Learn Concept: Understanding Decentralized Governance in Ethereum Name Service and Adoption of ERC-3643 Standard

By: Eva Baxter

This advanced crypto concept focuses on the changes in Ethereum Name Service (ENS) and the acceptance of the ERC-3643 standard. In a significant development, the Ethereum Name Service has achieved decentralized governance. Prior to this, ENS, a naming system on the Ethereum blockchain for resources was managed by the Ethereum community. But now, the control has been transferred to the Decentralized Autonomous Organization (DAO) of ENS, which is run by ENS token holders. This shift has enhanced its potential to introduce primary domain names on layer-2 networks, and update reverse resolutions to map back to a name.

Another noteworthy development is the adoption of the ERC-3643 Ethereum Improvement Proposal (EIP) as a recognized standard by the Ethereum community. The ERC-3643 standard aims at compliant tokenization of real-world assets, opening new possibilities for securities tokenization, asset-backed payments, and loyalty programs. The unique feature of this standard is the verification of token eligibility through a self-sovereign identity (SSI) framework, providing anonymous yet verifiable credentials.