What is Ethereum Name Service (ENS)?
Ethereum Name Service (ENS) is a distributed domain name system built on the Ethereum blockchain. Is it useful? How does it work? Let’s read together!
The registered domain name in ENS is linked to the owner’s blockchain address and is a non-transferable token (NFT). You can manage domain ownership in this manner.
A DAO and an ENS management token are part of the project. You must pay ETH to register a domain and pay for its lease.
What is the difference between ENS and DNS?
The complexity of site addresses was one of the most significant problems that the Internet faced after its initial launch. Paul Mockapetris, an American computer scientist, created the domain name system (DNS) in 1983, which is still operational today.
It resolves the IP address to a useful site address. DNS IP addresses are recognized by the computer, and the domain name is linked to the IP address. Thus, when a user wants to access a web page, they can type in a domain name, and DNS will translate it to the appropriate IP address and send it to the server.
The ENS serves a similar purpose, but its underlying architecture is distinct. Ethereum Name Service is a blockchain-based DNS for Web 3.0. Furthermore, the domain owner is verified primarily via its blockchain address.
How does ENS work?
ENS replaces the manually controlled system with Ethereum smart contracts, making it secure and censorship resistant. ENS currently has two major contracts:
- Registrar — keeps records of registered domain names and stores information about the owners and their blockchain addresses.
- Resolver — translates a blockchain address into a machine-readable name and vice versa using a hashing algorithm, and also matches domains with owner data.
The ENS system is hierarchical. Anyone who owns a domain can create a subdomain at their leisure. For example, if a user owns the domain alice.eth, they can create a subdomain pay.alice.eth.
Owners of second-level domains in DNS can also import them for the Ethereum network and use them as a username in various decentralized applications.
True Names, a non-profit organization, plans to fully integrate the DNS namespace with the ENS service by the end of 2021. Importing site names with the endings “.com”, “.org”, “.io”, “.app” and others is currently supported.
More than 1.1 million names are now registered in ENS, according to official data.
How can you register a domain in ENS?
To register a domain in ENS, go to the official website and link your crypto wallet. The address’s availability can be checked in the same place.
Assume we want to register the domain name “sunflowercorp.” We type it into the appropriate field and see that the name “sunflowercorp.eth” appears “is accessible”.
Then click on the line with the domain name. A registration request, lease term, and approximate cost in Ethereum and US dollars will be displayed in a pop-up window. The domain lease and transaction must be paid for with ether coins (ETH).
Then, from the connected wallet, confirm the transaction approval request. Following this procedure, the user becomes the official owner of the domain in Web 3.
The domains provided by the ENS service are non-fungible tokens of the Ethereum network’s ERC-721 standard. Because ownership of the NFT is fixed in the blockchain, domain names can be transferred or sold after the lease.
Does ENS store websites?
The ENS address primarily refers to the blockchain address. If such an address is registered, it does not necessarily mean that when you enter it into a browser, a site with some content will open.
Ethereum Name Service is not a cloud storage service; this is handled by dedicated servers. They typically use the HTTP protocol, but there is a decentralized alternative — IPFS.
What does the ENS domain cost?
At first, ENS put up popular site names with a length of three to six letters at Vickrey auctions. For example, a domain called “exchange.eth” was sold for 6,660 ETH, and “weather.eth” for 300 ETH.
Addresses can now be purchased without an auction and rented for several years. The cost is determined by the number of characters in the address, the length of registration, and the availability. The minimum annual fee is $5.
How can you enter a website with an .eth address?
There are several ways to access a website whose domain is registered in ENS, i.e. has the ending “.eth”:
1. Via a web browser with native system support: Brave (desktop version), mobile version of Opera, MetaMask mobile application, as well as Status and Puma browsers.
2. In Google Chrome (desktop version) — using the MetaMask extension. Just type in the address bar the desired address with the symbol “/” at the end, for example vitalik.eth/.
3. Via any web browser that does not support ENS. Simply append “.link” or “.limo” to the end of the address and the website will load. For example, vitalik.eth.limo.
What is an ENS token?
Ethereum Name Service is a decentralized open source protocol. It is not managed by a centralized company, but rather by DAO.
As a result, the project has the same-named management token. It grants the right to vote on community proposals. In addition, the holder can initiate a vote on any issue if they have a stake of at least 100,000 ENS.
In the future, the key development team intends to transfer the project funds, as well as the pricing mechanism and registration of .eth domain names, under the control of the DAO.
The total supply of ENS tokens is 100 million, with slightly more than 20 million in circulation at the time of writing.
Can you transfer ETH with ENS addresses?
Some non-custodial crypto wallets incorporate the ENS service. This allows you to send ether coins by specifying the domain name associated with the recipient’s blockchain address rather than the blockchain address itself.
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