Wednesday, September 27, 2023
HomeEthereumBalaji Srinivasan’s ‘Network State’ Could See Citizens Swap Passports for Ethereum Names

Balaji Srinivasan’s ‘Network State’ Could See Citizens Swap Passports for Ethereum Names

What foundations do you start seeing when blockchain technology replaces traditional census tools? coin baseFormer CTO Balaji Srinivasan of network state.

At a CoinDCX-sponsored event in Bangalore on Friday, Srinivasan explained how an online community of individuals around the world could finally reach formal nationhood.

This network state is a group of different countries acting as a single entity. Entities are built using blockchain technology with a common purpose. Cryptocurrency.

It could have members in Tokyo, Mumbai, Delhi, etc., for example, and eventually “build something with the size of a traditional state annual income and real estate footprint,” he said. rice field.

Here is one way the state of the network can be revealed. sauce: network state.

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

In principle, only sovereign states can become members of the United Nations (UN) with diplomatic powers.and around International lawa sovereign state must have a permanent population and defined territory.

Therefore, such communities need to establish a reliable mechanism to prove their state population and off-chain territory.

And to do that, look no further than blockchain technology.Oracle Network and ethereum name service (ENS), Srinivasan argued that this could be achieved.

Ethereum name service and network status

The Ethereum Name Service is a crypto-based domain name protocol that ethereumSimple names can be assigned instead of the long strings and numbers currently used for cryptographic addresses.

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

This could also be a great alternative to traditional national ID cards, etc. Since Network State is made up of individuals from all over the world, such ID cards cannot always establish a census.

In his book on the subject, he explained How to “create a decentralized identity similar to ENS and SNS that acts as a digital passport for network state”.

“You can think of the population index as an underlying table of 1,729,314 people. For example, each of them has ENS and there is an oracle reporting that they are all human,” Balaji said. Described the census calculation of the chain population. .

ENS Domain Registration

Network status or not, ENS activity is already booming.

As of this writing, approximately 2,121,083 ENS domains have been registered per data. Dune analysisMonthly ENS updates also hit a high during the month.

per data from Dune analysisthe user spent approximately 29,950 ETH (worth $62.39 million) to acquire the ENS domain.

Monthly ENS registrations show a spike over the last 120 days. Source: Dune Analytics.

Monthly ENS registrations showing a spike over the last 120 days.Source: Dune Analysis

Last month, monthly ENS enrollment also record all-time high There are 378,804 registrations, which is roughly the size of Tampa, Florida. However, I’m still not sure if that’s good enough for Network State.

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