Replacing your passport with an “Ethereum Name”, soon a reality? – Mag Mirror

By exchanging blockchain technology with traditional census tools, you begin to see the foundations of what Balaji Srinivasan, former CTO of Coinbase, calls the network state.

At an event hosted by CoinDCX in Bengaluru on Friday, Mr. Srinivasan explained how an online community of individuals from around the world could eventually achieve official statehood.

This network state is a group of various countries acting as a single entity. This entity would also be built using blockchain technology with common goals funded by cryptocurrencies.

He said that, for example, there could be members in Tokyo, Mumbai, Delhi, etc., and they could eventually “build something that has the scale of an annual income and the real estate footprint of ‘a traditional state’.

It’s an ambitious idea, and according to Srinivasan, establishing a country without diplomatic recognition is futile.

In principle, only sovereign states can become members of the United Nations (UN) with diplomatic rights. And according to the law internationalsovereign states must have a permanent population and a defined territory.

Such a community should therefore establish a reliable mechanism to prove state population and off-chain territory.

And to do that, look no further than blockchain technology. With the help of Oracle Networks and the Ethereum Name Service (ENS), Srinivasan argued, this could be achieved.

Ethereum’s name service and network status

Ethereum Name Service is a cryptography-based domain name protocol built on top of Ethereum. On the same subject : Good news if you have Ethereum: AntPool confirms its support for the Ethereum Classic ecosystem with an investment of $10 million. It allows simple names to be assigned instead of the long string of letters and numbers currently used for crypto addresses.

For example, you can use “decrypt.eth” instead of the 42-character address that identifies your Ethereum wallet.

It could also be an attractive alternative to traditional and other national identity cards. Since the network state is made up of individuals from all over the world, these identity cards would not necessarily make it possible to establish a census.

In his book on the subject, he discusses how one could “create decentralized identities similar to ENS and SNS to serve as digital passports to the network state.”

“You can think of the population measure as an underlying table containing 1,729,314 people, each of which has, say, an ENS, and an oracle indicating that they are human beings,” said said Mr. Balaji, explaining the calculation of the population census on the channel.

ENS Domain Registrations

State of the network or not, the activity of the ENS is already booming. This may interest you: OpenSea Guide – The Ultimate Guide to Trading NFTs.

Currently, nearly 2,121,083 ENS domains have been registered according to data from Dune Analytics. Monthly ENS renewals also peaked during this month.

According to data from Dune Analytics, users spent nearly 29,950 ETH worth $62.39 million to acquire ENS domains.

Monthly ENS record showing a peak in the last 120 days; source: Dune Analytics

Last month, monthly enrollment at ENS also hit an all-time high of 378,804 enrollment, which is roughly the size of Tampa, Florida. Whether this will be enough to create a network state remains to be seen.

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Thomas E.
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Replacing your passport with an “Ethereum Name”, soon a reality? – Mag Mirror

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