Ethereum Name Service
Long strings of numbers and characters meant to be read by computers are known as crypto addresses. These lengthy addresses have caused confusion and even financial loss.
The Ethereum Name Service, or ENS, is a distributed platform based on the Ethereum blockchain that gives an easy solution to long and complicated crypto addresses: a single URL that symbolizes a crypto address, exactly like a website name or email.
The Ethereum Name Service uses the same idea as the Domain Name Service (DNS), which maps simple website names to IP addresses, to make crypto addresses simple to read and communicate.
To visit a website in the early days of the internet, you had to type in the long public address, which was a long string of digits that was difficult to remember and practically impossible to predict. Then came human-readable names, which made it easier for regular people to navigate the internet. For Example, to find Google, you'd need to enter 126.96.36.199.
However the crypto world is still in its long addresses stage and to get to the pages they desire, users require long, difficult-to-remember addresses. This is where the Ethereum Name Service comes in handy. It aspires to make cryptocurrency as simple as surfing the web.
What is Ethereum Name Service?
Ethereum Name Service (ENS) is a system that links machine-generated codes to human-friendly names, similar to DNS. The Ethereum Name Service, on the other hand, is a totally open, decentralized, non-profit name system that is Web3 compatible, unlike the Domain Name System. It is powered by The Ethereum blockchain, and the names on the ENS system are protected by smart contracts.
More About ENS
• Long strings of numbers and characters meant to be read by computers are known as crypto addresses. These lengthy inscriptions have caused confusion and even financial loss.
• The Ethereum Name Service is a distributed platform based on the Eth blockchain technology that gives an easy solution to long and complicated crypto names: a single URL that symbolizes a crypto address, exactly like a website name or email.
• The ENS registry, which records domain names, and the Resolver, which converts domain names to machine-readable addresses and vice versa, are both Ethereum smart contracts.
• Users are hurrying to obtain their ENS domains before they become unavailable, much as they did in the early days of DNS names.
• ENS supports a variety of domain extensions, including .com,.org,.io,.app, and more.
• Brave, Opera, Status (mobile), MetaMask Mobile (mobile), and Puma are among the browsers that now support the ENS name. A browser like Chrome or Safari will not operate with ENS.
The ENS is run by a decentralized autonomous organization (DAO), which is essentially a non-centralized organization. The DAO is governed by the ENS token, which allows holders to propose suggestions and vote on future development.
Ethereum name service price today:
According to Coinbase in the last seven days, the service price of Ethereum Name Service has dropped by 50.21 percent. In the previous 24 hours, the price dropped by 24.81 percent. The price has dropped by 0.65 percent in the last hour. The current ENS price is £9.008571. Ethereum Name Service is now trading at a price of £69.443094, down 87.03 percent from its all-time high.
There are now 20,244,862.091 ethereumnameservice in circulation.
Who Runs ENS?
The Ethereum Foundation members Nick Johnson and Alex Van de Sande lead the early development of the ENS community.
The initiative distributed ENS tokens to users of the service in November 2021 and created a DAO, to run it. (True Names Limited is the legal entity linked to the DAO.) ENS token holders act as shareholders in the corporation, making choices regarding pricing, protocol modifications, and how funds are managed in the treasury.
The introduction of ENS tokens also resulted in the project's funding strategy shifting away from grants. On crypto exchanges, ENS tokens may be traded for US dollars and other cryptocurrencies, giving the project's creators a financial lifeline.
How to Register for an ENS Domain
You may use an Ethereum wallet like MetaMask to look for available domain names at manager.ens.domains. After you've chosen your domain, the system will guide you through the registration process, which will need you to confirm two transactions from your wallet. You'll also have to decide how long you want to register a domain, with an annual rent of $5.00. (paid in ETH). As the domain owner, you may now configure the various locations or information you wish that name to connect to, as well as any subdomains.
The Year Of The Ethereum Name Service
The Chinese calendar states that 2022 is the year of the tiger, however, in the crypto world it is undoubtedly the year of the Ethereum Name Service. ENS has been the preferred platform for thousands of dApp (Decentralized App) customers, allowing them to migrate completely to Web3. ENS registered nearly 163,000 new domains in April alone, and by the end of the month, daily transaction volume on the platform had surpassed BAYC NFTs on OpenSea. It didn't end there, though.
With one million names generated on May 2, ENS hit a new milestone. With all of this activity, ENS names has dethroned OpenSea as the most popular gas-burning protocol on Ethereum.