In this day and age, cryptocurrencies are all the rage. Everybody is talking about Bitcoin, Ethereum, Litecoin, and all the other altcoins and many people still miss the Ethereum Name service bullrun.
If you’re like most people, you may be wondering what all the fuss is about.
In this post, we’ll go over what is Ethereum Name Service (ENS) and how to use it.
What is Ethereum?
Ethereum is a decentralized platform that runs Ethereum smart contracts: applications that run exactly as programmed without any possibility of fraud or third-party interference.
Ether is the native cryptocurrency of the Ethereum platform, and it is used to pay for transaction fees and computational services on the Ethereum network.
What is Ethereum name service?
Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain. It enables anyone to register a unique identifier for their project, product, company, or whatever they wish. These identifiers can be used to resolve a human-readable name into an Ethereum address.
For example, the name “kenshoo.eth” could be resolved to the Ethereum address 0xb794F5eA0ba3949cEa063E7178f68568B65B5EDb.
ENS is offered as a public service by the Ethereum Foundation, and all contracts are open source and available on Github. ENS registrations are permanent and cannot be taken away from you.
They are also globally unique, meaning there can only be one name registered under a particular hash. This prevents name squatting and creates a more user-friendly experience when interacting with the Ethereum network.
What is the ENS governance token?
The ENS governance token is a new way for users to help manage the Ethereum Name System (ENS). The ENS is a distributed name registry that allows people to register and use convenient, human-readable names for addresses on the Ethereum blockchain.
ENS Token holders can participate in proposals to change the way the ENS is run. They can also vote on these proposals and help to decide which changes should be made to the system. In this way, the Ethereum community can come together and democratically choose how the ENS should be governed.
The introduction of the ENS Token will see a fundamental change in the governance of the Ethereum Name System. Up until now, control over the ENS has been centralized within the Ethereum Foundation. With the ENS Token, power will be handed over to the community, and decisions about the future of the system will be made through a decentralized process.
The ENS Token is an ERC20 token, which means it can be stored in any Ethereum wallet. It will be available for purchase on a number of exchanges and can also be earned by participating in certain activities related to the ENS.
How does ENS works?
Registry
A Registry is a smart contract on the Ethereum blockchain that maps human-readable names to addresses. It is the root of the ENS namespace, and all ENS names must be registered under it.
The Registry is decentralized, and anyone can register a name under it. Names are stored in the form of a hash, which makes them tamper-proof and permanently stored on the Ethereum blockchain.
Resolver
A Resolver is a smart contract that resolves ENS names to addresses. It is used to look up the address associated with a given name.
The Resolver is also decentralized, and anyone can create one. However, for a Resolver to be recognized by the Registry, it must be registered as the owner of a given name.
This registration process is done by setting the Resolver address in the Registry smart contract.
Registrar
The Registrar is a smart contract that allows for the registration of new names. It manages the auction process and assigns names to the highest bidder.
The Registrar is also decentralized, and anyone can create one. This registration process is done by setting the Registrar’s address in the Registry smart contract.
TLD Manager
The TLD Manager is a smart contract that manages the top-level domains (TLDs) of the ENS namespace. It is responsible for creating and assigning new TLDs.
This registration process is done by setting the TLD Manager address in the Registry smart contract.
FIFS Registrar
The FIFS Registrar is a smart contract that allows for the registration of new names using a first-in, first-served (FIFS) auction process. It is used to manage the ENS namespace under the “.eth” TLD.
This registration process is done by setting the FIFS Registrar address in the Registry smart contract.
GNS Registrar
The GNS Registrar is a smart contract that allows for the registration of new names using a guidelines-based naming system (GNS). It is used to manage the ENS namespace under the “.xyz” TLD.
This registration process is done by setting the GNS Registrar’s address in the Registry smart contract.
ENS is designed to be extensible and future-proof. The core components of ENS (the Registry, Resolver, and Registrar) are all smart contracts on the Ethereum blockchain. This makes them decentralized, tamper-proof, and permanent.
ENS also has a variety of other features that make it user-friendly and easy to use. For example, ENS supports multiple Resolvers, so you can choose which one you want to use.
How to get an ENS domain?
There are a few ways to get an ENS domain.
- One way is to purchase an ENS domain from a domain name provider. Another way is to become a member of the Ethereum Name Service (ENS) Registry and bid on an available .eth name.
- If you want to bid on an available .eth name, you first need to register with the ENS Registry and set up your account. You then need to claim your desired domain name and set up payment details. After that, you can start bidding on names at the auction portal.
- The bidding process is simple. You just need to enter your desired domain name and the bid amount. If you are the highest bidder when the auction ends, you will be the winner, and your domain name will be registered under your account.
- Once you have won an auction, you can set up your ENS domain to point to any Ethereum address you want. For example, you can set it to point to your ETH wallet address, your smart contract address, or your ENS Registry address.
The benefits of ENS:
There are many benefits of using ENS, including:
Security:
The Ethereum Name Service (ENS) is a decentralized naming system that allows human-readable names to be addressable on the Ethereum network. This is similar to the way that DNS works for the internet, allowing humans to use domain names instead of IP addresses. ENS provides a secure way to address resources on the Ethereum network, making it easier and more convenient for users to send and receive payments.
Usability:
ENS addresses are meant to be more user-friendly than traditional Ethereum addresses, which are long and difficult to remember. They are also less prone to errors, as they can be typed in instead of copied and pasted.
In addition, ENS addresses can be updated to point to different Ethereum addresses over time, which allows for greater flexibility and convenience.
Overall, the Ethereum Name Service provides a valuable service that makes it easier for users to interact with the Ethereum network.
Extensibility:
The Ethereum Name Service (ENS) is a distributed, open infrastructure that provides key management and resolution services for the Ethereum ecosystem. ENS is designed to be extensible and future-proof.
The core components of ENS (the Registry, Resolver, and Registrar) are all smart contracts on the Ethereum blockchain. This makes them decentralized, tamper-proof, and permanent.
By providing decentralization, ENS removes the need for a centralized name server or a root zone file. This allows it to provide stronger security guarantees and improve availability.
Decentralization:
Decentralization is a key feature of the Ethereum Name Service (ENS). ENS is built on the Ethereum blockchain, which means that no single entity has control over the system.
The Registry, Resolver, and Registrar contracts are all deployed on the Ethereum main net. This ensures that the ENS system is resistant to censorship and fraud.
The decentralized nature of ENS also makes it highly available; even if one node goes offline, the system will still be accessible from other nodes.
Decentralization is a key strength of the Ethereum Name Service.
Fungibility:
Another key benefit of ENS is fungibility. Fungibility is the property of a good or asset that makes it interchangeable with other goods or assets of the same type. In the context of the Ethereum Name Service, fungibility refers to the ability to change an ENS name to point to a different Ethereum address.
This enables users to update their ENS address to point to a new ETH address, for example, if they want to change wallets. This flexibility makes ENS more user-friendly and convenient than traditional Ethereum addresses.
However they are handed out as an NFT which can make it confusing since they are not fungible in “that way”
Interoperability:
ENS is designed to be interoperable with other systems. For example, you can use ENS to register and resolve domain names for websites that are hosted on the IPFS network. By doing so, you can create a truly decentralized web where users can access content without having to rely on a centralized server.
Immutability:
The implication of ENS addresses being immutable is that they cannot be changed or deleted. This ensures that ENS addresses will remain valid even if the owner of the address changes. This provides a high level of security and stability for the Ethereum network.
Censorship resistance:
Another implication of ENS addresses being immutable is that they are censorship-resistant. This means that no one can prevent you from sending or receiving ETH or other Ethereum-based assets to an ENS address.
Portability:
One of the great advantages of using an ENS address is that it is portable across different devices and platforms. This means that you can use the same ENS address on your desktop computer, your mobile phone, and your hardware wallet.
This is a big benefit for users who want to be able to access their crypto funds from any device. It also makes it much easier to keep track of your crypto holdings, as you only need to remember one ENS address.
Overall, the portability and privacy advantages of using an ENS address make it a great choice for cryptocurrency users.
ENS Vs. DNS
- ENS is the Ethereum Name Service, and it’s a decentralized system for Domain Name System (DNS) lookups.
- Whereas the DNS system is a hierarchical system centralized around root servers, ENS is a decentralized system that runs on the Ethereum blockchain.
- ENS has the ability to bind human-readable names like ‘myname.eth’ to addresses like 0x0123456789…, which can be used for sending transactions or interacting with smart contracts.
- Because ENS is built on the Ethereum blockchain, it’s censorship-resistant and not subject to hijacking or denial of service attacks.
- ENS domains are also cheaper and easier to use than traditional domains; you don’t need to go through a registrar, and you can use them anywhere that supports ENS.
- DNS matches IP addresses to human-readable domain names so that users don’t have to remember long strings of numbers. ENS does the same thing, but for Ethereum addresses.
Conclusion:
So, this is all about Ethereum Name Service. If you want to use a decentralized system for DNS lookups, then ENS is the best option for you. It has many advantages over traditional DNS, such as censorship resistance, portability, and immutability. So, if you are looking for a secure and convenient way to manage your Ethereum addresses, then ENS is the way to go.
I hope this article was helpful in explaining what the Ethereum Name Service is and how it works. If you have any questions, feel free to leave a comment below.
FAQs
What is ENS Ethereum name service?
The Ethereum Name Service (ENS) is a decentralized system for Domain Name System (DNS) lookups. It runs on the Ethereum blockchain and enables users to bind human-readable names like ‘myname.eth’ to addresses like 0x0123456789…, which can be used for sending transactions or interacting with smart contracts.
How to get your own ENS domain with an Ethereum wallet?
There are a few ways to get your own ENS domain. The simplest way is to use an online tool like MyEtherWallet or MetaMask. These tools will allow you to create and manage your ENS domain directly from your Ethereum wallet.
How to create subdomains with ENS?
To create a subdomain with ENS, you will first need to create an ENS domain. Once you have done so, you can use the “subdomain” function in your Ethereum wallet to create a subdomain.
Is internet protocol addresses the same as an ENS domain?
No, an internet protocol address is not the same as an ENS domain. An internet protocol address is a numerical label assigned to each device connected to a computer network. An ENS domain is a human-readable name that can be used to send and receive ETH or other Ethereum-based assets.
Do cryptocurrencies use an old Ip address setup?
No, cryptocurrencies do not use the old internet protocol address setup. Cryptocurrencies use a new system called the blockchain to keep track of transactions. The blockchain is a decentralized database that is not controlled by any one person or organization.
Do the same ENS domain names work with different cryptocurrencies?
Yes, different cryptocurrencies can use the same ENS domain name. For example, the Ethereum Name Service (ENS) allows you to register a unique .eth domain name that can be used with any Ethereum-based application.
How was this ENS Bullrun started?
Mainly by degens registering 3 & 4 digit numbers like 1737.eth was by me in the very early times (I am proud to call myself one of the maybe 5-10 key people to bring this up/forward) , a couple of larger accounts later hyped up this trend even more to now having mainstream attention in the community and press.
Nowadays there are countless sub-clubs like the 24hr ENS club, Arabic 10k club, and so on (and I do expect many more clubs and trends to form)
Moritz Pindorek (Moritzpindorek.com)
Social Media, Marketing & Blockchain
Crypto/Web 3 Advisor, Top 10 Crypto Influencer 2022(Forbes Monaco) & Top 10 Entrepreneur 2022 (Forbes Monaco)
Owner and writer for Cryptouserguide.com
