What is Ethereum Name Service (ENS)? Things to know about ENS

• Overview of Ethereum Name Service
• What is Ethereum Name Service?
• Highlights of Ethereum Name Service
• Structure of Ethereum Name Service
• Ecosystem of ENS
• Development team and financial backers for ENS
• Some information about ENS . token
• What is ENS token?
• ENS . Token Allocation
• How to register a domain name on ENS
• summary

Overview of Ethereum Name Service

What is Ethereum Name Service?

Ethereum Name Service (ENS) is a service that provides domain names for Ethereum wallet addresses, smart contracts, and applications built on the Ethereum blockchain.

Ethereum's address is a string of digits and begins with the character '0x'. Therefore, it is almost impossible for investors to remember them. The Ethereum Name Service will simplify complex addresses into something easier to remember. That is, the user can create an address with the structure "the keyword the user wants to set" and the suffix ".eth".

For example : The name “coinvn.eth” will replace the number sequence “0x123456…00” that we often use to send and receive ERC-20 tokens.

ENS deploys on a hierarchical domain name system similar to DNS consisting of domains (Domain) and subdomains (Subdomains). However, the structure of ENS will be different because it is built on the Ethereum blockchain.

Highlights of Ethereum Name Service

Ethereum Name Service is built on top of Ethereum smart contracts. Therefore, users using ENS will be assured of the security, privacy, and censorship resistance of this platform. 

ENS is a completely decentralized project and the owner of the domain name (Domain) will have full control over the subdomain (Subdomain). In addition, ENS can interact with smart contracts and projects in the Ethereum ecosystem.

Structure of Ethereum Name Service

Ethereum Name Service has 2 main parts, ENS Registry and Resolvers, in which:

ENS Registry : A Smart Contract containing a list of primary and secondary domains. Each primary and secondary domain stores the following 3 pieces of information:

• The address of the owner of the main and subdomains
• The address of the person who performs the conversion of the main and subdomains
• Expiration of the main domain name

The owner of a domain name has the right to:

• Specify the person to perform the conversion and the duration of the domain name
• Transfer ownership of domain name to another address
• Change owner of subdomain

Resolvers : This is where the domain name to address conversion is performed and returns the address corresponding to the registrant's domain name.

Basically, ENS is just 2 smart contracts. The ENS registry will record all primary and secondary domains as well as owner details and links to Resolvers. As mentioned, ENS deploys on a hierarchical domain name system similar to DNS consisting of primary and secondary domains. Thereby, the main domain owner will have full control over any subdomains. So, with the domain name "coinvn.eth", we can create a subdomain of "email.coinvn.eth".

Ecosystem of ENS

Wallets (Wallets)

ENS currently supports more than 50 crypto wallets such as: Coinbase, Rainbow, Trust Wallet, MyCrypto, Bitcoin.com Wallet, 1inch Wallet, AlphaWallet, MetaMask, Authereum...

Applications (Apps)

ENS currently supports more than 250 popular applications (Apps) such as: Uniswap, Etherscan, Showtime, The Graph, Aavegotchi, 1inch, 3Box Hub, 3F Mutual...

Browsers (Browsers)

ENS currently supports more than 10 browsers: Brave, Opera, Puma, Cloudflare, Status, eth.link, eth.limo… 

Development team and financial backers for ENS

ENS . Development Team

ENS was founded by the Ethereum Foundation in 2017. ENS was later spun off into an independent operating unit with the management of the non-profit organization True Names LTD in Singapore in 2018.  

ENS development team includes members such as: Nick Johnson, Jeff Lau, Makoto Inoue, Rebecca Liebert, Dean Eigenmann, Jim McDonald, Kevin...

Key members in managing ENS root include: Nick Johnson, Sergey Nazarov, Dan Finlay, Taylor Monahan, Aron Fischer, Jason Carver, Martin Swende.

Financial sponsors for ENS

The financial backers for ENS are all familiar names in the crypto market including: Ethereum Foundation, Chainlink , Protocol Labs, Ethereum Classic Labs and Binance X.

Some information about ENS . token

What is ENS token?

Ethereum Name Service created a DAO and issued ENS tokens to empower the community to manage the project. ENS owners will have the right to propose and contribute ideas to help developers build the Ethereum Name Service project. Besides that, they can also control funds from the DAO community coffers and get more rewards in the future.

ENS . Token Allocation

The total supply of ENS is 100,000,000 tokens with the Contract address “token.ensdao.eth”. The ENS token allocation plan announced by the development team is as follows:

• Airdrop for “.ETH” domain owners: 25%
• ENS Contributors: 25%
• DAO Community Treasury: 50%

ENS . Token Allocation

Specifically, Ethereum Name Service will use 25% of ENS tokens to Airdrop to users who have registered the domain name “.ETH” at level 2. In addition, ENS will also use 25% of the total supply of ENS tokens allocated to the team. The core team at True Names LTD, contributors to help the project grow, 450 people participating in ENS Discord… The remaining tokens will be allocated to the DAO community treasury.

Note : In fact, ENS only displays the domain name as lowercase letters such as "coinvn.eth", and the way to write ".ETH" is to make it easier for readers to follow the article.

How to register a domain name on ENS

Step 1 : Investor accesses app.ens.domains and connects to an Ethereum wallet, such as MetaMask . After that, investors enter “ Keywords they want to set ” and suffix “ .eth ” to register domain names.

Note : The shorter the domain name, the larger the registration fee that investors have to pay. Investors will use ETH as a means of payment and the cost of domain name registration is as follows:

• From 5 characters or more: US$5/1 year
• 4 characters: 160 USD/1 year
• 3 characters: 640 USD/1 year
• These prices may change in the future

Step 2 : Next, investors use the “ – ” and “ + ” buttons to choose the domain name rental period (minimum one year).

Step 3 : After that, investors click on “ Request To Register ” to request domain name registration .

Step 4 : The system will ask to wait for about 1 minute to confirm.

Step 5 : To complete the registration, investors need to click " Register " and select " Send ".

At this point, the interface will display a line "Tx Pending" in the bottom right corner of the screen. After the system has confirmed, the investor chooses " Manage Name " to link the old address with the new ENS domain name.

Step 6 : Next, investors scroll down and find the Resolver section. Here, investors select the item " Use Public Resolver " and click " Save " to save the changed parts.

Step 7 : Finally, investors select “ Records ” and paste the Ethereum address in the blank field and then select “ Save ”. Once the transaction is confirmed, the investor can start receiving cryptocurrency with this ENS domain.

Note : When registering a domain name on ENS, investors will need to pay an amount including Gas fee and domain name rental fee.

summary

Above is all information about the Ethereum Name Service project and instructions on how to create a domain name on ENS. Currently, ENS has integrated with DNS domains. Thereby, Website owners with domain money on DNS can use that name on ENS. That is, “coinvn.com” can be linked to “coinvn.eth” and users can access the content on TraderH4 official page through “coinvn.eth”.

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