What Is Ethereum Name Service (ENS)?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
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?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
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?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
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?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
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?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
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)?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
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.
Related Pages:
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
Check out Chainlink (LINK) — an oracle solution used by many protocols.
Check out Terra (LUNA) — a popular layer-one blockchain.
Learn more about Ethereum Name Service in our deep dive into ENS.
Get the latest crypto news and latest trading insights with the CoinMarketCap blog.
What is Blockchain?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
Blockchain is a decentralized and distributed ledger technology that securely records transactions across multiple computers in a verifiable and permanent way. It forms the underlying technology for cryptocurrencies like Bitcoin and enables transparency, security, and immutability.
What is Cryptocurrency?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates on decentralized networks, typically based on blockchain technology, and facilitates secure and transparent peer-to-peer transactions.
What is Bitcoin?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
Bitcoin is the first and most well-known cryptocurrency, created in 2009 by an anonymous person or group known as Satoshi Nakamoto. It operates on a decentralized peer-to-peer network and is used for secure, transparent, and censorship-resistant transactions.
What is the difference between Bitcoin and Altcoins?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
Bitcoin is the original and most widely recognized cryptocurrency, while altcoins refer to any other cryptocurrencies besides Bitcoin. Examples of altcoins include Ethereum, Ripple (XRP), Litecoin (LTC), and many others.
What is Staking?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
Staking involves participants locking up a certain amount of cryptocurrency in a wallet to support the operations of a blockchain network. It is commonly associated with proof-of-stake (PoS) and delegated proof-of-stake (DPoS) consensus mechanisms, where participants receive rewards for helping secure the network.
How Can I Stake Cryptocurrency?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
To stake cryptocurrency, you typically need to choose a platform or network that supports staking. Transfer your tokens to a compatible wallet, follow the staking instructions provided by the platform, and lock up the desired amount of cryptocurrency. Once staked, you may start earning rewards.
What Are Staking Rewards and How Are They Calculated?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
Staking rewards are incentives provided to participants who lock up their cryptocurrency to support the network. The amount of rewards varies and is influenced by factors such as the network's inflation rate, the total amount staked, and the specific rules of the staking protocol.
Can I Unstake My Cryptocurrency at Any Time?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
The ability to unstake and withdraw your cryptocurrency depends on the specific staking protocol and network. Some platforms may have lock-up periods or unbonding periods during which your staked tokens are inaccessible. Always check the terms and conditions of the staking service.
What are the Risks of Staking?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
Staking comes with risks, including the potential loss of staked funds if a participant behaves maliciously or fails to fulfill their responsibilities. Market volatility can also impact the value of staked tokens. It's crucial to thoroughly research the staking protocol and understand the associated risks.
Can I Lose Money by Staking?
![plus](/images/icon/icon-plus-light.svg)
![minus](/images/icon/icon-minus-light.svg)
While staking is designed to be a rewarding activity, there is a risk of losing money, especially if the value of the staked cryptocurrency decreases or if the staking protocol encounters security issues. It's important to consider both the potential rewards and risks before participating in staking.