Terra Name Service Introduces Management Token and Announces Airdrop

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The Terra Protocol-related Terra Name Service has just introduced the TNS token and announced an airdrop. The assets will be distributed among users on December 24.

Terra Name Service is an analogue of Ethereum Name Service in the network of the second largest crypto by market capitalization. According to the announcement made by the project, the launch of the governance token will allow the team to increase the decentralization of the project. The message reads:

“We are inspired by the ENS team and strongly believe in the importance of Web 3 domains. TNS is an important step towards decentralizing protocol governance. It [token] will allow community members to manage the development of the project, its treasury and technical parameters. Ultimately, this will help TNS become a DAO.”

The developers of the project have noted that in the future .UST domains will become the “gold standard” for the networks of the Inter-Blockchain Communication Protocol (IBC) ecosystem from Cosmos. They can be used in several IBC-compatible blockchains at the same time, which means users do not have to remember separate addresses for each network.