what is the ethereum name service (ens)?
The Ethereum Name Service (ENS) is an open, extensible, distributed naming system 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. reverse conversion, which associates machine-readable addresses and metadata with human-readable ethereum addresses, is also possible.
The goal of the ethereum name service is to make the ethereum-based web easier for humans to access and understand, similar to how the internet domain name service makes the internet more accessible. Like DNS, Ens also uses a dot-separated hierarchical naming system called domains with domain owners fully controlling their subdomains.
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ens launched with a highly successful retroactive airdrop in November 2021 that rewarded users who had registered addresses before the project launched its token. however, in February 2022, he faced criticism for apparently homophobic tweets from his COO.
who are the founders of the ethereum naming service?
ens was initially part of the ethereum foundation but was spun off as a separate organization in 2018. its main developer is nick johnson, a software engineer from new zealand who previously worked at google and the ethereum foundation. the ens team is made up of nine people and its treasury is governed by a multisignature root of 4-7 with the following members:
- nick johnson – ens
- sergey nazarov – chainlink
- dan finlay – metamask
- taylor monahan – mycrypto
- aron fischer – cologne
- 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 the ethereum naming service unique?
the ethereum naming service has a unique value proposition because it is the first service to transfer domain naming service to the decentralized web3.
ens is not a company but an open source project calling itself “an open public utility owned by the company”. essentially, it is intended to become as vital a piece of infrastructure to web3 as dns is to the internet. furthermore, ens has no single point of failure thanks to blockchain technology and is, by design, more resistant to censorship and more secure.
One of the main obstacles to the mass adoption of blockchain technologies has been their accessibility and ease of use, which ens aims to remedy. Instead of using, albeit inconvenient, machine-readable alphanumeric codes, users can receive any crypto or NFT in a short, easy-to-remember link. this simplifies the user experience and makes blockchain technology less technical.
Under the hood, ens is based on two smart contracts. The first is an ens registry that records the domains registered in ens and stores the following information about each of them:
- domain owner
- domain resolution
- caching time for all domain records
The second smart contract is the resolver. its purpose is to translate machine-readable addresses to domain names and vice versa and to match each domain with its corresponding user, website, or address.
see chainlink – an oracle solution used by many protocols.
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learn more about the ethereum name service in our deep dive on ens.
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how many ethereum name service (ens) coins are there in circulation?
ens is the governance token of the ethereum naming service and is used to govern the protocol and influence decisions about the price of your .eth addresses and the price oracle. token holders can also delegate their tokens to the dao for voting. the total supply of ens is 100 million, and the circulating supply is just over 20 million at the time of this writing. ens is distributed as follows:
- dao community treasury (50%): 10% at launch, linear grant over four years.
- airdrop to .eth holders (25%)
- taxpayers (25%), with a four-year linear grant that includes:
- main collaborators: 18.96%
- selected integrations: 2.5%
- future contributors: 1.25%</li
- external contributors: 1.29%
- launch consultants: 0.58%
- key people: 0.25 %
- active discord users: 0.125%
- translators: 0.05%
how is the ethereum name service network protected?
ens runs on ethereum, which is protected by a proof-of-work consensus mechanism that requires miners to mine new ether. a set of decentralized nodes validates transactions and secures the ethereum blockchain. Thanks to the decentralized nature of ethereum and over 10,000 nodes protecting the network, ens has no single point of failure and cannot be hacked as such.
the ethereum naming service has also been associated with different wallets such as 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 buying cryptocurrencies, you can read more in our guide.
See also: Who Is the Founder of Ethereum? | Gemini