yeah manage i wouldn't say sell names i'd say uh it's in the business of managing the name space yeah yeah so that that that's what i wanted to ask a question so i haven't because i haven't gone through the process my understandings i actually have to like if i'm going to clean my ens tokens i actually have to like sign the constitution so i haven't read the constitution right but going back to something you said there brantley which is like we have no vcs we have no outside investors this is a public good

i'm kind of back to my question like i guess the one question in my mind is yes that's awesome but have these tokens basically become almost proxy shares for a product right so like here's what i mean yes there's no original investors there's no original vcs but what happens if the dow token holders vote to start distributing that treasury back to token holders or they say you know what we want a dividend of all new e-sales every year or something is this in the constitution that this is not supposed to be that type of commercial

enterprise or how do you like handle situations like that or maybe that is the vision the vision is ultimately it's basically a decentralized autonomous almost like a you know corporation type setup any thoughts on this yeah this this is in the constitution like this is these are one of some of the things we thought it was most valuable to spell out one is like why are we collecting fees and so that conversation you had with brantley that sort of encoded an article one of the constitution is like we collect fees because we need to regulate the system uh and then secondarily like well you know if we if we're gonna go uh bankrupt without fees then we should probably you know fees are better than bankruptcy um

but the you know the primary goal here is uh sorry uh article two i should know my own constitution better um no nick you wrote this thing yeah i wrote it um and then article three is like okay so once we've got fees what do we do with them and then the point here is uh fees are used to to insure ens functions first uh and to develop and improve it second and to uh help uh public goods and in web3 and ens and sort of the wider ecosystem third so there's a definite there's a real intention here that this is a effectively a not-for-profit uh organization and so we've encoded that into the constitution with the goal

that like this is uh more important and harder to change than just a simple like you know let's vote on sending out some dividends or something yeah a couple other thoughts on this uh uniswap has not turned on the fee sharings that's correct correct yep yeah so i mean uniswap which actually had that built in and said this from the beginning i just noteworthy that the dow has actually chosen not to turn it on thus far um so i think that's actually an interesting example with ens we actually we don't have a mechanism like built in to make this easy to do and we're actually trying to put in this kind of the founding social contract that this isn't the thing um so i say this is not the vision um and i i'm not really concerned about this

given the example and if there ever was a time where some evil outside corporation decided to buy up a whole bunch of ens tokens in order to change the constitution make it a for-profit company and start to extract rent i suppose then there's always the option to fork yeah there's the possibility of a social fork which i think would be an absolute last resort because of the the issues i talked about before with the risk of forks and like the same name resolving to different things on different systems but faced with like an existential crisis it might well be the lesser of lesser of the evils you know um i i also think that it would be ineffective to do this like i i don't

think you could acquire enough ens tokens uh and and then take over the dow and and make it you know send profit to its it's now relatively few token holders in a way that actually made financial sense uh but i i would just i i would like to just start by sitting with social norms that like this is not the expectation you know that we're going to run it as a public good guys we want to dive into the topic of the token itself everyone's favorite subject there's a certain amount of distribution that the token has gone through we want to unpack some of those numbers what the criteria is why those decisions were made everyone loves the token conversation which is why we've saved it for the second half of the show

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gives you three percent cash back on all of your purchases but paid to you in your preferred crypto asset when i get my gemini credit card i'm going to make sure that i get my cash back in east so whenever i buy something i get a little bit of eth bonus back to me at the same time you can open up a free account in under three minutes at gemiini.com go bank list and if you trade more than a hundred dollars within the first 30 days after sign up you'll be gifted a free 15 dollar bitcoin bonus check them out at go gemini.com hey guys we are back with the team over at ens and we are about to dive into the token how it got distributed who it got distributed to uh and ryan's about to pull up a graphic here in a second so we

can walk through some of the token allocation balances and boom here they are you will see the largest supply on the left clocking in at 50 of total issued tokens goes to a community treasury and i'd like to throw in a little a little take here is that that that 50 to the community treasury that is a very neutral uh uh allocation right it's owned by the community and who is the community the community is the right side of the pie that we are seeing right and so it's actually not actually going to anyone it's going to everyone equally and hazu recently had an article that he put out where um he's basically saying that you know these are these are neutral tokens they are minted but they are not issued right and so i i believe

correct me if i'm wrong guys that uh the ens dao will have the ability to mint tokens uh and so uh okay is it is that correct yes it will have a limited ability to mention limited editing convince two percent a year okay okay very limited okay so then fairly normal right that is yeah that is pretty normal so this is a this is a supply of tokens that are already minted that are owned by the community you guys want to comment on uh the uh the allocation of the community treasury 50 to the treasury any comments there yeah i i like i just thought it was it was reasonable that the community should own the largest part of itself effectively and that it gets a lot of future runway to do things with uh you know with those tokens uh and those are

uh 10 of that is is available immediately to the dow and the other uh the other 90 vests over the next four years fantastic okay so a lot of that supply is locked for um you know long-term thinking long-term you know good just good treasury balance and then clocking in at the second largest distribution of the ens token is the airdrop and i really like this graphic because you guys actually have numbers what i believe are numbers of addresses that these tokens are going towards so 25 of the total outstanding supply of ens tokens which is by the way 100 million tokens uh 25 of that supply is going to over 137 000 addresses can you guys talk about why 25

uh i mean i guess i'm a software engineer and i like the the the how pleasing it was to go like 50 and then 50 to that it just it seemed like uh you know giving giving half of effectively half of it to the community who use ens and half of it to the community built enes seemed like a very sort of sensible and equitable uh way to do it yeah so like we teased at the beginning and then like i just said 137 689 000 eligible addresses 48 and a half thousand has already claimed ryan showed this uh this uh dune analytics board to me a couple hours ago and we were at 33 we are currently at 35 so up two percent in the last few hours

so there's a lot of active participation of people that are actually claiming their airdrops uh is the are these numbers surprising to you guys would you guys expect already over 35 of total uh eligible claimants actually claim their tokens i'm delighted i didn't expect it would be quite this big quite this fast what about you brantley yeah i mean we've been actively discouraging people to do it right away so we've emphasized that there's uh you have six months you have until may the fourth uh 2022 to claim after that the dow will have access to it could sweep it back into the dow um but like there's no rush just for the claiming part you don't have to pay super high gas if you don't want to you can go to sleep you can relax take your

time with it uh but yeah i mean the fact that people are so excited about despite the high gas prices um i think that says something about the energy around ens which is very encouraging to us is this one of the largest drops that we've seen in terms of total amount of eligible addresses i mean obviously if you just airdropped everyone with if right like you know every ether dress that would be different but like talking about maybe uniswap is sort of similar in scale like it's like an active user type of airdrop how large is this compared to others that we've seen i mean i i know uniswap was larger i think it was around the 380k size but i think this is definitely one of

the i'm not aware of any others other than uniswap that are larger offhand the initial airdrop yeah and then when it when it comes to the airdrop itself um what were kind of the the criteria for how many uh ens tokens one individual address received versus another so we spent a lot of time on this because it's going to be crucial to to what the community looks like you know what the the dow community and the people who have a voice look like yes i'm sorry nick can i emphasize something on that point yeah because this is so this is so important okay i've heard a lot of people talk about this we are not rewarding people we are not trying to pay people back this is this these these are not entering into our thinking at

all what we are doing here is we are setting up a governance system for ens and we're trying to think what is a good initial distribution of voting power for this governance system right so um some people who are like oh i paid so much money on gas revolver was like okay that's interesting thank you you got your e s names you got everything you were promised that is not what we're trying to do uh in this just distribution i'm sorry nick you can continue yeah that's a great great color yeah yeah and so you know we've been quite the other thing we've been quite vocal about right from the early days of enes is that ens is a system that is built to be a functional infrastructure first and not a speculative vehicle you know where

our goal is not to like enable people to to buy names and flip them at a profit because we've seen other systems uh you know attempt to decentralize naming that have done nothing to try and like you know minimize that and they've sort of been strangled in their crib because every good name gets snapped up and then it becomes extremely illiquid nobody can find a name that like works for them without paying some exorbitant mark up to someone who just happened to get there first um and so we but at the same time we want to build a neutral system you know we're not going to uh you know try and go oh your your account has too many names deleted or anything and we literally can't uh but we want to build a system that has these incentives and structures set up so that it rewards the

people who use the system uh or sorry rather it it's built to facilitate use over speculation so and so that comes into like how the the name pricing is set up and so on and it also comes into like how we distributed the airdrop and so we wanted the end users to be the ones that had the voice and we don't think how loud your voice is should relate to how many names you've registered so what we did is we divided the airdrop up into halves half the airdrop was allocated to people based on how long they've owned at least one name in an account so every day you've owned at least one name you get i think it's 0.22 tokens and then the other half was allocated according to like how far into the

future you've you've renewed your longest living ins name extended uh and so uh you know if you've renewed it out to extended it out to eight years then you get the maximum number of tokens for that we had to cap it because there's one guy who registered his name until the year like 4400 and he would have just been able to like run the dow on his own otherwise that is 4 171 something like 2 250 years in the future yeah his great great great great great great great great and grandkids are going to have that that ens address yeah exactly just out of curiosity don't you have to pay for time didn't he that whoever renewed that paid an insane amount of eat to renew it for that long five bucks

a year yeah it's like a thousand dollars it's not it's not up front though right yes it is yeah you pay that up front you paid 11 000 to renew it for like 2 000 years yeah and now we're talking about them okay hey there's a good point ritual yeah this is someone who's i hope is working in parallel on some life extension research or something well i hate to say it but it was some account related to the sheep token it was something related yeah so well this is some great trivia right here yeah yeah some lore okay so just to recap that um uh you got the enos airdrop for two reasons uh you bought an ens name uh and then you for the number of days that you've owned

that thing you got point would you say 0.22 tokens per day that you've owned the ens name and then also when you purchase an ens name you also have to renew it right because uh you know this is a public good these things can extend it into the future yeah you can do as many years into the future at one time as you want so you don't have to actually be renewing on an annual basis right correct yeah but you you pay for that up front right and that again that actual that money goes to management by the dow and then so it was 0.22 tokens per day for how much you how long you've owned it and then .06 for the number of days that you've renewed it into the future and then uh if you actually register this ens name because there's a

difference between purchasing an ens name because you actually have to register it to an address if you do register it to an address as in like the you uh it actually points somewhere these numbers double this is all correct uh not quite so the uh instead uh if you have set a primary name so you could own a dozen names but your account has a primary name which is the one that shows up in ether scan and so on if you set that then it's doubled okay so what makes it your web your portable web through username and profile that's the key thing right so if one address bought uh an ens name a hundred days ago and then they renewed it for a thousand days and then they set that address as where they point it right uh primary

enos name primary ens name and then that same address buys a hundred more e s names after they bought that and they don't renew uh or or uh you know uh pay for pay for the future that and then that person just got the allocation of that first address correct yep that's right well fantastic and then the purpose here is so that you're not rewarding just like squatters right yeah right so yeah so that we don't give an outsize voice to people who have registered a lot of names you know we we don't think that they're they should have a thousand times more voting power on the future of ens than somebody who registered two or three names and uses them actively yeah yeah i think this formula makes it just

more egalitarian and we think that's we're gonna that's a principle that we think makes the dao better it makes a ton of sense to me all right so i feel like that's actually been that's that's the community airdrop that's when what everyone's getting excited about uh but there's a few more other uh uh people that got the ens airdrop so i do want to like run through those pretty quick uh 25 went to the community 25 also went to contributors uh who are the contributors yeah so there's a couple different categories here uh the biggest category is of course core contributors so those are people who are currently uh working on the core team associated with true names limited which is the

nonprofit that does most of the development work although there are people who do development work outside of it and for that that is actually split up into two different parts as well so there's tokens that uh are set aside for each person based on their previous work and those tokens are locked um on a for four years on a four year schedule i can talk more about that in a second but then each person also has a certain amount of tokens set up um that they could earn if they continue to work so that's vesting so those are also locked but it's you can earn them if you continue to work there's also a six-month cliff so for the first six months uh if you're a core contributor you don't get any of

your contributors allocation um and then at that point you get six months worth like proportionate to the amount and then over the next three and a half years it just linearly uh released you so again the locked stuff from your past work you are gonna get no matter what uh but has released you over four years the vested stuff if you continue to work full time on the project you earn you know even more tokens that's divesting there um and that's the core contributors uh nick do you have any comments on that before we move on to another is that the category that you guys are in i see there's uh 11 people there so there's 11 individuals that and you you are two of these guys and then uh nine of them any other like big names that that we might know who are part of this

11 group of people yeah i mean most of them are listed on our website um and i've been associated with enos fantastic then we have um uh launch i'm just gonna go down in the order yeah he's not in order of size but i was about to prompt you to do that anyways yeah so there's launch advisors uh so it says two although this is slightly misleading so one of them is the organization fireeyes which is a couple different people who are amazing and then the second person is scott from bitcoin who just was by himself these were our advisors uh spectacular cannot recommend them you know more highly we would not be here without them uh they saw us through the whole process we had never done this before obviously but they had

and they also um all their tokens are locked on a four-year uh release schedule with a six-month cliff as well um so that's also locked up then we have uh future contributors and this is not given designated for anybody yet this is just set asides held by true names limited um and the idea is if we hire more people core contributors we have something that we could offer them as incentive it would be a likely a similar thing where it's like locked and vested or something like that um then uh we have translators so uh this was a cool group of people who about like a year year and a half ago we opened up the uh the website and manager for people to translate in other languages and tons of people just did it

for free and it was like that was so cool there was a lot of work i mean it's like technical stuff um we want to reward those people then we've got select integrations so ems actually has like over 310 integrations right now we decided not to uh give a give a contributors allocation to every single one um we thought it wasn't practical and there's kind of a anyway we decided to focus on uh integrations that we thought uh you know like we're early or or have really deep full integration of vns that have been particularly impactful to the history of vns at this point um so that's uh 54 um and that's two and a half percent there then key holders these are people who have served in that four of seven uh

multi-sig uh governing ens thus far and there's more than seven because they've wrote some of them have rotated out to new people and then this last section here active discord users uh again this is over 400 people i think it's actually over 450 people who have been particularly active in our just we have thousands of people on discord these were people who are particularly active we wanted to give extra reward to them as well you uh i think you skipped over external contributors oh i did i'm sorry thank you nick um so these are people who uh are not uh working for true names limited but who have had significant contributions just in other ways they didn't fit into another category so we wanted to reward those people as well

well that sounds like yeah go ahead run yeah i i was going to say you know it sounds like you've given a lot of thought to to all of this right and of course um you know for any token distribution plan there's going to be um people who don't like it of course and there's always you know there's always those that exist out there but for what it's worth uh the youtube comments are very positive saying it's a very fair airdrop and the youtube comments are hard to appease so there is that yeah yeah they're not generally very positive um so uh let me ask you guys a question about this i know the the purpose of like i think you tweeted something out earlier brantley like hey what you've just been awarded is actually responsibility right it's not like uh it's not like a free

money okay which is really what an es nest token is it's you know governance rights it's it's a responsibility right to the ens system as you guys have been saying um that said like price on this thing has been absolutely bonkers right and like i i don't know that um obviously you guys have no control over that that's just the market doing what the crypto market does and it likes to try to price things but i'm wondering if you have any thoughts here at commons here is this is this like the market trying to figure out what a public utility is kind of worth because it like strikes me that we we haven't had very many of these in the past like i mean besides

blockchain it do we have we don't have a tokenized version of tcpip or some other sort of internet protocol so are any thoughts on this and and for the listeners who can't uh you know kind of see the charts i haven't looked at this like ens at least the um the fully diluted valuation like 4.6 billion dollars at this point in time which is like absolutely uh insane even by um crypto standards it's uh you know quite quite a market cap so any comments on this what is this uh telling us do you receive any signal from this or is this all just noise from your perspective mostly noise i think like you know obviously it has an impact on things in terms of like

it's going to happen that people will buy and sell tokens and that affects voting power and so forth and so that affects the ongoing running of the dow so it has some impact like you know if if the the tokens in total was 10 bucks somebody could just acquire the whole thing and like take the whole treasury and we don't they don't want that to happen but we really structured things with like the governance system in mind rather than any sort of you know financial uh asp you know goal here um it's certainly been uh dramatic to see but i i don't have like a thesis on on what it means i guess uh you know bitcoin is another example of an organization that's done this the graph although it's not like not-for-profit is public infrastructure

uh and it's interesting to watch them as well i think like just as a more general like metapoint like it's a shame that there isn't more potential for community involvement and things like icann and stuff you know that they are effectively you know run by their board and so on and so at the very least we're experimenting with new ways to run this infrastructure that are you know is open and welcoming that is a really important conversation and really lends itself to what ethereum is trying to do and one of the failures of humanity is that we can't really price in the value of our public goods and this is the power of protocols is and especially the power of ethereum which is itself an open decentralized

protocol it allows more surface area to price in more public goods and so we can actually price in things in the market that previously were inaccessible um and so uh brantley nick i know you guys have been in ethereum uh for a very long time kind of understand the this problem of free rider problems public good problems just do you have any comments on um on that at large like ethereum being able to price in public goods and how ens is an example of that yeah um we've uh we've never priced things like this before we've never this is this is an experiment in in history um and uh

i don't know what do you think of think i just thought of this now maybe that in some sense the price of the token is like the security of the dao yeah like a measure of that it is that is true to a degree you know much the same as you look at like the price of ether or bitcoin and and you use that to calculate the cost of a 51 attack this is kind of economically very similar yeah we talk about uh some future stuff too guys right so you guys have already had a big year the integration with with dns uh oh there's much bigger things coming man okay well give us a quick recap of like the integration with dns because that that was big that got me excited and i think that tldr is basically you could take your dot-com

and now route it you know into your ens name right so like somebody could if i owned ryanshawnadams.com which i wish i had uh somebody i could route that to my my eth address through ens and basically receive either that way um so tell us about that integration and then talk about some of those big plans that you have in store brantly what's next yeah so the dns stuff just say a little bit more on that uh yeah basically any dns domain name you can import into ens with the same ending from dns this confuses a lot of people so like bcmilligan.com on dns becomes bcmilligan.com on ens and the dotties is separate um and you can do most of the same things

so not only it can be your web3 uh username so like i can set bcmillion.com as my primary enus name and that would show up like on uniswap and sushi and blah blah all these places that's kind of wild when you see that you're like whoa that's not where i normally see these things um you can also use it to simplify crypto payments for any cryptocurrency this is true for all enos names you can not only receive you know ether and ethereum based things but bitcoin dogecoin solana near you know any arbitrary one and then of course profile data as well it's like an avatar image twitter all these things so dns names can do all that uh that was huge uh nick do you have any comments additional comments on that because i know that's something you've been working on for many years yeah it's uh like it probably took

longer than it should have but uh surprising nobody like internet protocols are complicated and this one was written wasn't written with aetherium in mind but don't worry when ens says it's we're going to do something we we do it eventually eventually true true to all the promises of the ethereum protocol ens is no different yeah we get there we get there eventually very much the ethereum spirit yeah um it's uh like it kind of speaks to like ians's overriding principle that the goal is to have like a usable namespace not to like bring an income you know because when we first announced it and then again when we released it for like all tld's everyone's like what are you doing my f name is worth less now and i'm like but that's not what they're for you know

okay yeah yeah that's okay you know with if you they're like well then why would i want a dot eth name and i'm like well if you don't want one then get a dot com name that's fine you know there are unique trade-offs you know the dot eth name we can actually lock down in a way that that ensures no outside interference that you can't do with dns but if if your use cases served well by you know using your same name for your website and for your you know your traditional website and your ens then that's exactly what it was designed for but by by the way i don't like not financial advice but personally i don't think that makes dot eats worth any less at all i think just building the network makes all of the dot eats increase in value that's my own personal take but um

but yeah i i guess people had that take for for the short run but it's like tell us about the future then brantley you you drop in some hints yeah we got we gotta ask i don't think you guys are ready to get up these hands oh we're ready oh we're ready yeah i think we're ready okay i mean so there i mean nothing secret we're open book we talk about these things all the time so anybody who's been following ens and in our twitter spaces on twitter is going to know about these things but i'd say here the big thing is coming up so like layer two that's the first thing not yeah layer number one is layer two gas fees suck we're aware of this we also are aware people are like gassy's really high we're he's like yes we know he's bad for us too so we're working on

that scaling is a hard problem you guys know this and ens is unique among many other protocols a lot of people say like well why don't you just put it on our patronus and like uniswap just like put itself on arbor trump okay ens is a naming system and by it's very nature you need a single source of truth like there's a whole point of a naming system so we can't just like create copies everywhere this wouldn't work um so we have to do this very carefully the first step is we're using a system that we developed that was now called ccip read that we're doing in conjunction with chain link that will allow you to put records and subdomains on the external location of your choice so right now everything's on a stream layer one um but you'll be able to use this you put it on an l2 like

optimism or arbitrarily or something on another layer one like solana or whatever you want or even a non-blockchain place like a server i mean this could this could make setting records and the creation of subdomains either very cheap or even zero costs and comment on this real quick it's been our vision since the beginning actually that most ens names long term will be subdomains right so when i say like there's gonna be a trillion e s names in a few decades because we're gonna be naming like every contract every organization every person all these things i'm not saying dottie's names on layer one paying gas is ridiculous obviously i'm saying like sub domains that are mostly off chain that are zero costs but are gonna be

like naming everything so that's gonna like explode that um just to just to illustrate uh take our what's what's a subdomain for the listeners that need that defined yeah dot e s dow dot eth which is the address of the ens token so uh branley another metaphor and again it's really nice to have these metaphors work out is like you said that more people will be using subdomains than just plain old.eth and like the metaphor that i'm going with there is like ryan and i tell everyone that that listens like it's weird that you're on the l1 eventually you're going to the layer twos and you what you're saying is like it's weird that you're using dot eats eventually you'll use a sub domain instead

yeah so like hardcore p you know we'll see how it plays out but hardcore people are gonna have their own dottie it's like email you can have you know me at brantley.com if you want and that's open for people but most people sound like have a gmail because it's easier so i would say that's our expectation we'll see how it plays out um but that's coming for yeah so sub domains and records for like dottie's registrations themselves and also for the dns names being imported ens both of those things are very expensive we have ideas about how to do that uh but just warning to people that's like either months or even longer into the future those are trickier problems to solve particularly when it comes to registering dot eth names um for various technical reasons um nick anything else you want to say on

that before i go on to another thing good okay the other big thing that i am super excited about is our manager redesign okay again if you've been following ens you've heard this we've been working on a complete ground-up redesign of our manager app for months now we got a little distracted with the whole token dow launch thing this is becoming a top priority again and the basic idea here is this the current manager was just designed a couple of years ago when ens was much simpler you know it was just like mostly names and for ethereum addresses and maybe an ipfs hash his vision was much smaller since then ens has become like the identity protocol of web3

um and we are now redesigning the manager around that concept basically and it's going to be much much easier much more user friendly things will be set automatically it'll be easier to do things it's going to be a much better experience and we've shared i shared some previews of that on twitter and then the third big thing that i'm really excited about which is actually very close is the whole sign with ethereum project um and basically what that is is taking you know sign in with metamask and with ethereum stuff that's already prevalent web3 standardizing it and trying to make it available to web 2 services this is a standardization effort that we actually are working with the ethereum

foundation on we co-sponsored a grant we picked this company spruce id it's been an open public standard the eip draft is is pretty much set uh we're just kind of doing the final last details uh but that is also very exciting okay can i ask about that that that's super interesting right so like the idea of being able to sign in with your eth is basically obviates the need for like a facebook user and name and password and a twitter username and password all of the web to uh what's the user what's the username and password what is that exactly right it's like the old thing that people use exactly i hope so but it hasn't come about yeah so the ability to sign in with ethereum is basically giving individuals back their their

self-sovereign identity but like what is the eip that you're talking about right i thought this was just a matter of kind of adoption right it's like basically we have to convince the entire world that this is the best sign-in experience possible and that's just going to take time and it's going to take adoption it's going to take the success of uh our onboarding mechanisms and basically some killer apps to to to do this but you're talking about an eip specifically brantley what is that yeah so um sign with ethereum already exists is used throughout web3 right and uh to be clear what i mean by this is is not just connecting your wallet uh it's

you connect your wallet and then for some services you also sign a message to authenticate yourself to their servers so for example like openc does this and then once you do that they can use your ens name as the default username for yourself they can bring in your avatar they can bring in all these things right profile data so that already exists here's the thing though up until now people have just been like creating their own versions of this like each time you know bespoke versions which is fine um but some people don't do good practices people don't know what to do how do i implement sign with ethereum you know it's just like it's not it's just been organic completely which is one of the reasons i am so bullish on it that we've already gotten so much adoption of this even though it's entirely organic there's no guide

on how to do this so basically what the current effort is is okay let's interview everybody let's gather information let's get best practices and create an open public standard of here's the best way to do it here's exactly how to implement it here's a javascript script library here's an oauth implementation if that's helpful and that's what the current one is and the eaip which i think is still a draft is uh eip 4361. and i guess i would also add that like with the standard wallets can show more user-friendly interfaces for this too so instead of saying do you want to sign this message which is this you know like machine readable blob it'll say do you want to sign in to the site with these credentials and

immediately improve the usability and security there that's fantastic i'm just curious like pie in the sky how long do you think this will take to catch on and actually get adopted right it's like am i going to be signing in using facebook and google accounts for like the next 10 years until this is ready or do you think this could happen faster well i'll say that there are a couple web 2 services that have already reached out to us or interested in implementing it i mean we'll see nothing's like announced or something like this but there is interest it's one of them discord there's a screenshot going around i've seen that screenshot i'm gonna look at that i have not talked about it put

it on the background but who knows what they're thinking i mean people don't tell us i hope if they're doing i hope if they're intending to do some sort of sign and that they they join with us on the standard instead of inventing their own because of course that's the whole goal but i would say my personal expectation is that it might be a slowly than friendly type thing um but we can't predict the future a big chunk of this work is is building a service that is compatible with oauth so that existing web 2 sites can just basically plug it in without having to do a whole lot of new engineering so that will make a lot easier for these sites to add sign in with ethereum yeah our goal is that the average web 2 service can like literally in half an hour just plop drop this into their

existing off you know off system just as one of the options that's the goal look at that cool guys this is it gotta get discord on board we'll see david anything else man from you nothing from me this has been great guys uh congratulations for taking uh just putting the team on your back for such a long amount of time and i hope the community can now share the load as kevin owaki said when we had him on to talk about the genesis of git coin dao he said he's a really a big fan of decentralizing stress so i hope i hope the community can help decentralize some stress away from you guys that sounds good yeah i bet it does the relief in nick's voice just hey it's

not our problem nick now we're both delegates yeah yeah kind of screwed up on that side of things bentley nick it's been a pleasure to have you thank you so much for this project for bankless listeners if you're looking for some resources on how to claim your ens tokens for an airdrop just keep in mind there's no rush on this you have six months you have until may if you want to do that there's some links in the show notes you can take a look at that also links to the distribution we were talking about the delegate page i'm gonna be really excited to review this at week end and see if brantley is ahead of nick or nick's ahead of brantley or coinbase ahead of both you guys we'll have to see uh but it is neck and neck so we'll be monitoring that all the resources are

for are available to you in the show notes as well once again none of this has been financial advice of course it never is eth is risky enos domains i guess they're kind of risky too all of d5 really is risky you could lose what you put in but we are headed west this is the frontier it's not for everyone but we're glad you're with us on the bankless journey thanks a lot thank you guys hey we hope you enjoyed the video if you did head over to bankless hq right now to develop your crypto investing skills and learn how to free yourself from banks and gain your financial independence we recommend joining our daily newsletter podcast and community as a bankless premium subscriber to get the most out of your

bankless experience you'll get access to our market analysis our alpha leaks and exclusive content and even the bankless token for airdrops raffles and unlocks if you're interested in crypto the bankless community is where you want to be click the link in the description to become a bankless premium subscriber today also don't forget to subscribe to the channel for in-depth interviews with industry leaders ask me anythings and weekly rollups where we summarize the week in crypto and other fantastic content thanks everyone for watching and being on the journey as we build out the