The Ethereum Name Service (ENS) was created on May 4, 2017, by Alex Van de Sande and Nick Johnson from the Ethereum Foundation. ENS helps users show long Ethereum public addresses in an easy-to-read text format. This simplifies sharing, using, and remembering addresses and data. Converting machine-readable numbers like 0xAb5801a7D398351b8bE11C439e05C5B3259aeC9B into human-readable versions is crucial for boosting blockchain usage.
ENS can do more than just store wallet addresses. It can also store transaction IDs, hashes, and metadata, which are commonly used in the cryptocurrency industry. You may have heard of the Domain Name System (DNS), which is like the internet’s phonebook. DNS links difficult-to-remember IP addresses to user-friendly URLs like https://cryptoforold.com. Essentially, ENS serves as the Ethereum blockchain’s DNS.
ENS recently introduced a governance token during its shift to a decentralized autonomous organization (DAO). The project gained popularity and attracted significant attention due to a substantial increase in the token’s value.
How ENS Works?
An ENS domain name utilizes ERC-721 Non-Fungible Tokens (NFTs) to symbolize a distinct address. The NFT can be transferred or sold to another person in order to trade a domain. Each token contains wallet addresses and other details, and the owner can manage them. A top-level domain such as .eth is possessed by a smart contract known as a registrar, which oversees the formation of subdomains. If you wished to create ABC.eth, you would have to engage with the .eth registrar.
You can buy an Ethereum domain name by checking if it’s available and renting it annually. Some popular names were first auctioned. The highest bidder who won could add addresses, make sub-domains, and even lend or sell the domain name. For instance, if you had ABC.eth, you could also make crypto.ABC.eth at no cost.
What can you do with Ethereum Name Service?
If you struggle with keeping track of different addresses for sending cryptocurrencies, ENS can help. Just like saving a friend’s phone number under their name, ENS allows users to convert long numbers into simple words. This makes the process easier and reduces the risk of mistakes.
ENS domain owners have the ability to make subdomains and link them to various types of data, not just wallet addresses. They can also link them to smart contracts, transactions, or metadata.
How to get your own ENS domain?
It’s easy to get an Ethereum Name Service name by checking if it’s available on https://app.ens.domains/ and signing up. Here’s a step-by-step guide: Go to https://app.ens.domains/, link your wallet, and enter the domain you want.
Conclusion
Decentralized networks are evolving with Ethereum Name Service, making blockchain interaction more user-friendly. Ethereum Name Service names are becoming more common, similar to how we moved away from using IP addresses for web navigation. The project has gained attention from the cryptocurrency community since its airdrop.