Ethereum Name Service (ENS)
What Is Ethereum Name Service (ENS)?
Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain. ENS converts human-readable Ethereum addresses like john.eth into the machine-readable alphanumeric codes you know from wallets like Metamask. The reverse conversion -- associating metadata and machine-readable addresses with human-readable Ethereum addresses -- is also possible. The goal of Ethereum Name Service is to make the Ethereum-based web easier to access and comprehend for humans - similar to how the Internet’s Domain Name Service makes the internet more accessible. Like DNS, ENS also uses a system of dot-separated hierarchical names called domains with domain owners fully controlling their subdomains. ENS launched with a highly successful retroactive airdrop in November 2021 that rewarded users who had registered addresses before the project launched its token. However, in February 2022, it faced criticism over apparently homophobic tweets by its director of operations.
Who Are the Founders of Ethereum Name Service?
ENS was initially a part of the Ethereum Foundation, but spun off as a separate organization in 2018. Its Lead Developer is Nick Johnson, a software engineer from New Zealand that previously worked at Google and the Ethereum Foundation. The ENS team is nine people strong and its treasury is governed by a 4-7 multi-signature root with the following members: * Nick Johnson - ENS * Sergey Nazarov - Chainlink * Dan Finlay - Metamask * Taylor Monahan - MyCrypto * Aron Fischer - Colony * Jason Carver - Ethereum Foundation * Martin Swende - Ethereum Foundation Although ENS has no investors, it is supported by the Ethereum Foundation, Binance_X, Chainlink, Ethereum Classic Labs, and Protocol Labs.
What Makes Ethereum Name Service Unique?
Ethereum Name Service has a one-of-a-kind value proposition due to being the first service that transfers the Domain Name Service to the decentralized Web3. ENS is not a company but an open-source project that calls itself “an open public utility that belongs to the company.” Essentially, it aims to become a piece of infrastructure as vital to Web3 as the DNS is to the internet. Moreover, ENS does not have a single point of failure thanks to blockchain technology and is, by design, more censorship-resistant and secure. One of the main obstacles to the mass adoption of blockchain technologies has been their accessibility and ease of use, which ENS aims to remedy. Instead of using machine-readable albeit inconvenient alphanumeric codes, users can receive any crypto or NFT to a short and easy-to-remember link. This simplifies the user experience and makes blockchain technology less technical. Under the hood, ENS is built on two smart contracts. The first is an ENS registry recording domains registered on ENS and stores the following information about each of them: * The domain owner * The domain resolver * The caching time for all records under the domain The second smart contract is the resolver. Its purpose is to translate the machine-readable addresses to domain names and vice versa and match each domain to its corresponding user, website, or address.
How Many Ethereum Name Service (ENS) Coins Are There in Circulation?
ENS is the governance token of Ethereum Name Service and is used to govern the protocol and influence decisions on pricing its .eth addresses and the price oracle. Token holders can also delegate their tokens to the DAO for voting. The total supply of ENS is 100 million, and the circulating supply is just over 20 million at the time of writing. ENS is distributed as follows: * DAO Community Treasury (50%): 10% at launch, linear vesting over four years. * Airdrop to .ETH holders (25%) * Contributors (25%), with four-year linear vesting including: * Core Contributors: 18.96% * Select Integrations: 2.5% * Future Contributors: 1.25% * External Contributors: 1.29% * Launch Advisors: 0.58% * Keyholders: 0.25% * Active Discord Users: 0.125% * Translators: 0.05%
How Is the Ethereum Name Service Network Secured?
ENS runs on Ethereum, which is secured by a proof-of-work consensus mechanism that requires miners to mine new Ether. A set of decentralized nodes validates transactions and secures the Ethereum blockchain. Thanks to the decentralized nature of Ethereum, and over 10,000 nodes securing the network, ENS does not have a single point of failure and cannot be hacked as such. Ethereum Name Service has also partnered with different wallets like Coinbase Wallet, Trust Wallet, My Crypto and others.
Where Can You Buy Ethereum Name Service (ENS)?
ENS is available on Binance, OKX, Bitget, Mandala Exchange. If you want to learn more about how to start buying cryptocurrencies, you can read more in our guide.
What tools does Nimbus offer for effortlessly monitoring Ethereum Name Service?
Nimbus provides a user-friendly tracking solution equipped with intuitive tools to monitor Ethereum Name Service effortlessly. These tools are specifically designed for user convenience, allowing individuals to stay seamlessly updated on the latest trends, prices, and information related to Ethereum Name Service. Users can also explore the world of cryptocurrency effortlessly while simultaneously tracking Ethereum Name Service prices. The platform also offers insights into profit and loss, providing a comprehensive experience without the complexity typically associated with monitoring cryptocurrencies.
How does Nimbus enable tracking Ethereum Name Service prices with profit and loss?
Nimbus facilitates the tracking of Ethereum Name Service prices with profit and loss through seamless integration with your crypto wallet for portfolio monitoring. By connecting with your crypto wallet, Nimbus provides a clear and comprehensive overview of various metrics, including profits, losses, revenue, expenses, return on investment (ROI), and other essential financial indicators. This integration ensures that users can analyze their cryptocurrency portfolio with precision, gaining valuable insights into their financial performance. With Nimbus, users can navigate the cryptocurrency landscape with a perfect blend of simplicity and sophistication, enhancing their ability to make informed investment decisions.
How does Nimbus analyze Ethereum Name Service, and what insights does it provide?
Certainly! Nimbus possesses a robust analysis tool that is adept at evaluating and interpreting Ethereum Name Service . The tool employs diverse strategies, including delving into metadata details, tracking marketplace data, and calculating performance metrics such as Return on Investment (ROI). Through these methodologies, Nimbus provides users with valuable insights into the composition and performance of their Ethereum Name Service. Users can gain a comprehensive understanding of their investment. The analysis tool ensures that users are equipped with the necessary information to navigate the cryptocurrency landscape with confidence and intelligence.
Trending News
Solana Price Surge: Aiming $200 Breakthrough As DeFi TVL Grows 15%
The Solana price has been showcasing a robust technical structure, bolstered by a growing decentralized finance (DeFi) sector. The Total Value Locked (TVL) in Solana’s DeFi ecosystem has seen a […]
CoinOtag EN
Jul 26, 2024
Ethereum Futures Surge to Record Highs with Rising Demand from Spot ETFs on CME
The recent developments in Ethereum (ETH) futures on the Chicago Mercantile Exchange (CME) are causing a stir in the crypto market. Spot Ethereum Exchange-Traded Funds (ETFs) have started trading in […]
CoinOtag EN
Jul 26, 2024
XRP and Shiba Inu (SHIB) Holders Suffer, But Here's Why It's Bullish
XRP and Shiba Inu (SHIB) losses are piling up, but here's why this could signal major breakout
U.Today
Jul 26, 2024
2024 Berachain Mainnet Lansmanı için Potansiyel $BERA Airdrop’unda Yerinizi Nasıl Güvenceye Alırsınız
Blockchain sektörü, kripto dünyasında devrim yaratmaya kararlı yeni projelerin yükselişine tanık oluyor. Bu yeniliklerin arasında Berachain, topluluk içinde potansiyel bir airdrop söylentisiyle dikkat çekiyor. “Berachain, DeFi’de likidite ve güvenliği artırarak kritik sorunları çözmeyi hedefliyor,” diyor sektör uzmanları. Berachain’in yenilikçi ekosisteminden ve yaklaşan airdroptan nasıl faydalanabileceğinizi detaylı rehberimizle keşfedin. Kripto Dünyasında Berachain’in Ortaya Çıkışı Berachain, Cosmos […]
CoinOTag
Jul 26, 2024
Semler Scientific to Acquire More Bitcoin, Following MicroStrategy’s Lead Amid Institutional Adoption
Semler Scientific announces plans to sell stock to fund Bitcoin purchases. This initiative builds on the firm’s existing Bitcoin reserve strategy. Executives are inspired by Michael Saylor’s approach at MicroStrategy. […]
CoinOtag EN
Jul 26, 2024
ENS Market Statistics
Price USD
$26.70Market Cap
$876,868,119.58Total Volume USD
$137,769,529.07Total Supply
100,000,000.00 ENSCirculating Supply
32,836,023.69 ENSFully Diluted Market Cap
$2,670,445,507.69Socials
Official links
Join us to Maximize your Returns & Minimize your Risk
Gain access to all exclusive data, insight that can make your investment more joy
