The Ethereum Name Service, or ENS, is a decentralized, open, and adaptable naming system rooted in the Ethereum blockchain. It transforms Ethereum addresses, which are typically long and complex, like john.eth, into easily understandable, human-friendly formats that you can use with digital wallets such as Metamask. Conversely, it also allows for the conversion of metadata and machine-readable addresses back into human-readable Ethereum names.
The primary aim of the Ethereum Name Service is to make navigating the Ethereum-based web more user-friendly and intuitive, much like how the Domain Name Service simplifies web browsing on the internet. Similar to DNS, ENS operates using a hierarchy of dot-separated names known as domains, with domain holders having full authority over their subdomains.
In November 2021, ENS made headlines with a very successful retroactive airdrop, rewarding users who had registered addresses before the project introduced its token. However, in February 2022, the project faced backlash due to allegedly homophobic tweets by its operations director.
Who are the Minds Behind Ethereum Name Service?
ENS was initially a project under the Ethereum Foundation but branched out into an independent entity in 2018. Nick Johnson, a software engineer from New Zealand with past experience at Google and the Ethereum Foundation, serves as its Lead Developer. The team behind ENS consists of nine individuals, and its funds are managed by a 4-7 multi-signature root involving 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
ENS does not have external investors but receives support from organizations such as the Ethereum Foundation, Binance_X, Chainlink, Ethereum Classic Labs, and Protocol Labs.
What Distinguishes Ethereum Name Service From Others?
The Ethereum Name Service stands out due to its unique role as the pioneer service transferring the Domain Name Service to the decentralized Web3 environment.
Positioning itself as an open-source project, ENS refers to itself as "an open public utility that belongs to the community." Its goal is to become an essential piece of infrastructure for Web3, much like DNS is for the internet. Owing to blockchain technology, ENS offers greater security and resistance to censorship, avoiding a single point of failure.
One of the barriers to the widespread acceptance of blockchain technologies has been their complexity and user-friendliness, which ENS aims to overcome. It allows users to send and receive cryptocurrencies or NFTs using short, memorable links instead of cumbersome machine-readable codes, making the technology more approachable.
Underneath, ENS operates with two smart contracts. The first is an ENS registry that keeps a record of registered domains and maintains the following details about each:
* Domain owner
* Domain resolver
* Caching duration for all records related to the domain
The second smart contract is the resolver, tasked with mapping machine-readable addresses to domain names and vice versa, linking each domain to its appropriate user, website, or address.
How Many ENS Coins Are Available?
ENS serves as the governance token for Ethereum Name Service, allowing holders to influence protocol governance, particularly regarding pricing .eth addresses and the price oracle. Token holders can also delegate their voting rights to the DAO. The total ENS supply is fixed at 100 million, with just over 20 million currently in circulation. Distribution of ENS is as follows:
* DAO Community Treasury (50%): Initiated with 10% at launch, with a four-year linear vesting period.
* Airdrop to .ETH holders (25%)
* Contributors (25%) with a 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 Protected?
ENS operates on the Ethereum network, which relies on a proof-of-work consensus model where miners produce new Ether. A network of decentralized nodes validates transactions to secure the Ethereum blockchain. Due to Ethereum's decentralized nature and its network of over 10,000 nodes, ENS is devoid of a single point of failure, making it resistant to hacking attempts.
The Ethereum Name Service has partnerships with various wallets, including Coinbase Wallet, Trust Wallet, and MyCrypto, among others.
Where Can Ethereum Name Service (ENS) Be Purchased?
You can find ENS on platforms like Binance, OKX, Bitget, and Mandala Exchange.
For those interested in diving into cryptocurrency purchasing, further guidance can be found in our comprehensive buying guide.
