Ethereum Name Service (ENS) was founded in 2017 by former Ethereum developers Nick Johnson and Alex Van de Sandeas as an Ethereum-based project. The aim of the project is to simplify the use of long and complex Ethereum addresses by converting them into text. In this post, we will find more about it. Let’s get started.
Ethereum Name Service (ENS): All You Need To Know
What does the Ethereum Name Service do?
ENS makes it easier to share, use and remember addresses and other data. To give an example, an address that starts with 0xDc45. is very difficult to remember. Such numbers and letters are read by machines and when we transfer a cryptocurrency, the transfer goes to the owner of these numbers. The Ethereum Name Service, on the other hand, aims to convert these numbers into human-readable alternatives. It is an important step that will increase blockchain adoption.
The Ethereum Name Service (ENS) isn’t just limited to wallet addresses, either. It can also be used to represent people and data that commonly trades on cryptocurrencies. We can think of ENS as the phone book of the internet. It is called Domain Name System (DNS), which is a naming system. DNS takes hard-to-remember IP addresses and adds them to an easy-to-use URL. Thus, users can enter the website by typing the name of the website they want to enter instead of entering numbers to enter the site. In other words, we can say that ENS is the DNS of the Ethereum blockchain. If we look at the difference between ENS and DNS, we can say that ENS is blockchain-based.
Who is on the ENS team?
If we talk about the Ethereum Name Service team, Nick Johnson works as the Creator & Lead Developer. Jeff Lau serves as both frontend and Solidity Developer. Brantly Millegan leads the operations team. Muhammed Tanrıkulu, another software developer of the team, works as a Full Stack Developer.
How does the ENS service work?
An ENS domain name is also unique and ERC-721 NFTs are used to represent this similarity. You can trade a domain name by transferring or selling NFT to someone else. Wallet addresses and other data can be managed by the owner. The ENS service gets an extension with .eth.
To buy an Ethereum domain, you can check its availability and rent it annually. Domain names with the “.eth” extension of famous names were initially auctioned. Apart from the domain name, a subdomain is also available. First of all, you need to get a domain name. You can also create other domains for free when you buy them.
What can you do with ENS?
If we look at what makes ENS valuable, you’ll understand the need for ENS when transferring cryptocurrencies from one account to another when you’re worried about confusion with multiple addresses or sending it to the wrong address. Just like you would save a friend’s phone number with his or her name, ENS allows users to convert long numbers into easy-to-remember words. This creates a simple and very useful experience with less chance of errors.
An ENS registrant can also create subdomains to which further data can then be assigned. It doesn’t always have to be a wallet address, either. You can use it to route to a smart contract, processing or data.
How to get your ENS domain name?
Getting an ENS domain is pretty simple nowadays. All you have to do is to go to https://app.ens.domains/ and check if the domain name you want is taken. If the domain name you want is not taken, you can connect your wallet to the site and buy the domain name you are interested in for Ethereum. It will show you both the domain name fee and the gas fee to be paid there. It can be rented for a minimum of one year, but you can increase the duration by paying a little more.
How big is the ENS token economy?
The total and maximum supply of Ethereum Name Service (ENS) is 100 million, and its circulating supply is 20 million.
Ethereum Name Service (ENS) Wallets
An Ethereum Name Service (ENS) wallet is not a wallet that stores the Ethereum Name Service (ENS) value you have. They are the software that contains the private and public keys required to use the Ethereum Name Service (ENS) values you have. Ethereum Name Service (ENS) wallets allow you to see your Ethereum Name Service balance and transfer your Ethereum Name Service (ENS) balances to other Ethereum Name Service wallets with the Blockchain system. Every Ethereum Name Service wallet has an address, this address code consists of 26-35 characters of numbers and letters. The Ethereum Name Service (ENS) is the address of the Ethereum Name Service wallet, which is visible to others and allows them to send the Ethereum Name Service (ENS) to your wallet. With this address, you can deposit Ethereum Name Service from other wallets to your own wallet. In order to send Ethereum Name Service (ENS) from your Ethereum Name Service (ENS) wallet to another Ethereum Name Service wallet, you need to use the Private Keycode of your wallet. With the Ethereum Name Service wallet, you can join the Blockchain system that underpins the Ethereum Name Service technology.
With the Ethereum Name Service (ENS) wallet, you cannot convert the amount of Ethereum Name Service (ENS) in your balance into real money. To convert your Ethereum Name Service (ENS) balance to real money you need to use trusted cryptocurrency exchanges.
There are 3 types of Ethereum Name Service (ENS) wallets:
Desktop Ethereum Name Service (ENS) Wallets
They are wallet programs that you can download and use on your computer. The public and private keys of your Ethereum Name Service (ENS) wallet are stored in your computer’s memory. Because it is an Ethereum Name Service (ENS) wallet connected to the Internet, it is vulnerable to dangers from the Internet. It is an ideal wallet for users who will be transferring active Ethereum Name Service (ENS) and holding small amounts.
Paper Ethereum Name Service (ENS) Wallets
Paper wallets are the papers on which the Public Key and Private Key of your Ethereum Name Service (ENS) wallets are written. In Paper Ethereum Name Service (ENS) wallets, your Ethereum Name Service (ENS) address information is generally displayed as a QR code. Since it is an Ethereum Name Service (ENS) wallet without an internet connection, it is the most secure wallet against attacks that may come from the internet. You can create a custom-designed Paper Ethereum Name Service (ENS) wallet, or you can create your own Ethereum Name Service (ENS) wallet information as a printout. Since it is a physical Ethereum Name Service (ENS) wallet and your wallet information is written on it, you could lose your entire Ethereum Name Service (ENS) balance if you lose your wallet.
Web (Online) Ethereum Name Service (ENS) Wallets
Web Ethereum Name Service (ENS) Wallets are a form of wallet in which your Ethereum Name Service (ENS) balances are maintained by wallet service providers. It is necessary to pay attention to the reliability of companies providing Web Ethereum Name Service (ENS) wallet services. They are Ethereum Name Service (ENS) wallets that you can have on various crypto exchanges. The biggest advantage of Web Ethereum Name Service (ENS) wallets is that you can access and transact from anywhere you have an internet connection.
A significant part of your Ethereum Name Service (ENS) balance in your Ethereum Name Service (ENS) wallet is kept in cold wallets. Cold wallets are private security wallets that do not have an internet connection. You can use the Ethereum Name Service (ENS) to store your balance and you can buy and sell on your preferred crypto exchange whenever you want (using apps like 1k daily profit). You will usually not be charged a fee for using the wallet in such cases.
How is the ENS price calculated?
The Ethereum Name Service price generally varies in line with the supply and demand balance. Ethereum Name Service is an ecosystem created by its users, and its current value changes according to the supply and demand balance of its users. As with real money values, it is not tied to any central bank or regulatory system.
Ethereum Name Service is frequently used in buying/selling transactions in Cryptocurrency Exchanges due to the change in prices. Apart from buying/selling transactions, Ethereum Name Service is seen by many users as an investment tool. Ethereum Name Service keeps their balance in their Ethereum Name Service Wallet.
Although Ethereum Name Service does not have a physical equivalent, it is a currency and is also used as a payment tool. There are companies that receive payments with Ethereum Name Service in many parts of the world. In international trade, the fact that paying with Ethereum Name Service is faster, reliable and cheaper makes Ethereum Name Service more attractive as a means of payment than real money.