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  • Ethereum Name Service ENS
  • ( 1.64 % )
  • Rank #180
  • Coins

₹1280.65

₹ 1280.65

Contracts : Ethereum : 0xC18...e7F9D72   

  • Rank #180
  • Coins

Market Cap

₹35.18 B 1.8319%

Circulating Supply

31179100

Max Supply

100000000

Volume

₹2.51 B

All Time High :

₹6205.48

All Time Low :

₹556.54

Price change in 24H :

₹20.17

24H High :

₹1150.09

24H Low :

₹1085.54


Ethereum Name Service (ENS) Price Live Chart


Ethereum Name Service (ENS)

The Ethereum Name Service (ENS) is a decentralized, open, and expandable naming system built on the Ethereum blockchain. It facilitates the conversion of human-readable Ethereum addresses, such as john.eth, into the machine-readable alphanumeric codes commonly used in wallets like Metamask. Importantly, ENS also allows for reverse conversion, associating metadata and machine-readable addresses with human-readable Ethereum addresses.

ENS aims to enhance accessibility and comprehension in the Ethereum-based web, akin to how the Domain Name Service (DNS) simplifies internet access. Similar to DNS, ENS employs a hierarchical naming system with dot-separated domains, where domain owners have complete control over their subdomains.

In November 2021, ENS initiated a highly successful retroactive airdrop, rewarding users who had registered addresses before the token's official launch. This initiative contributed to the project's growth and user engagement. However, in February 2022, ENS faced criticism due to apparent homophobic tweets made by its director of operations. The incident prompted discussions within the community about governance and inclusivity within blockchain projects.


Founders

Originally part of the Ethereum Foundation, the Ethereum Name Service (ENS) became an independent entity in 2018. Nick Johnson, a seasoned software engineer hailing from New Zealand with prior experiences at Google and the Ethereum Foundation, leads the development efforts of ENS. The team comprises nine individuals dedicated to advancing the project's goals.

The governance structure of ENS involves a 4-7 multi-signature root, with key members overseeing its treasury:

  • Nick Johnson - ENS

  • Sergey Nazarov - Chainlink

  • Dan Finlay - Metamask

  • Taylor Monahan - MyCrypto

  • Aron Fischer - Colony

  • Jason Carver - Ethereum Foundation

  • Martin Swende - Ethereum Foundation

While ENS operates without external investors, it receives support from notable entities such as the Ethereum Foundation, Binance_X, Chainlink, Ethereum Classic Labs, and Protocol Labs. This collaborative backing reflects the shared commitment to the success and development of ENS within the broader blockchain and cryptocurrency ecosystem.


What Makes Ethereum Name Service Unique?

The Ethereum Name Service (ENS) stands out with its unique value proposition as the pioneer service transferring the Domain Name Service to the decentralized Web3. Positioned as an open-source project, ENS distinguishes itself as "an open public utility that belongs to the community," aiming to be an integral infrastructure for Web3, similar to the role DNS plays on the internet. Crucially, ENS avoids a single point of failure through blockchain technology, ensuring inherent censorship resistance and security.

Addressing a key challenge for blockchain mass adoption, ENS focuses on enhancing accessibility and user-friendliness. It introduces a user-centric approach by enabling individuals to receive cryptocurrencies or NFTs through simple and memorable links, eliminating the need for complex alphanumeric codes. This user-friendly design aims to make blockchain technology more approachable and less technical for a broader audience.

At its core, ENS operates on two smart contracts. The ENS registry records domain details, including ownership, resolver, and caching time. The second smart contract, the resolver, facilitates the translation between machine-readable addresses and domain names, connecting each domain to its corresponding user, website, or address. This dual-contract architecture underpins ENS's functionality in providing a decentralized and user-centric naming service for the Web3 ecosystem.


Network Security

Built on the Ethereum blockchain, ENS operates within the secure framework of Ethereum's proof-of-work consensus mechanism, where miners contribute computational power to mine new Ether and validate transactions. The decentralized nature of Ethereum, with over 10,000 nodes actively securing the network, fortifies ENS against any single point of failure and enhances resistance against potential hacks.

In addition to its integration with the Ethereum ecosystem, ENS has strategically partnered with various wallets, expanding its accessibility and user reach. Notable collaborations include partnerships with well-established wallets like Coinbase Wallet, Trust Wallet, My Crypto, and others. These partnerships amplify ENS's presence and utility within the broader cryptocurrency and blockchain community, providing users with seamless integration and a secure environment for managing their decentralized domain names.


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