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ENS is an acronym for “Ethereum Name Service,” which is a protocol that allows you to do a variety of fun things on the Ethereum network. The fact that they translate machine-readable addresses to human-readable ones is probably the greatest value addition.
What can ENS be used for?
Okay, so most cryptocurrencies work on the basis of a public key and a private key. While the private key is used to communicate cryptographically, the public key serves as your address. Consider your public key to be similar to your home address or email address. You want to share it with people who are willing to pay you.
Perhaps you’re out for coffee with a friend, and they want to repay you. They’d need your public keys to do so. The problem is that the public key isn’t something you can simply utter out loud. It’s quite long and consists of a slew of seemingly random digits and letters.
This was an issue. Instead of reading aloud 64 numbers and characters and praying that your friend hears them all right in a noisy café, or emailing him your public key, you can simply tell him your ENS address, which may be as simple as abccrypto.ens.
You might inform them that the ENS name server will check your friend’s genuine address and that whoever registered ABC Crypto hs Ens will receive the money they are attempting to send. This is critical in overcoming the psychological barriers that prevent people from adopting cryptocurrency. The interesting part about ENS is that it is a 100-decentralized name service lookup system. This means that it is not governed by a single authority.
Who runs the ENS?
The Ethereum Foundation’s Nick Johnson and Alex Van Dison oversaw the original creation of the Ethereum name service, and you should know that it has been audited and is open source for anybody to examine and critique the code, which is a requirement for any effective blockchain utility.
The project distributed Ethereum Name Service tokens to service users in November 2021 and established a decentralized autonomous organization (DAO) to oversee it. The addition of ENS tokens had the additional benefit of shifting the project’s funding mechanism away from grants. On cryptocurrency exchanges, ENS tokens can be exchanged for US dollars and other cryptocurrencies, providing a financial lifeline to the project’s developers.
How does it work?
ENS is essentially two smart contracts that do exactly what we said earlier. You provide them with a basic address, such as ABC Crypto, and they will look it up in their massive table of actual Ethereum wallet addresses for the transaction to take place. All you have to do is to register your own name and then add it to that massive database in the smart contract is pay a little fee on ens domains.
What exactly is the ENS token?
Because ENS is an open-source, completely decentralized technology, it is not governed by a traditional corporate hierarchy. The ENS coin is managed by the community through a DAO (Decentralized Autonomous Organization).
Anyone who owns Ethereum Name Service has the power to vote in the DAO on suggestions for the protocol’s development. The ENS DAO is a distributed autonomous organization that allows users to submit suggestions and vote on how the protocol should evolve.
What makes it so unique?
The ENS team believes that internet infrastructure is an essential component that must be open, decentralized, community-driven, and non-profit. The Enterprise Name Service aims to improve the security, decentralization, and censorship resistance of internet naming. The ENS is built on the open-source Ether platform and uses the same technology as the internet’s Domain Name System (DNS).
How do I register an ENS domain?
You can search for available domain names at the manager.ens.domains using an Ethereum wallet like MetaMask. Once you’ve decided on a domain, the system will walk you through the registration procedure, which will require two wallet confirmations.
You’ll also need to determine how many years you want to register a domain for with a $5.00 annual fee (ETH). You can now provide the addresses or information to which you want that name to connect, as well as any subdomains, as the domain owner.
What does the ENS protocol imply for the cryptocurrency community?
The goal of ENS is to unite all of a person’s wallets, websites, and subdomains under a single connection, making the crypto realm more user-friendly and less technical. Ethereum Name Service bills itself as a “community-owned open public utility,” and with its decentralized components and community control, it has the potential to become a substantial backbone of the crypto and Web 3.0 ecosystems.
Ethereum Name Service converts large strings of numbers that are machine-readable public addresses into short, memorable links that users may use to transact, engage with dApps, and receive any sort of cryptocurrency or NFTs.
What else is ENS capable of?
While the ENS plan only goes all the way to 2021, the company intends to integrate the entire DNS namespace, which implies that owners of any internet domain will be able to claim it on ENS.
As a result, Ethereum Name Service will be positioned as a parallel extension of DNS, resulting in cross-platform Web 3.0 usernames that will become a critical component of our decentralized identity. It is soon to become a critical component of the future crypto space since it makes the blockchain and crypto world so much more accessible to newbies.
ENS is more than a speck of ether. In 2021, Ethereum Name Service enabled sites with any of the more than 1,300 top-level domain names, such as.com,.org, or.edu, to integrate directly with ENS. As a result, if you own ABCcrypto.org, you can link it directly to ABCcrypto.eth, allowing users to read information while also sending money to the same location.