Ethereum Name Service

Ethereum Name Service is a project built on the Ethereum blockchain. It aims to simplify the crypto and decentralised finance space and make it more user-friendly, offering decentralised naming for blockchain wallets, websites, and more. Ethereum Name Service is similar to the internet’s Domain Name Service (DNS), operating using a system of hierarchical names (domains), with domain owners having full control over subdomains. It also enables the launching of decentralised, censorship-resistant websites, and allows cryptoasset owners to simplify their complicated public wallet addresses, making the management of cryptocurrencies and other digital assets more straight-forward. Nick Johnson, the founder and lead developer of ENS, started the service as an internal project within the Ethereum Foundation in 2017, before spinning it off to become a decentralised autonomous organisation (DAO) controlled by token holders in 2018. ENS is built on two Ethereum smart contracts. The first smart contract, the ENS registry, records and stores three pieces of critical information about all domains registered on the protocol: the owner, the resolver, and the catching times for all domain records. The second smart contract, the resolver, translates the domain names into machine-readable addresses and vice versa, matching each domain to its corresponding website or user. The Ethereum Name Service DAO is supported by ENS, an ERC-20 token that can be used to submit proposals and cast votes regarding the future development of the protocol. The total supply of ENS tokens is 100 million, with 50% being allocated to the community treasury, 25% airdropped to registrants of a .ETH second-level domain, and 25% distributed to significant contributors to the ENS network. Get insight into the price of ENS on eToro.