ENS is an Ethereum-based name and lookup service that allows crypto users to convert their machine-readable addresses to human-readable addresses. The system can be thought of as a nickname generator for public addresses on the Ethereum blockchain, all of which are pointed towards the transformation of crypto assets into more accessible systems. The Ethereum Name Service is a system with an open, distributed, and extensible feature that provides names that are readable to computers unlike the regular names used on the blockchain. The service also extends beyond just the names of the participants of the network, it also extends to content hashes, as well as metadata. The network also supports a reserve solution platform that operates on a protocol that enables the association of metadata such as interface descriptions that hold Ethereum addresses, as well as canonical names.
The broad goal of the ENS platform is similar to those set out by Internet’s Domain Name Service, but on this system, the architecture is significantly different due to some constraints, as well as some capabilities provided by the Ethereum ecosystem. Much like the DNS systems, the ENS platform is operated on a network of dot-separated hierarchical names known as domains. The owner of the domain will have total control of the subdomains and also has the power to configure it to suit themselves and others.
Who are the Founders of Ethereum Name Service (ENS)?
The Ethereum Name Service platform was established by a top professional in the world of blockchain technology named Nick Johnson.
Johnson obtained his Bachelor’s degree in computer science from the University of Canterbury. Shortly after obtaining the degree, he worked in several IT capacities in several companies including Niche software Ltd, Atmosphere design, Haydrian corporation. Later, he landed a job as a developer programmer engineer at Google and then as a senior software engineer. Later, he went on to establish the Ethereum Name Service platform.
What is Ethereum Name Service (ENS) used for?
The ENS platform sees itself as an open public utility system that is owned by the community and as a result of its decentralized nature and governance protocol, the platform stands to develop into a generally more significant backbone of the crypto and Web 3.0 space. In general, the cryptocurrency space is considered a widely technical space, and that, in most cases is enough to discourage newbies in the crypto space from exploring other parts of the ecosystem, However, the ENS system solves this major problem by making the crypto space overall more accessible and easier to use than regular systems. The ENS system translates long collections of numbers that are machine-readable public addresses to more precise and memorable links that allow users to easily utilize them in their daily transactions. It also allows them to interact with the decentralized apps and also receive all the types of NFTs and cryptocurrencies. Additionally, it also aims at connecting all wallets, sub-domains, and websites of an individual into a single link, thus making the cryptocurrency space generally more user-friendly and significantly less technical. ENS and other relating incentives will be important for the removal of psychological roadblocks of cryptocurrency adoption on a global level.
According to the roadmap of the ENS platform, the system mainly goes as far as 2021, however, it plans on the complete integration of the DNS namespace, implying that the owners of internet domains will be able to claim them on the ENS network. This will put the ENS platform in the position of a parallel extension of the DNS, thus creating a group of cross-platform Web 3.0 usernames, which will become a major component of the decentralized identity recognized in the world of blockchain technology. On a global scale, this makes the crypto industry largely more accessible to everyone, majorly beginners.
What Is the Unique Point of Ethereum Name Service (ENS)?
The Ethereum Name Service platform is essentially the Web 3.0 version of the Domain Name Service system. The WNS system provides a decentralized alternative to the general operation of DNS on the internet while removing all the risks associated with having single points of failure. As a blockchain-based protocol, the ENS platform is inherently more censorship-resistant and secure than regular platforms due to its development on the Ethereum blockchain. However, the system also has the unique advantage of being made of two major smart contracts promoting its interoperability and its smart congrats system.
The ENS platform is the first service of its kind in the crypto and blockchain addresses system. Some other services are on the way to replacing the old DNS used for the internet, but the ENS is presently the only platform in its league that provides human-readable functionality that can be used across all wallets, as well as dApps and websites that are decentralized. Through its transformation of complex strings of characters into easy understand, human-readable links. The platform also aims at making crypto transactions easier and more accessible for beginners in the blockchain industry. However, the future may hold similar services, but currently, the ENS does not have any comparable rivals that provide the number of services it does.
How many Ethereum Name Service (ENS) coins are in circulation?
The ESN token is the dedicated cryptocurrency of the Ethereum Name Service and is also used for the platform’s governance. The token is used for the submission of proposals and for casting votes to drive the platform towards improvements in the future.
The token has its maximum supply pegged at 100,000,000 coins and of that amount, the platform has its circulating supply at 19.6 million. After the ENS token was released, its supply was distributed following a particular system. For starters, 25% of the supply was airdropped to a collection of ETH holders, an extra 25% was assigned to the contributors of the ENS platform. The leftover 50% was assigned to the ENS ecosystem.
Is the Ethereum Name Service (ENS) Network secured?
The Ethereum Name Service platform was designed on the Ethereum blockchain, as such, its security falls under the same protocol as used by the Ethereum ecosystem. This implies that the ENS Coin is secured by the ERC-20 dedicated proof of work consensus mechanism. The proof of work system facilitates consensus on the Ethereum ecosystem and connected platforms for decisions on matters like the order of transactions and account balances. By doing this, the native problem of double spending is completely avoided and this makes the network incredibly difficult to hack.
The mechanism also secured the platform through several protocols, one of which includes a large majority of nodes validating transactions before they are added to blocks. This procedure is repeated for every transaction that is executed on the network making its system virtually impenetrable.
How do I buy Ethereum Name Service (ENS)?
The Ethereum Name Service platform is essentially a one-of-a-kind system that provides a solution to the cryptocurrency industry that has been a need for quite some time. The token also adds some other features that regular crypto platforms have, one of which is its interoperability function. Also, the tokens provide an avenue where users can earn from swapping their tokens with other types of cryptocurrencies such as TERRA and VET. This has led to major growth on the platform with more people tapping into its ecosystem. Its Token are largely available on several exchanges and can be bought easily through the following procedure.
- Create an account with a supported crypto exchange.
- Deposit a specific amount into the account.
- Buy ENS tokens.
Which Cryptocurrency Wallet Supports Ethereum Name Service (ENS)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Ethereum Name Service (ENS). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their ENS wallet because it offers a simple and interactive interface making it easy for people to navigate its system.