The Ethereum Name Service (ENS) lets users select distinctive domain names for their wallet addresses. Using a computer to comprehend this domain is the key to this technique.
Ethereum Name Service (ENS) has the potential to be the deciding factor in Web3 communication. We’ll provide an overview of the Ethereum Name Service in this blog.
Let’s start with the basic introduction.
What is Ethereum Name Service (ENS)?
Crypto addresses are long sequences of numbers and characters designed for computer reading. Unfortunately, these lengthy addresses have resulted in confusion and even financial losses.
The Ethereum Name Service (ENS) is a distributed system built on the Ethereum blockchain that offers an easy alternative to lengthy and complicated crypto addresses: one URL similar to a website name or email that serves as a crypto address.
ENS maps the lengthy public address that crypto users know, and it can be replaced with a short and straightforward name that is simple to read and remember. Something complicated like, “0xDC25EF3F5B8A186998338A2ADA83795FBA2D695E” becomes as easy as “Alice.eth.”
ENS utilizes the same principle as the Domain Name Service (DNS), which maps short website URLs to their IP addresses to make crypto addresses simpler to read and share.
Quick facts about ENS
- ENS comprises two Ethereum smart contracts: the ENS registry, which stores domain names, and the resolver, which transforms domain names to machine-readable addresses and vice-versa.
- Just as in the early days of DNS names, users scramble to secure their ENS domains before they run out of unavailability.
- ENS supports a variety of top-level domains, like .com, .org, .io, .app and more.
- ENS is presently supported by browsers like Brave, Opera, Status (mobile), MetaMask Mobile (mobile), and Puma. Internet browsers like Chrome and Safari don’t support ENS.
With these quick facts, it’ll be easy to understand how the ENS works. Let’s check the below sections to learn more about it.
How does ENS work?
Two Ethereum smart contracts form the basis of ENS. The ENS registry keeps a record of all domains registered on ENS. It saves three vital pieces of information about each domain, including the domain owner, the domain resolver, and the caching time for all records under the domain is the first smart contract. The second smart contract is the resolver, which converts domain names into machine-readable addresses and vice versa. With the help of the second smart contract, each domain is connected to the appropriate user, website, or location.
Users of the ENS app can begin by looking for a domain name that is currently accessible before creating their Web3 account. Once you’ve found one, all that’s left to do is complete the registration procedure, which involves approving two transactions from your wallet and paying the annual cost of $5 for names longer than five characters. You can generate various subdomains, such as email.rick.eth or website.rick.eth, all connected under the same ENS domain after you have the domain, link it to your websites, crypto wallets, etc.
Similar to the early days of DNS names, crypto locals are hurrying to obtain their nicknames, as ENS domains are limited. Some people are even experimenting with ENS domain flipping, which can be a successful side business, given that weather.eth was sold in the auction for 300 ETH, or US$27,000, while exchange.eth was sold for 6,660 ETH, or US$609,000.
Along with .eth, ENS also supports the most widely used DNS names, such as.com, .org, .io, .app, and others.
What can you do with the ENS domain?
In short, ENS domains assist users in converting their lengthy, difficult-to-read wallet addresses into identifiable names. Imagine using this to save someone’s phone number with their name. Then, to call the individual, you just need to type their name into the search bar; you don’t need to dial their number repeatedly. Similar to this, ENS greatly simplifies blockchain transactions, reducing the possibility of mistakes.
Once you have your domain, you may connect it to your websites, smart contracts, public wallets, or transactions. In addition, you can make subdomains, as the owner of an ENS domain, to connect to additional data. For example, email.lucy.eth or website.lucy.eth as examples.
What makes ENS unique?
The ENS is more secure, private, and resistant to censorship than the internet’s Domain Name Service (DNS) since it is built on Ethereum’s smart contracts. The team behind ENS believes that because internet naming infrastructure is so critical, it should be free, open, decentralized, community-driven, and not-for–profit. Technically speaking, the ENS can utilize the current Ethereum environment, making it highly programmable and able to communicate with other smart contracts in addition to naming.
Contrary to some of its opponents, the ENS does not seek to replace DNS. Instead, the main objective of the ENS is to provide distributed, reliable name resolution for Web3 resources, such as distributed content and blockchain addresses.
ENS enhances the field of decentralized networks by creating straightforward communication protocols with a blockchain. Just as how we no longer require IP addresses to access the web, we can see an increase in ENS names due to their usefulness and popularity.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn’t represent any investment advice or WazirX’s official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.