Article Summary, Automatically Generated By AI
About Ethereum Name Service
Key Points
- Ethereum Name Service (ENS) is a decentralized naming system based on the Ethereum blockchain.
- ENS converts human-readable Ethereum addresses to machine-readable alphanumeric codes and vice versa.
- ENS aims to make the Ethereum-based web easier to access and comprehend for humans.
- ENS launched with a retroactive airdrop in November 2021 and has a treasury governed by a 4-7 multi-signature root.
- ENS has a unique value proposition as the first service to transfer the Domain Name Service to the decentralized Web3.
- ENS is an open-source project with a governance token used to govern the protocol and influence decisions.
<li
Introducing Ethereum Name Service: Revolutionizing Decentralized Identity
Unveiling Ethereum Name Service (ENS): A Comprehensive Overview
Ethereum Name Service (ENS) is a decentralized, open-source, and highly adaptable naming system built upon the Ethereum blockchain. By leveraging ENS, human-readable Ethereum addresses, such as john.eth, can be seamlessly converted into machine-readable alphanumeric codes, familiar to users of digital wallets like Metamask. Furthermore, the reverse process is also possible, wherein metadata and machine-readable addresses are linked to their corresponding human-readable Ethereum addresses.
The Ethereum Name Service aims to render the Ethereum-based web more accessible and intelligible to humans, much like the Internet’s Domain Name Service facilitates navigation of the internet. Analogous to DNS, ENS employs a hierarchical naming system comprising dot-separated domains, wherein domain owners wield complete control over their subdomains.
ENS debuted with a highly successful retroactive airdrop in November 2021, which generously rewarded users who had registered addresses prior to the project’s token launch. However, in February 2022, it faced backlash over allegedly homophobic tweets attributed to its director of operations.
The Visionaries Behind Ethereum Name Service: Meet the Founders
Initially a constituent part of the Ethereum Foundation, ENS branched out as a separate entity in 2018. At the helm is Lead Developer Nick Johnson, a seasoned software engineer hailing from New Zealand, whose impressive résumé boasts stints at Google and the Ethereum Foundation. The ENS team, comprising nine members, operates a treasury governed by a 4-7 multi-signature root, comprising the following esteemed members:
- Nick Johnson – Ethereum Name Service (ENS)
- Sergey Nazarov – Chainlink, a decentralized oracle network
- Dan Finlay – MetaMask, a leading Ethereum browser extension
- Taylor Monahan – MyCrypto, a popular cryptocurrency interface
- Aron Fischer – Colony, a decentralized collaboration platform
- Jason Carver – Ethereum Foundation, a non-profit organization
- Martin Swende – Ethereum Foundation, a driving force behind Ethereum’s development
Notwithstanding the absence of investors, ENS benefits from the esteemed support of the Ethereum Foundation, Binance_X, Chainlink, Ethereum Classic Labs, and Protocol Labs.
Unveiling the Uniqueness of Ethereum Name Service
Ethereum Name Service boasts a singular value proposition, being the pioneering service to migrate the traditional Domain Name Service to the decentralized realm of Web3.
ENS is not a corporation, but rather an open-source endeavour that defines itself as “an open public utility that belongs to everyone.” In essence, its ambition is to evolve into a fundamental component of Web3, akin to the indispensable role DNS plays in the internet. Furthermore, ENS boasts a decentralized architecture, leveraging blockchain technology to eliminate single points of failure, thereby ensuring a more resilient, secure, and censorship-resistant infrastructure by design.
One of the primary hurdles hindering the widespread adoption of blockchain technologies has been their inaccessibility and complexity, which ENS seeks to alleviate. By replacing cumbersome, machine-readable alphanumeric codes with concise and memorable links, users can effortlessly receive any cryptocurrency or NFT. This innovation significantly simplifies the user experience, rendering blockchain technology more approachable and less intimidating.
At its core, the Ethereum Name Service (ENS) is powered by two sophisticated smart contracts. The first, the ENS registry, serves as a comprehensive database, meticulously recording domains registered on ENS and storing the following pertinent information about each of them:
- The registrant of the domain
- The entity responsible for resolving the domain
- The time frame for caching all records associated with the domain
The second smart contract, dubbed the resolver, serves as a crucial intermediary, tasked with seamlessly translating machine-readable addresses into domain names and vice versa, while ensuring each domain is accurately matched to its corresponding user, website, or address.
What Is the Circulating Supply of Ethereum Name Service (ENS) Coins?
The Ethereum Name Service (ENS) governance token plays a pivotal role in shaping the protocol’s future, allowing holders to influence key decisions, including the pricing of .eth addresses and the price oracle. Furthermore, token holders have the option to delegate their tokens to the decentralized autonomous organization (DAO) for voting purposes. The total supply of ENS is capped at 100 million, with a circulating supply of approximately 20 million at the time of writing. The distribution of ENS is as follows:
- The DAO Community Treasury (50% allocation) will undergo a linear vesting period of four years, commencing with a 10% initial release at launch.
- An airdrop will be distributed to .ETH holders, comprising 25% of the total allocation.
- The Contributors’ segment (25% allocation) will be subject to a four-year linear vesting schedule, encompassing:
- 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%
The Ethereum Name Service Network: A Fortress of Security
ENS operates on the Ethereum network, which is fortified by a proof-of-work consensus mechanism that necessitates miners to mine new Ether. A distributed network of nodes validates transactions and ensures the integrity of the Ethereum blockchain. Owing to Ethereum’s decentralized architecture and the presence of over 10,000 nodes securing the network, ENS is impervious to single-point failures and, consequently, cannot be compromised by hacking attempts.
The Ethereum Name Service has established partnerships with a diverse range of wallets, including Coinbase Wallet, Trust Wallet, My Crypto, and several others.
Where to Acquire Ethereum Name Service (ENS): A Comprehensive Guide
ENS is proudly listed on esteemed cryptocurrency exchanges, including Binance, OKX, Bitget, and Mandala Exchange.
For those seeking to delve into the world of cryptocurrency investment, our comprehensive guide provides a wealth of information on how to initiate your cryptocurrency-buying journey.
Associated Resources:
Discover Chainlink (LINK), a pioneering oracle solution leveraged by numerous protocols.
Discover Terra (LUNA), a prominent layer-one blockchain that has garnered significant attention in the cryptocurrency sphere.
Delve into the intricacies of Ethereum Name Service with our comprehensive exploration of ENS.
Stay ahead of the curve with the latest cryptocurrency news and expert trading insights, all in one place, on the CoinMarketCap blog.