Ethereum Name Service - a naming service for wallet addresses, hashes and other machine identifiers. It turns massive strings of data into easy-to-read addresses and works similarly to the Domain Name System (DNS), used for websites.
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Description of Ethereum Name Service
Ethereum Name Service (ENS) – an Ethereum-based project, launched on May 4, 2017 by Alex Van de Sande and Nick Johnson of the Ethereum Foundation. The project allows you to display long public Ethereum addresses in a convenient text format. This makes it easier to share, use and remember addresses and other data. Turning machine-readable sets of numbers into human-friendly alternatives is an important part of blockchain adoption.
ENS is not limited to just wallet addresses. It can help to convert transaction IDs, hashes and metadata, commonly found in the world of cryptocurrencies. Domain Name System (DNS) is a naming system that acts like a phone book on the Internet. DNS takes bulky IP addresses and attaches them to a handy URL. Essentially, ENS - the DNS for the Ethereum blockchain.
Platform operation
The ENS domain name uses ERC-721 Non-Fungible Tokens (NFTs) to represent a unique address. This domain can be transferred or sold as an NFT to anyone.
How the does platform work:
| Address | Wallet addresses and other information are attached to each token that the owner manages. |
| Rent | To purchase an Ethereum domain name, check its availability and rent for a year. |
| Auction | The highest bidder who wins the domain can attach addresses, create subdomains and rent or sell their domain name. |
| Use most integrations on Polkadot | You can use existing oracles, bridges, wallets and other tools that are already being built on Moonbeam. |
Just like you save your friends' phone numbers under their names, ENS lets you turn long strings of numbers into easy-to-read words, making it much easier to work with and less likely to make mistakes. An ENS domain owner can also create subdomains for other data. It doesn't have to be a wallet address. You can use it to navigate to a smart contract, transaction or metadata.
Project economics
ENS - the ENS DAO governance token that governs the treasury and key parameters of the ENS protocol. It is not managed by a company with a traditional hierarchy. ENS is run by the community as a DAO (Decentralized Autonomous Organization), which brings us to the ENS token.
ENS DAO is governed by the ENS token, a utility and protocol governance token that is used to submit proposals and votes to influence the future development of the protocol. Any ENS owner can vote on ENS DAO proposals. The best cryptocurrency exchanges to trade Ethereum Name Service shares:
- Binance;
- OKX;
- Bitget;
- FTX;
- Mandala Exchange.
The maximum supply of the token is 100 million coins, and there are 19.6 million coins in circulation. Of the total ENS supply, 25% was given to ETH holders, 25% to ENS contributors and the remaining 50% was allocated to ENS DAO.