Cryptocurrency

What Is the Ethereum Name Service

When the Internet first became popular, one of the primary issues consumers encountered was the mismatch between domain names and internet protocol (IP) addresses. As a result, they were quite hostile to the typical person who had to physically key in the IP address of the website they wished to view.

Cryptocurrency addresses are much longer sequences of digits and characters than conventional IP addresses. A user must input the address and double-check that all the numbers and letters are spelled correctly if they wish to send money to another user across the Ethereum network. Let’s analyze it in detail.

What Is the Ethereum Name Service?

Ethereum Name Service (ENS) enables people to utilize simple-to-remember domain names as their bitcoin addresses. It is subsequently converted into a machine-readable address via the protocol. The DNS system that we use for the internet and this operation are quite similar. Additionally, it equips users with a tool that may streamline their online persona and assist them in entering the web3 space. Further, it is an extensible, open, and distributed naming system that directly interacts with the Ethereum blockchain.

Who Is the Founder Of ENS?

The company’s founder and principal developer are Nick Johnson. Additionally, he worked as a software developer for several businesses, including Hadrian Corporation, Telogis, Google, Lumi, spider.io, Smart Sparrow, and Niche Software Ltd. Early in 2017, ENS was launched at the Ethereum Foundation. Later, in 2018, ENS split into a different entity. The organization True Names Ltd. in Singapore oversees ENS development.

How Does ENS Function?

Well, the working of ENS is based on 2 core components:

1: Registry: It includes smart contracts to manage all the domains and subdomains as well as storing the information about the owner, the resolver, and the total records within the domain’s caching time-to-live. Once registered, the owner is allowed to:

  • Change the subdomains’ ownership
  • Set the domain’s resolver and time-to-live (TTL)
  • Transfer domain ownership to a different location.

2: Resolver: The conversion of names into addresses is the responsibility of resolvers. Any contract that complies with the requirements can function as a resolver in the Ethereum Name Service.

The resolving of a name in the Ethereum service includes 2 steps:

  • The first step is to inquire with the registration as to which resolver oversees the given name.
  • The second step entails requesting the response to the query from that specific resolver.

How To Buy a Domain On ENS?

One can follow the following steps as it is as easy to acquire a domain using ENS:

  • Simply linking your MetaMask wallet to the ENS website is all that is required.
  • Select the domain name you want to use and how long you would like to keep it registered.
  • The annual fee will be transacted using your cryptocurrency wallet.
  • Subdomain applications are also available during registration.
  • The domain is given to you after the transaction is complete.

What Are the Perks Of ENS?

The ENS domains offer the following benefits:

  • Merge several web services into one
  • Identity for centralized user-owned storage
  • Consolidate your online presence
  • To host a website that is resistant to censorship behind the ENS name, the ENS domain might be linked to IPFS.
  • ENS serves as a router for addresses other than Ethereum, such as BTC, LTC, etc.
  • When money is received, a function that is related to the ENS name and a contract address can be called.
  • Users may link multiple addresses to different subdomains for various purposes.

Conclusion

ENS is a breakthrough in the field of decentralized networks that will make it simpler to interact with a blockchain. Over time, we could observe a general increase in acceptance as new bitcoin users has easier access to blockchain addresses. ENS and other such incentives are essential for the success of the adoption of cryptocurrencies worldwide.

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Talha