What is Ethereum Name Service (ENS)?

What is Ethereum Name Service (ENS)?

What is the Ethereum Name Service and why is it important?



What is an ENS token coin and how does it work? 

How does ENS operate behind the scene and what are some notable technologies?



All of your questions will be answered through Bitkub Academy, who will demonstrate a complete understanding of what the Ethereum Name Service is!





What is Ethereum Name Service (ENS)?



Ethereum Name Service is an Open-source naming protocol which is built on the Ethereum blockchain network to convert lengthy blockchain network identifiers. Moreover, It is only readable by electronic devices such as Ethereum account addresses, other cryptocurrencies, hashed data, and data describing the blockchain's information (Metadata) to a human-readable and understandable domain name. Bitkubacademy.eth is an example. 





Developer team



The Ethereum Name Service was developed on 4 May 2017 by Alex Van de Sande and Nick Johnson from the non-profit organization Ethereum Foundation before leaving the organization in 2018 to be developed and managed by True Names Limited, a Singaporean corporation.



The Ethereum Name Service’s idea is based on the Domain Name System (DNS) which is a naming system on the internet that converts the Internet network's computer identification, also known as IP Address, consists of a lengthy and difficult-to-remember address and number to the URL website or name that we are familiar with. It will change to a language that can be understandable and easy to remember like https://www.bitkubacademy.com/ before storing information on the server.



Furthermore, the development team also designed a mechanism that allows any domain name or URL on the Internet to be connected to the Ethereum Name Service platform which enables users to use cryptocurrencies to pay for goods and services on the associated website. This is referred to as DNS Namespace Integration.



ENS is a Governance Token with the standard of ERC-20 to use in Decentralized Autonomous Organization (DAO). It is named ENS DAO because it allows currency holders to participate in the network's and user community's governance with price control due to the enormous level of investor interest in the ENS coin, the coin's price has been highly volatile during its inception.





ENS Highlights



1. A familiar name for avoid hedging



Since Ethereum Name Service has changed the difficult-to-read name to a more recognizable, readable, and understandable version, this simplifies the process of transferring assets between users and also helps avoid the risk of assets being transferred to the incorrect address.



2. Several features



Users can create any kind of address on the blockchain from smart contracts to all cryptocurrencies that have been developed on the ERC - 20 standard. Additionally, it can link to websites that are not part of the blockchain.



3. Pay-as-you-go



Ethereum Name Service will operate a name rental instead of a purchase basis. Therefore, customers can pay according to the duration of consumption, which ranges from one to five years.





Interesting Technology



Domain names registered with the Ethereum Name Service are categorized as assets in the NFT (Non-fungible Tokens) format in a Domain Name type on ERC-721 standard. This enables the transfer of ownership of assets to third parties just like other assets. 



1. ENS Registry 



ENS Registry is a smart contract that is tasked with the responsibility of storing the domain name such as .eth and the resolver’s address (or the person responsible for that name) to be used for the purpose of creating and distributing subdomain.



2. Resolvers



Resolvers are responsible for converting domain name to machine-readable identifiers on the blockchain network then sending it back to users. For example, Ethereum address, smart contract address, etc. Each domain name will have a unique resolver address.



The two steps involved in requesting a domain name and converting to a blockchain-based identity:



1. Users must request the desired resolver address number from the ENS Registry



2. Submit the desired domain name to the resolver address number from the previous step in order to request a name for blockchain network identification.

According to the website Coinmarketcap on December 14, 2021. ENS is the 222nd most valuable cryptocurrency by market capitalization with a combined market value of approximately 8 million US dollars or around 27 billion baht. There are 100,000,000 ENS coins in total, with approximately 20,244,862 coins in circulation. Moreover, ENS reached an all-time high at 2,861 baht and is currently trading at around 1,344 baht.





Conclusion



Ethereum Name Service is a protocol that is located on the Ethereum network for changing machine-readable identifiers on the blockchain network to human-readable names to make it more memorable and easy to use. It can also be transferred to other users, just like other assets.



Ethereum Name Service also has the ENS token as the Governance Token of the ERC-20 standard which is an important part of operating the ENS DAO system. Holders can take part in the network's and user community's governance. Due to the tremendous level of investor interest in the ENS coin during its inception, the coin's price is highly volatile.





Reference:



Coinbase, ENS, ENS, Coin98Insights, ENS, CloudFlare

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