What Is Ethereum Name Service (ENS)?
Ethereum Name Service ( ENS ) is a distribute, open, and extensile mention arrangement based on the Ethereum blockchain. ENS converts human-readable Ethereum addresses like john.eth into the machine-readable alphanumeric codes you know from wallets like Metamask. The reverse conversion — associating metadata and machine-readable addresses with human-readable Ethereum addresses — is besides possible. The goal of Ethereum Name Service is to make the Ethereum-based vane easier to access and perceive for humans – exchangeable to how the Internet ’ s Domain Name Service makes the internet more accessible. Like DNS, ENS besides uses a system of dot-separated hierarchical names called domains with domain owners fully controlling their subdomains. ENS launched with a highly successful retroactive airdrop in November 2021 that rewarded users who had registered addresses before the plan launched its nominal. however, in February 2022, it faced criticism over obviously homophobic tweets by its director of operations .
Who Are the Founders of Ethereum Name Service?
ENS was initially a partially of the Ethereum Foundation, but spun off as a separate constitution in 2018. Its Lead Developer is Nick Johnson, a software engineer from New Zealand that previously worked at Google and the Ethereum Foundation. The ENS team is nine people strong and its treasury is governed by a 4-7 multi-signature root with the following members :
- Nick Johnson – ENS
- Sergey Nazarov – Chainlink
- Dan Finlay – Metamask
- Taylor Monahan – MyCrypto
- Aron Fischer – Colony
- Jason Carver – Ethereum Foundation
- Martin Swende – Ethereum Foundation
Although ENS has no investors, it is supported by the Ethereum Foundation, Binance_X, Chainlink, Ethereum Classic Labs, and Protocol Labs .
What Makes Ethereum Name Service Unique?
Ethereum Name Service has a one-of-a-kind value proposition due to being the first base service that transfers the Domain Name Service to the decentralized Web3. ENS is not a company but an open-source project that calls itself “ an loose populace utility that belongs to the company. ” Essentially, it aims to become a while of infrastructure as full of life to Web3 as the DNS is to the internet. furthermore, ENS does not have a unmarried point of failure thanks to blockchain engineering and is, by design, more censorship-resistant and guarantee. One of the main obstacles to the batch borrowing of blockchain technologies has been their approachability and facilitate of use, which ENS aims to remedy. alternatively of using machine-readable albeit inconvenient alphanumeric codes, users can receive any crypto or NFT to a short and easy-to-remember link. This simplifies the user experience and makes blockchain engineering less technical. Under the hood, ENS is built on two smart contracts. The first is an ENS register recording domains registered on ENS and stores the following data about each of them :
- The domain owner
- The domain resolver
- The caching time for all records under the domain
The second bright contract is the resolver. Its function is to translate the machine-readable addresses to domain names and frailty versa and match each domain to its corresponding user, web site, or address.
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Check out Chainlink ( LINK ) — an oracle solution used by many protocols. Check out Terra ( LUNA ) — a popular layer-one blockchain. Learn more about Ethereum Name Service in our deep dive into ENS. Get the latest crypto news and latest trade insights with the CoinMarketCap web log .
How Many Ethereum Name Service (ENS) Coins Are There in Circulation?
ENS is the government token of Ethereum Name Service and is used to govern the protocol and influence decisions on pricing its .eth addresses and the price oracle. Token holders can besides delegate their tokens to the DAO for voting. The total supply of ENS is 100 million, and the circulate supply is just over 20 million at the prison term of writing. ENS is distributed as follows :
- DAO Community Treasury (50%): 10% at launch, linear vesting over four years.
- Airdrop to .ETH holders (25%)
- Contributors (25%), with four-year linear vesting including:
- Core Contributors: 18.96%
- Select Integrations: 2.5%
- Future Contributors: 1.25%
- External Contributors: 1.29%
- Launch Advisors: 0.58%
- Keyholders: 0.25%
- Active Discord Users: 0.125%
- Translators: 0.05%
How Is the Ethereum Name Service Network Secured?
ENS runs on Ethereum, which is secured by a proof-of-work consensus mechanism that requires miners to mine fresh Ether. A plant of decentralize nodes validates transactions and secures the Ethereum blockchain. Thanks to the decentralized nature of Ethereum, and over 10,000 nodes securing the network, ENS does not have a single point of failure and can not be hacked as such.
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Ethereum Name Service has besides partnered with different wallets like Coinbase Wallet, Trust Wallet, My Crypto and others .
Where Can You Buy Ethereum Name Service (ENS)?
ENS is available on Binance, OKX, Bitget, Mandala Exchange, and FTX. If you want to learn more about how to start bribe cryptocurrencies, you can read more in our guide .