I. What is Ethereum Name Service?
Ethereum Name Service (ENS) is an open source and scalable distributed or decentralized naming system based on the Ethereum blockchain. It is the responsibility of ENS to associate names that can be read by humans, such as “alice.eth,” with identifiers that can be read by computers, such as Ethereum addresses, other crypto addresses, content hashes, and metadata. With the use of ENS’s “reverse resolution” feature, it is also feasible to link Ethereum addresses to metadata like canonical names or interface descriptions.
ENS shares objectives with DNS, the Internet’s domain name service, but differs greatly in construction thanks to the Ethereum blockchain’s capabilities and limitations. Similar to DNS, ENS runs on a system of domains, which are dot-separated hierarchical names in which the domain owner has complete authority over the subdomains.
Top-level domains, such as “.eth” and “.test,” are controlled by smart contracts referred to as domain name registrars, which also lay out the guidelines for how their subdomains will be assigned. Anyone can obtain domain ownership for their own use by adhering to the guidelines established by these domain name registration agreements. Additionally, people who already own DNS names can import them for usage with ENS.
Because ENS is decentralized, anyone who owns a name at any level can set up subdomains whatever they like, either for themselves or for other people. For instance, if Alice owns “alice.eth,” she can create and customize “pay.alice.eth” as she pleases.
II. History of Ethereum Name Service
Ethereum Name Service (ENS) is an Ethereum-based project launched on May 4, 2017 by Alex Van de Sande and Nick Johnson from the nonprofit Ethereum Foundation. The project enables users to publicly display lengthy Ethereum addresses in a straightforward text-based format. Users may now exchange, use, and recall addresses and other data more easily as a result. Making blockchain technology more broadly accepted requires converting machine-readable character sequences like 0xAb5801a7D398351b8bE11C439e05C5B3259aeC9B into human-readable data.
Additionally, ENS is not just for wallet addresses. Transaction IDs, hashes, and metadata may all be represented using this service and are all widely used in the cryptographic community. The Domain Name System (DNS), a naming scheme that functions as an online directory, is undoubtedly already recognizable to you. DNS connects difficult-to-remember IP addresses to accessible URLs, such as https://academy.binance.com. In actuality, ENS serves as the Ethereum blockchain’s DNS.
Since then, as part of its transition to becoming a decentralized autonomous organization, ENS has introduced a governance token. The token price has increased significantly, which has caused the project to gain popularity and generate a lot of interest.
III. Striking Features of Ethereum Name Service
ENS is more secure, private, and censorship-resistant than the Internet’s Domain Name System since it is constructed on top of Ethereum’s smart contracts (DNS). The ENS team is non-profit and community-oriented.
On a different level, ENS can utilize the current Ethereum ecosystem and engage with projects and smart contracts there.
IV. Core Technology of Ethereum Name Service
The ENS Registry and Resolvers are the two main components of the Ethereum Name Service’s structure, which:
ENS Registry: A Smart Contract containing a list of primary and secondary domains. Each primary and secondary domain stores the following 3 pieces of information:
- The address of the owner of the main and subdomains
- The address of the person who performs the conversion of the main and subdomains
- Expiration of the main domain name
The owner of a domain name has the right to:
- Specify the person to perform the conversion and the duration of the domain name
- Transfer ownership of domain name to another address
- Change owner of subdomain
Resolvers: This is where the domain name to address conversion is performed and returns the address corresponding to the registrant’s domain name.
Basically, ENS is just 2 smart contracts. The ENS registry will record all primary and secondary domains as well as owner details and links to Resolvers. As mentioned, ENS deploys on a hierarchical domain name system similar to DNS consisting of primary and secondary domains. Thereby, the main domain owner will have full control over any subdomains. So, with the domain name “coinvn.eth”, we can create a subdomain of “email.coinvn.eth”.
Ethereum Name Service (ENS) is one of the early NFT projects on Ethereum, allowing users to issue domain names consisting of wildcard characters for their name or brand, ending with “.eth”.
ENS proponents call this the first step towards building a digital identity on the Ethereum world, replacing both the lengthy and complex wallet addresses we often see and can even be used as how to log into accounts.
The name resolution cycle on ENS will include 2 steps:
Step 1: Register the resolver that will be responsible for name resolution on the ENS.
Step 2: Ask the resolver to give answers to the queries.
V. What is ENS?
1. Detailed Information about ENS
Key Metrics ENS
- Ticker: ENS
- Blockchain: Ethereum
- Token Standard: ERC20
- Contract: 0xc18360217d8f7ab5e7c516566761ea12ce7f9d72
- Token Type: Utility, Governance
- Total Supply: 100,000,000 ENS
- Circulating Supply: 9,196,308 ENS
2. ENS Allocation
DAO Community Treasury: 50%.
ENS Contributors: 25%.
Airdrop for .ETH holders: 25%, of which:
- Core Contributors: 18.96%.
- Select Integrations: 2.5%.
- External Contributors: 1.29%.
- Launch Advisors: 0.58%.
- Keyholders: 0.25%.
- Active Discord Users: 0.125%.
- Translators: 0.05%.
3. ENS Noticeable Milestones
ENS Token Sale
Updating…
ENS Token Release Schedule
Updating…
4. Use Cases of ENS
ENS is a token used to:
- Project management.
- Participate in activities on the platform.
- Airdrop for users.
VI. How to earn & own ENS?
Currently, users can own ENS Token through the following ways:
- Claim token
- Trade at some exchanges like Uniswap, SushiSwap, OKEx, gate.io, etc.
ENS Token is listed and supported for trading on a number of exchanges such as: Gate.io, Coinbase Exchange, Uniswap, Huobi Global, FTX, OKEx, KuCoin, Bitrue, BKEX, Binance, Bybit, LBank, BitMart , AEX, Sushiswap,…
In which, ENS Token is the most traded on Binance, accounting for 32.59% of the total trading volume. You can refer to and choose one of the above exchanges to buy and sell ENS Token.
Besides, you can earn ENS Token through Airdrop. The Ethereum Name Service project is currently distributing Tokens via Airdrop for easier ownership by the community.
VII. Which Crypto Wallets are suitable for ENS?
ENS is an ERC-20 token that can be stored in most wallets today like Metmask, Trust Wallet, Coin98 Wallet, etc.
VIII. ENS Recent Developments
Roadmap & Updates
Updating…
IX. Teams, Funds & Partners of (Project Token)
1. Team
ENS Development Team
ENS was founded by the Ethereum Foundation in 2017. ENS was later spun off into an independent operating unit with the management of the non-profit organization True Names LTD in Singapore in 2018.
ENS development team includes members such as: Nick Johnson, Jeff Lau, Makoto Inoue, Rebecca Liebert, Dean Eigenmann, Jim McDonald, Kevin, etc.
Key members in managing ENS root include: Nick Johnson, Sergey Nazarov, Dan Finlay, Taylor Monahan, Aron Fischer, Jason Carver, Martin Swende.
2. Investment Funds
The financial backers for ENS are all familiar names in the crypto market including: Ethereum Foundation, Chainlink, Protocol Labs, Ethereum Classic Labs and Binance X.
3. Partners
Wallets (Wallets)
ENS currently supports more than 50 crypto wallets such as: Coinbase, Rainbow, Trust Wallet, MyCrypto, Bitcoin.com Wallet, 1inch Wallet, AlphaWallet, MetaMask, Authereum, etc.
Applications (Apps)
ENS currently supports more than 250 popular applications (Apps) such as: Uniswap, Etherscan, Showtime, The Graph, Aavegotchi, 1inch, 3Box Hub, 3F Mutual, etc.
Browsers (Browsers)
ENS currently supports more than 10 browsers namely Brave, Opera, Puma, Cloudflare, Status, eth.link, eth.limo, etc.
X. Where can ENS information be updated?
Currently, Crypto users can fully consult, research, and analyze information about ENS through famous media newspapers such as Nasdaq, Bloomberg, Forbes, AP News, Yahoo!Finance, CoinTelegraph, Coindesk, etc.
These media are constantly updated with useful information, new activities, outstanding events of ENS and all the topics surrounding it. Accordingly, Meta Lion Ventures continuously updates the topic of outstanding projects in Blockchain and hot events organized between Meta Lion & partners.
XI. FAQs about Ethereum Name Service
- What are the powers of a top-level domain owner?
Top-level domain owners will be able to navigate their lower-level domains.
- Which ENS domain is hot in the market?
Some domain names that attract the community today can be named as: microsoft.eth, google.eth, vitalik.eth, facebook.eth, etc.
- What is the auction process for domain names on ENS?
- Auction Round: Takes place within 3 days to participate in auction submission including ENS domain name, auction price and ETH address
- Announcement Round: Taking place in 2 days, the auctioneer must publish his bid.
- Finalist: The highest bidder becomes the owner of the ENS domain. If there are no results, the ENS domain goes back to the first round.
- How much Ether is required to participate in the ENS domain auction?
You only need 0.01 Ether to participate in the minimum bid. In case no one participates in the auction, this ENS domain name will belong to you.
- How to contact and update information on Ethereum Name Service?
- Whitepaper: https://docs.ens.domains
- Gifthub: https://github.com/ensdomains
- Twitter: https://twitter.com/ensdomains
- Medium Blog: https://medium.com/the-ethereum-name-service
Conclusion
To sum up, in the world of decentralized networks, ENS is a step forward when it comes to creating easier ways to interact with blockchain. Just as we no longer use IP addresses to navigate the web, it can be seen that the ENS domain name is gradually growing thanks to its usefulness and increasing popularity. The crypto ecosystem has demonstrated interest in this project since ENS held the airdrop.
As can be seen, ENS could make it simpler for people to send and receive bitcoins in addition to helping certain people own “NFT” domains, which are very private. However, the use of ENS currency now ends there, and there is still a very long way to go before it can be compared to fiat money. conventional, and the demand for reciprocal trading of cryptocurrencies is still not that big.
The above is Meta Lion’s comment on the Ethereum Name Service project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions.
