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 goal of the project is to simplify the use of long and complex Ethereum addresses by converting them to text. In this post we will find more about it. Let us begin.
What does the Ethereum name service do?
ENS makes it easy to share, use, and remember addresses and other data. To give an example, an address that starts with 0xDc45. it is very difficult to remember. These 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 block chain adoption.
The Ethereum Name Service (ENS) is also not limited to just wallet addresses. It can also be used to represent people and data that are commonly traded with cryptocurrencies. We can think of ENS as the telephone book of the Internet. It’s 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. Therefore, 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 based on blockchain.
Who is in the ENS team?
If we talk about the Ethereum name service team, Nick Johnson works as the creator and lead developer. Jeff Lau serves as a frontend and Solidity developer. Brantly Millegan leads the operations team. Muhammed Tanrıkulu, another software developer on 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 exchange 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. In addition to 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 will understand the need for ENS when transferring crypto from one account to another when you are worried about getting mixed up with multiple addresses or sending to the wrong address. Just like you would save a friend’s phone number under their 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 also doesn’t have to always be a wallet address. 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 quite simple nowadays. All you have to do is go to https://app.ens.domains/ and check if the domain name you want is in use. 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 it is not a wallet that stores the value of the Ethereum Name Service (ENS) that it has. They are the software that contains the private and public keys required to use the Ethereum Name Service (ENS) values that you have. Ethereum Name Service (ENS) wallets allow you to view your Ethereum Name Service (ENS) balance and transfer your Ethereum Name Service (ENS) balances to other Ethereum Name Service wallets with the Blockchain system. Each Ethereum Name Service wallet has an address, this address code consists of 26-35 characters of numbers and letters. 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. To send Ethereum Name Service (ENS) from your Ethereum Name Service (ENS) wallet to another Ethereum Name Service wallet, you must use your wallet’s private key code. 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 into real money, you need to use reliable cryptocurrency exchanges.
There are 3 types of Ethereum Name Service (ENS) wallets:
Ethereum Name Service (ENS) Desktop 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 Internet-connected Ethereum Name Service (ENS) wallet, it is vulnerable to Internet dangers. It is an ideal wallet for users who will transfer active Ethereum Name Service (ENS) and keep 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 usually 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 can 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 hard copy. 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
Ethereum Name Service (ENS) Web Wallets are a form of wallet where wallet service providers hold their Ethereum Name Service (ENS) balances. It is necessary to pay attention to the reliability of companies providing Ethereum Name Service (ENS) Web wallet services. They are Ethereum Name Service (ENS) wallets that you can hold on various crypto exchanges. The biggest advantage of Ethereum Name Service (ENS) Web wallets is that you can access and transact from anywhere you have an internet connection.
A significant portion of your Ethereum Name Service (ENS) balance in your Ethereum Name Service (ENS) wallet is held 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). Generally, you will not be charged a fee for using the wallet in such cases.
How is the price of the ENS calculated?
The price of the Ethereum name service generally varies according to the balance between supply and demand. Ethereum Name Service is an ecosystem created by its users, and its current value changes depending on the balance of supply and demand from its users. As with real money securities, it is not tied to any central bank or regulatory system.
The Ethereum name service is frequently used in buy/sell transactions on cryptocurrency exchanges due to the change in prices. In addition to buy/sell transactions, many users consider Ethereum Name Service to be an investment tool. Ethereum Name Service keeps your balance in your 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, more reliable and cheaper makes Ethereum Name Service more attractive as a means of payment than real money.