Most of us have seen a cryptocurrency address: a long string of randomly assigned numbers and letters. These addresses have led to much confusion (and occasionally lost funds) as the smallest mistakes can have a disastrous impact: a single missing number or letter is enough to cause chaos.
Introducing the future: Ethereum Name Services to eliminate all those challenging-to-read crypto addresses.
The ENS is built on the Ethereum blockchain and is used to replace those long addresses with something much more straightforward, almost like a URL or email address.
To put this into perspective; say your address is “0xLC65BA3F5C8A186128358A2ADA83795RBA0D895M”. ENS can change this numerical mess into something simple like “Adam.eth” which is far more reasonable and easier to remember.
The same concept that DNS matches IP addresses with, so ENS maps your crypto internet protocol addresses and gives you a name that is easy to share and remember.
How Does Ethereum Name Service (ENS) Work?
ENS works with the use of two Ethereum smart contracts. The first is the ENS registry, which records every ENS domain name and IP address setup on the ENS network.
The registry stores the three most important factors about each ENS domain name: the owner, caching time, and resolver.
The second smart contract is the resolver, which takes the domain names and converts them into a readable address. The smart contract takes each domain and matches it with its respective website, address, and user.
What Is Ethereum Name Service Used For?
Essentially, the ENS domain makes your life easier by converting your long crypto addresses to a more functional and easier-to-read address.
This makes it easier to receive your crypto assets, or when you enter the Ethereum dApps; you don’t have to struggle with copy and pasting that long address into the server.
Life is about convenience, and that is what ENS domains offer you.
Apart from this, the construction of Web3 starts with a partnership between ENS and the file storage system IPFS.
Most of the .eth sites can be accessed with crypto wallets like MetaMask. However, there are cases where you can add .link to your decentralized websites; then, you won’t need any particular browser or crypto wallet to access them.
Where To Buy Ethereum Name Service (ENS)
The ENS token is the native token used by the Ethereum Name Service ecosystem. Because it is built on the Ethereum blockchain, there are several centralized and decentralized exchanges where you can purchase said tokens.
Registering on any of these exchanges is a must; you can buy these tokens with crypto or fiat currency.
You’ll need to have your wallets registered on the centralized and decentralized exchanges to ensure it’s safe.
The exchanges you can use to buy ENS are as follows:
Centralized:
Decentralized:
Note: Please be advised that nothing in this article is financial advice and shouldn’t be seen as such; it is purely for educational purposes.
FAQs About Ethereum Name Service (ENS)
How long has Ethereum Name Service existed?
Nick Johnson and Alex Van de Sande from the Ethereum foundation started this project in 2017. Due to the permissionless contracts on the Ethereum blockchain, anyone can freely interact with the protocol.
Fast forward to November 2021, the ENS domain had their ENS token airdrop to users of the service and, with that, established a DAO or decentralized autonomous organization to manage the tokens.
A legal entity connected to the DAO is True Names Limited, a privately held company supporting ENS.
The ENS tokens work the same way company shareholders would use their assets to make decisions about protocol changes, platform changes, pricing, and how to manage treasury funds.
What’s controversial about Ethereum Name Service?
Although the company itself hasn’t received much controversy over the years, there is one induvial who can’t say the same.
ENS domain director Brantly Millegan has had his position questioned by many in the crypto space and even by some outside the space due to his offensive tweets.
There was a vote within the community by token holders on his potential removal, where 1.6 million voted against it, and 1.4 million voted for it.
Some of his older tweets were received a while ago, which caused him to get fired from True Names Limited, the legal entity behind ENS. Even though he remains the ENS DAO director, the token holders control the company.
How many ENS tokens are there?
The total ENS token supply stands at 100 million, with a circulating supply of just over 20 million ENS tokens.
Can ENS be mined?
It is unclear if you can mine ENS tokens; just because it’s built on the Ethereum blockchain doesn’t mean it can be mined.
With that said, the token is an ERC-20 token which means you can convert it into an NFT and use it for the protocol’s utility and governance of the network.
What is the market cap of Ethereum Name Service?
At the time of writing this article, the ENS market cap stood at $305,404,233, with a 24-h trading volume of $128,497,222.
The diluted market of ENS tokens is standing at $1,508,867,463. The ENS token is currently ranked at number 116 on the CoinMarketCap database.
Biggest Competitors Of Ethereum Name Service
Being able to change those long crypto addresses into shorter URL-type addresses has been an excellent addition to the crypto space.
ENS saw a gap in the market and took it; the result was a great success, but with such success comes competition.
The reality is when something works, more people want to follow that trend by creating their own ENS domain names, and then we find an increase in companies offering the same services. Here is a list of significant competition that ENS has:
- HollaEx
- Voltswap
- Meter
- Unstoppable Domains
- Handshake
- EmerDNS
What Are The Future Plans For Ethereum Name Service
As the world starts looking further into the adoption of Web3 and blockchain, the future for ENS is looking brighter by the day. Even with the constant competition, the company predicts steady growth of new ENS registrations.
They plan to focus more of their time on targeting more prominent companies, sports teams, and products that can significantly impact the space.
ENS is also planning on becoming the biggest domain name provider in the crypto sphere by attracting celebrities and influencers to reserve their domain name, which can later be sold as an NFT.
They plan on working alongside the community to develop developments that process registration faster and provide a better user experience.
Pros And Cons Of Ethereum Name Service (ENS)
Pros:
- Changing your address to a more accessible, readable name is still one of the biggest pros, which is a critical problem within Web3.
- It makes sending and receiving assets so much easier.
- You can transfer your domain name into an NFT.
- You possess subdomain control.
- They are the first company to come up with this service which sees a wide range of credibility amongst their users.
Cons:
- Even with their popularity, they are still ranked too low by market cap.
- They have a yearly subscription fee which some may find is too much for what you get.
- The token has little utility away from the network.
- The number of competitors is increasing by the day.
Resources:
https://currency.com/ethereum-name-service-price-prediction
https://nftnow.com/news/everything-to-know-about-the-massive-rise-in-ethereum-name-service-ens-nfts/
https://www.one37pm.com/nft/ens-airdrop-is-here-why-its-important-how-to-claim
https://cryptotesters.com/blog/what-is-the-ethereum-name-service-ens-and-what-is-it-good-for
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