What Is Ethereum Name Service? (ENS)


What Is Ethereum Name Service? (ENS) image 0

What Is Ethereum Name Service? (ENS)

The Ethereum Name Service (ENS) is a decentralized domain name system based on the Ethereum blockchain. It works similarly to conventional domain name systems (DNS), transforming complicated crypto addresses into human-readable names (e.g., "yourname.eth").

Unlike centralized DNS, ENS runs on a distributed network, which improves security and reduces the risks associated with single points of failure. ENS supplements, rather than replaces, standard DNS by offering an alternate approach for naming inside the Web3 environment.

Aside from streamlining cryptocurrency transactions, ENS enables users to build subdomains, connect websites to their ENS identities, and even keep decentralized profiles. Because of its adaptability, ENS is a very useful tool for browsing the decentralized web.

The ENS token is fundamental to the protocol's governance. Holders can make recommendations and vote on choices affecting the development and operation of ENS, enabling a decentralized decision-making system.

How Does Ethereum Name Service Work?

Imagine having a moniker for your online wallet. This is basically what the Ethereum Name Service (ENS) accomplishes. It simplifies lengthy, complicated crypto addresses into easy-to-remember names.

Consider it like your phone's contact list. Instead of remembering complicated phone digits, you keep them under names like "Mom" or "Best Friend." ENS accomplishes the same thing with cryptocurrency addresses, substituting them with names like "yourname.eth."

This innovative method relies on two unique helpers known as smart contracts. The first, the "registry," functions as a phonebook, keeping track of all accessible names and their addresses.

The "resolver," or second helper, is the translator. When you give cryptocurrency to someone using their ENS name, the resolver searches for their actual address in the registry to guarantee the transaction goes through. It's as if your phone knows who to contact when you dial "Mom."

What Is The ENS Token?

Consider the ENS token to be a unique ticket that allows you to participate in the Ethereum Name Service community. It's like voting on how your favorite club should operate!

This token, known as ENS, was distributed as a reward to those who already held special names (domains) ending in ".eth," contributed to the service's development, or were members of the ENS community.

If you possess ENS tokens, you can vote on key decisions regarding how the service operates, such as establishing pricing for new names or changing the regulations.

The more ENS tokens you have, the more prominent your voice becomes in the community. So, it's not only about owning a fantastic domain like "yourname.eth," but also about having a role in how this revolutionary naming system evolves!

Why Is ENS Important?

Imagine if you had to remember a long string of numbers to call your friends instead of their names. Tricky, right? That's how it feels to use cryptocurrency addresses, which are made up of many letters and numbers.

Ethereum Name Service (ENS) is like a phonebook for the crypto world. It gives friendly names to those confusing addresses, making it easier to send and receive money.

This is especially important for Web3, the next generation of the internet. Just like we use websites with names, ENS allows you to use easy-to-remember names for decentralized apps and websites.

But ENS is more than just convenient. It also helps make the internet more secure and decentralized. Since it's built on the blockchain, no single person or company controls it, making it harder for bad actors to cause trouble.

How To Get An ENS Domain?

Obtaining an ENS domain requires a few simple steps, similar to establishing a standard internet address. First, go to the ENS app (https://app.ens.domains/) and look for your chosen domain name (e.g., yourname.eth). If it’s available, you can continue with registration.

Connect your Ethereum wallet (such as Bitget Wallet) to the app and start the registration procedure. You will need to confirm two transactions: the first to request the name and the second to complete the registration within seven days. Make sure you have enough Ethereum in your wallet to cover the gas expenses of these transactions.

Once registered, you can define the term of your domain ownership (rental period), create subdomains, and connect your ENS name to several locations. This enables you to quickly communicate your unique ENS name rather than a sophisticated crypto address, which simplifies transactions and improves your Web3 identification.

Finally, remember to establish a resolver. This is similar to giving a phone number to a name in your contact list. By linking your ENS name to your wallet address via a resolver, you guarantee that money submitted to your ENS name is appropriately routed to your wallet. This critical step gets your ENS domain up and operating.

How To Buy ENS?

In the realm of Ethereum Name Service, ENS coins function similarly to special voting tickets. They offer you a voice in how the system operates, similar to how student council members vote on school regulations!

To purchase ENS tokens, visit a cryptocurrency exchange. There are several options available, so do some research to pick one that is reliable and simple to use. Once you've decided on an exchange, you'll need to open an account and deposit some money. Then, you can search for ENS tokens and purchase them.

Remember that acquiring ENS tokens is not the same as purchasing an ENS domain name. A domain name is similar to a hip crypto moniker, but ENS tokens are more like voting rights in the ENS community.

What Is The Best ENS Wallet? 

Bitget Wallet is the ideal way to store your ENS tokens and communicate with the Ethereum Name Service. This isn't your average wallet; it's a multi-chain powerhouse that supports over 100 public chains and 250,000+ tokens.

The wallet stresses security with features like Multi-Party Computation (MPC) and a $300 million Protection Fund, guaranteeing your ENS tokens and other digital assets are secure. It also works perfectly with various decentralized apps (dApps), including those that connect with ENS, making it simple to maintain your Web3 identity.

Bitget Wallet's user-friendly interface and solid security mechanisms allow both new and experienced users to confidently traverse the world of ENS and decentralized money. It’s the ideal companion for your ENS adventure.

Are ENS Wallets All Free?

Fortunately, most ENS wallets, including Bitget Wallet, are free to download and use. Remember that you'll need ETH in your wallet to pay for Ethereum network transactions.

These transaction costs, known as "gas fees," are similar to a modest toll you pay while using the Ethereum highway. They vary depending on how busy the network is, but they are generally affordable.