Ethereum Name Service

What is the Ethereum Name Service?

ENS is the native Ethereum Name Service token. The latter is a decentralized platform that links unique names in the form hashes to machine readable identifiers. Think of it as An alternative to Web3 domain name service.

As of July 2022, there are over 1,000,000 names registered in the Ethereum Name Service.

The ENS token serves control token. This means that it provides voting rights to its owners. Typically, ENS coin holders vote on proposals related to the coin’s pricing policy. .this addresses that relate to the ENS price.

The total supply of Ethereum Name Service tokens is 100,000,000. Since it is a deflationary supply project, the price of its native ENS token may rise as tokens become increasingly scarce. Here’s how they were distributed:

• 50% – DAO Treasury;
• 25% – Airdrop;
• 18.96% – Main participants;
• 2.5% – Integrations;
• 1.29% – External participants;
• 1.25% – Future participants;
• 0.58% — Launch of advisors;
• 0.25% – Key owners;
• 0.125% – Discord community members;
• 0.05% – Translators.

You can take a closer look at the price history of Ethereum Name Service and the current price of ENS in the chart above.

What are the main features of the Ethereum Name Service?

Crypto project Ethereum Name Service completely decentralized since it is deployed on the Ethereum blockchain.

ENS produces human-readable Web3 domain names and registers them as hashes, i.e. fixed identifiers. These released names are described as “the first step into the metaverse.”

ENS names and addresses can be changed even after they have been purchased. It is also the first project that allows users to import their DNS domain names into the Web3 space.

In addition, ENS users can create your own subdomains or configure existing subdomains. For example, if someone owns an ENS domain called someone.eththey can create subdomains, for example social.someone.it.

Eat no restrictions about who can purchase ENS domain names.

As discussed in What is Ethereum Name Service section, we have established that it is DNS Web3. Both DNS and ENS operate on a hierarchical naming system in which names are separated by dots. Although the project has similarities with the Domain Name Service, its main difference can be seen through That implementation of blockchain technologies and focus on Web3.

The most important thing is that the names issued by the Ethereum name service are owned and controlled two smart contracts. The first one performs the function ENS Registerand the second serves resolverwhich converts human-readable names to machine-readable ones.

One of the main goals of the Ethereum Name Service crypto project is to become an important component of Web3, much like DNS is for our current state of the Internet – Web 2.0.

The Ethereum Name Service is supported by over 50 digital wallet providers, including Kinbase, Bitcoin.com, And Binance walletas well as more than 400 decentralized applications such as Uniswap, Open seaAnd 1 inch.

Moreover, ENS announced Bug bounty program. In the world of cryptography, a bug bounty is a bounty program that pays rewards to independent contributors who can discover vulnerabilities in a protocol. According to the ENS website, the size of the reward depends on the severity of the bug found. The highest award is $250,000.

Who developed the Ethereum Name Service?

The Ethereum Name Service crypto project was launched in 2017 Ethereum Foundation. However, in 2018, it split from the Ethereum Foundation and became a separate organization.

The main contributors to the Ethereum Name Service come from varied professional backgrounds. They worked with the Ethereum Foundation and Google projects. As of July 2022, the core team has 12 members, officially listed on their website.

The Ethereum Name Service crypto project uses “four of seven.” multi-signature model for the ENS root node. Signature managed by 7 members, including Colony’s Aron Fisher, Metamask’s Dan Finley, Ethereum Foundation’s Jason Carver, Ethereum Foundation’s Martin Swende, True Names Limited’s Nick Johnson, Chainlink’s Sergei Nazarov, and MyCrypto’s Taylor Monahan. This means that out of 7 participants, at least 4 must participate.

There is no public information about investments in the Ethereum Name Service, but the site lists its most generous backers, including the Ethereum Foundation, Ethereum Classic Labs, Binance_X, Chainlink, and Protocol Labs.

Before diving into any crypto project, be sure to do your research. In the case of the Ethereum naming service, you can start by checking the ENS price statistics in the chart above.