What is Ethereum Name Service? We will learn about this cryptocurrency together in today’s article!
In this blockchain era. Have you ever wanted to own your own domain name and link it to your e-wallet? And Ethereum Name Service (ENS) was created to make using crypto as easy as accessing websites.
What is Ethereum Name Service?
Basically, Ethereum Name Service is a protocol that provides domain registration services to create a readable domain that leads to a certain Ethereum address (for example, hak.eth). ENS operates with a decentralized mechanism, is easily scalable and is built on the Ethereum platform.
Simply put, instead of having to remember a wallet address consisting of a long and difficult-to-remember string of characters, you can use Ethereum Name Service to buy any domain name ending in .eth instead. replaces the hard-to-remember and easily confused cryptocurrency wallet address.
Differences Of Ethereum Name Service
Mechanism of Action
We have briefly learned what Ethereum Name Service is? So how does this project work? Continue watching below:
Ethereum Name Service allows users to create ERC 721 NFTs. They will represent ETH accounts and are unique.
When you buy a website domain name, there will be a term attached. And here too, there will be a certain period of ownership of the ENS domain name with the buyer. Upon expiration, the buyer needs to renew or purchase a new ENS domain name.
ENS operates based on two main components: ENS Registry and Resolvers.
ENS Registry
ENS Registry will include a unique Smart Contract to maintain the list of primary domains and subdomains. Along with that, they will store three main components:
- Domain owner.
- Resolver for domain.
- Cache lifetime for all domain records.
For domain names on ENS, the owner will have the following privileges:
- Set the domain name the owner desires.
- Return domain ownership to another address.
- Change of ownership for subdomains.
Resolver
Vietnamese registration for ENS will have a very simple process. Then comes the resolver’s job. The resolver will be responsible for converting the domain name the user has purchased into a specific address.
ENS is built on top of two Ethereum smart contracts. The first smart contract is the ENS registry, which records all domains registered on ENS and stores three important pieces of information about each domain: the domain owner, the resolver for the domain, and the retention period. cache all records in domain . The second smart contract is a resolver, translating domain names to machine-readable addresses and vice versa. This second smart contract matches each domain to the corresponding user, website, or address.
Core Team
ENS Foundation is a legal entity representing DAO. In this way, the platform can provide legal support to DAO participants.
The Foundation currently has three directors – Nick Johnson, Brantly Millegan and Kevin Gaspar – is also a core member of ENS.
ENS Foundation is a non-profit organization and cannot pay dividends to its directors or members. The Fund itself has a custodian, led by a Cayman Islands company, DS Limited.
To learn more, a list of documents related to the ENS Foundation can be found here.
ENS is an open source system, however, the development of its core software is the responsibility of the company TNL.
TNL’s CEO is Khori Whittaker. He began his career as a 5th grade teacher and later worked for Decker Communications as Director of Training and Sales. In addition to working for TNL, he is also the President and CEO of Lighthouse Academies, Inc. This is a network of K-12 public charter schools in New York, Indiana and Arkansas. TNL’s Frontend and Solidity developer is Jeff Lau and JS and another Solidity developer is Makoto Inoue.
The Creator and Lead Developer of TNL is Nick Johnson. In 2008, he started working at Google, first as an SRE, then as a Developer Program Engineer. He has been with the Google App Engine team since the product launch. In 2012, he left Google to work at Smart Sparrow, a Sydney startup in the E-learning field.
At the time of writing, ENS root is controlled by four of the seven Multisigs, with members of the relevant projects as key. This multisig includes Nick Johnson from TNL, Dan Finlay from Metamask, Aron Fisher from Colony, Martin Swende and Jason Carver from Ethereum Foundation, Sergey Nazarov from Chainlink and Taylor Monahan from MyCrypto.
Tokenomics
Overview information about ENS token
ENS Coin is an official Token in the Ethereum Name Service platform according to ERC20 standards and issued on the Ethereum Blockchain network.
- Ticker: ENS
- Blockchain: Ethereum
- Token Standard: ERC20
- Contract (Contract address): 0xc18360217d8f7ab5e7c516566761ea12ce7f9d72
- Token Type: Utility, Governance
- Total Supply: 100,000,000 ENS
Token Allocation
- DAO Community Treasury: 50%.
- ENS Contributors: 25%.
- Airdrop .ETH holders: 25%
- 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%.
Token Use Case
At the same time, ENS Coin is commonly used for ENS DAO. ENS Coin is used for the following purposes:
- Web3 Identity/Username Authentication
- Separate payment
- Enhance domain ownership (Domain Property Rights)
- Features for a decentralized website
Partner
Currently ENS is working with a number of major partners such as Chainlink, Binance_X, Ethereum Foundation,…
Exchanges
Velodrome is currently traded on exchanges such as: Binance, Huobi, Okex, Coinbase, Gate,…
Information Channels of Ethereum Name Service
- Website: https://ens.domains/
- Twitter: https://twitter.com/ensdomains
- Medium: https://medium.com/the-ethereum-name-service
- GitHub: https://github.com/ensdomains
Total keh
ENS is not the only project providing domain name services in a blockchain platform, but ENS has created a clear roadmap for building a protocol that integrates the service with the real world.
As more and more individuals and businesses learn about and use ENS’s domain name services, revenue can essentially increase many times over and has great growth potential in the future. Furthermore, ENS will be able to support all other protocols, not just limited to ETH.
Hopefully this article will help you have a clearer view to answer the question What is Ethereum Name Service? Please look forward to the next articles about the latest projects at HakResearch!
