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HomeCrypto BasicsWhat Is Ethereum Name Service  (ENS)?

What Is Ethereum Name Service  (ENS)?

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The Ethereum Name Service (ENS) is a blockchain-based distributed, open, and extensible naming system. ENS converts human-readable Ethereum addresses like john.eth into machine-readable alphanumeric codes like Metamask wallets. It is also possible to convert metadata and machine-readable addresses into human-readable Ethereum addresses.

The goal of Ethereum Name Service is to make the Ethereum-based web easier for humans to access and comprehend, in the same way, that the Internet’s Domain Name Service makes the internet more accessible. ENS, like DNS, employs a system of dot-separated hierarchical names known as domains, with domain owners having complete control over their subdomains.

Ethereum Name Service Features and Updates?

The ENS, like the DNS, employs a hierarchical name system known as domains, with the creator and owner of the domain having control over his top-level domain and subsequent subdomains.

Registry

To begin, every domain name registered in the ENS has an owner. An owner owns a named domain and can transfer it to a new owner at any time.

The owner who wishes to purchase a domain is referred to as a “registrant” because he must register the domain with the ENS. The “registry” functionality of the ENS is in charge of recording, monitoring, and tracking who has registered for a domain – the registrar.

“Registrars” are smart contracts that allocate subdomain names and are governed by the permanent registrar, which is the main registrar. They can be changed at any point or level within the ENS and can be referred to by the registry’s owner.

Names

As previously stated, there is a distinction between owning a name and owning a registration. A “name” is a way for the ENS to identify a specific domain, such as “john.eth,” and can be made up of multiple labels separated by dots.

The “namehash” algorithm processes domain names registered on the ENS.

The namehash is used because human-friendly names are replaced on the ENS system, which only works with 256-bit cryptographic hashes.

Read Also: What Is Bitcoin Gold (BTG)?

Who Are the Founders of Ethereum Name Service?

ENS was a subsidiary of the Ethereum Foundation until it was spun off as a separate entity in 2018. Its Lead Developer is Nick Johnson, a New Zealand-born software engineer who has previously worked for Google and the Ethereum Foundation. The ENS team consists of nine individuals, and a 4-7 multi-signature root governs its treasury.

What makes Ethereum Name Service Unique? 

Because it is the first service to transfer the Domain Name Service to the decentralized Web3, Ethereum Name Service has a one-of-a-kind value proposition.

ENS is an open-source project described as “an open public utility that belongs to the company.” It aspires to be a piece of infrastructure as critical to Web3 as DNS is to the internet. Furthermore, because of blockchain technology, ENS has no single point of failure and is, by design, more censorship-resistant and secure.

How many Ethereum Name Service (ENS) Are in Circulation?

The Ethereum Name Service governance token, ENS, governs the protocol and influences pricing decisions for its .eth addresses and the price oracle. Token holders can also delegate their tokens for voting to the DAO. At the time of writing, the total supply of ENS is 100 million, with a circulating supply of slightly more than 20 million.

How Is the Ethereum Name Service Network Secured?

ENS is built on Ethereum, which uses a proof-of-work consensus mechanism that requires miners to mine new Ether. The Ethereum blockchain is secured and validated by a network of decentralized nodes. Because of Ethereum’s decentralized nature and over 10,000 nodes securing the network, ENS has no single point of failure and cannot be hacked.

Ethereum Name Service has also collaborated with wallets such as Coinbase Wallet, Trust Wallet, My Crypto, and others.

How Can Crypto Investors Use Ethereum Name Service?

The Ethereum Name Service (ENS) offers users the one-of-a-kind opportunity to register a.eth domain name. To create secure credentials on the Ethereum blockchain, the protocol uses NFT (non-fungible token) technology. The project’s goal is to simplify cryptocurrency payments and increase adoption.

Where Can You Buy Ethereum Name Service (ENS)?

ENS is available on Binance, OKX, Bitget, Mandala Exchange, and FTX.

Read Also: What is IoTeX (IOTX)?‍

FAQ 

Is Ethereum Name Service a good investment? 

ENS can be a successful investment choice for people looking for virtual currencies with a high return rate.  As of 2022-12-19, the price of Ethereum Name Service is equal to 11.67 USD

Does Ethereum Name Service have a future? 

Investing in Ethereum Name Service, ENS entirely depends on your risk tolerance. As you can see, the price of Ethereum Name Service has increased by 0.36% in the last 24 hours and has decreased by -10.83% in the last 30 days. So it all depends on whether or not the project will meet your future trading objectives.

Is Ethereum Name Service a good cryptocurrency? 

ENS provides a secure and decentralized method of addressing resources with human-readable names. It is a completely decentralized domain-name provider that allows anyone to purchase and manage domains. That means you could send “realsatoshi” ETH or ERC20 tokens.

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