The live price of Ethereum Name Service is - per (ENS / USD) with a current market cap of $802.54M USD. 24-hour trading volume is - USD. ENS to USD price is updated in real-time. Ethereum Name Service is -% in the last 24 hours with a circulating supply of 36.33M.
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The Ethereum Name Service, also known as ENS, aims to be an innovative decentralized naming system built on the Ethereum blockchain. The core function of ENS is to convert Ethereum addresses (usually complex alphanumeric strings) into a more readable format such as "john.eth". This two-way conversion also associates metadata with these user-friendly Ethereum addresses, thereby improving accessibility.
ENS operates on two main smart contracts, the ENS registry and the resolver. The ENS registry is responsible for recording and maintaining information about domain names, while the resolver is responsible for converting these domain names back into machine-readable addresses and associating them to the corresponding entities (such as users, websites or addresses).
According to the project, ENS plays a key role in the field of digital domain naming by transferring the concept of Domain Name Service (DNS) to the decentralized Web3 environment. The unique value of ENS is reportedly its ability to simplify blockchain technology for users through user-friendly links, thereby reducing the difficulty of the technology and improving accessibility.
ENS’s technical framework is built on the decentralized nature of blockchain, ensuring it is censorship-resistant and inherently secure. ENS’s governance token, ENS, plays an integral role in protocol governance, influencing key decisions such as pricing and DAO voting delegate appointments. ENS’s functionality is powered by Ethereum’s Proof-of-Stake consensus mechanism, powered by a decentralized network of nodes.
ENS primarily simplifies the receipt of cryptocurrencies and NFTs through simple links that are easy to remember. It addresses the complexity that typically accompanies blockchain technology, providing a more user-friendly experience.
ENS aims to become a fundamental component of Web3 infrastructure, alongside DNS, which is integral to today’s Internet architecture. ENS has established strategic partnerships with multiple wallets such as Coinbase Wallet and Trust Wallet, increasing its integration scale and utility across the blockchain ecosystem.
ENS has a total supply of 100 million tokens. 50% is allocated to the ENS DAO community pool, 10% is allocated at launch, and the remaining supply is scheduled to unlock over 4 years. The DAO plans to use these funds for growth and development projects such as grants, hackathons, meetups, etc.
From the remaining supply, 25% of the tokens were airdropped to ENS users who own or already own ETH second-level domains. This airdrop attracted a lot of media attention to the protocol, which had a positive impact on the ENS price. Another 25% was awarded to individuals and organizations that made significant contributions to ENS, including the core team of True Names LTD, external contributors, selected integrations, translators, launch advisors, root key holders, and more than 450 active members in the ENS Discord server.
ENS's price action depends on the scope of Ethereum Name Service. Currently, ENS claims that they are the most widely integrated blockchain naming system, with 652,000 domains registered.
Ethereum Naming Service was founded in early 2017 by Nick Johnson of the Ethereum Foundation, a non-profit organization supporting Ethereum. A year later, ENS was registered as a non-profit organization headquartered in Singapore, True Names LTD. True Names LTD oversees the development of ENS.
The ENS project has received funding from the Ethereum Foundation, and Chainlink, Protocol Labs, and Ethereum Classic have jointly invested in it.
ENS also cooperated with Cloudflare to develop Coudfare's local ENS and IPFS gateway for eth.link.
Ethereum Name Service is an Ethereum-based decentralized naming system for cryptocurrency wallet addresses, content hashes, and metadata. ENS is the governance token of the Ethereum Name Service project.
The founder of Ethereum Name Service is Nick Johnson, a well-known figure in the blockchain and software engineering community. Johnson has worked at the Ethereum Foundation and Google, both of which have brought him a vast array of skills and expertise in blockchain technology and software development. His leadership of ENS embodies a blend of innovation and technical capabilities that has driven the project's success and influence in the cryptocurrency space.
The Ethereum Name Service (ENS) is an important bridge between the Ethereum blockchain and user accessibility. ENS is primarily used to convert complex Ethereum addresses into human-readable domain names such as "alice.eth". This simplification makes it easier for ordinary users to conduct and manage blockchain and cryptocurrency transactions. In addition, ENS facilitates the association of metadata with Ethereum addresses, which increases the utility and organization of blockchain data.
The ENS token is primarily used as a governance token and plays a vital role in the Ethereum naming service ecosystem. ENS token holders are able to actively participate in key decision-making processes, thereby influencing the direction and policies of the ENS project. ENS token holders can vote on the pricing strategy of .eth domain names, contribute to platform development, and participate in decentralized autonomous organizations (DAOs), which is unique among governance tokens. ENS is unique in that holders can directly participate in and highly influence protocol governance, which can effectively affect the future of Ethereum network naming standards.
The Ethereum Naming Service (ENS) uses a decentralized consensus mechanism based on the Ethereum blockchain. Domain names are issued and managed through a transparent and automated process using smart contracts to ensure security and decentralization. Users interact with these smart contracts to register, renew or transfer domain names, and transactions are validated by the Ethereum network consensus mechanism. This setup is aligned with the consensus mechanism of the overall Ethereum blockchain, ensuring that ENS can benefit from the security of the underlying Ethereum network.
The architecture of Ethereum Name Service consists of two smart contracts, called the registry and the resolver.
The registry is a separate smart contract that maintains a list of all domains and subdomains. The smart contract stores the name of the domain owner, the resolver of the domain, and the lifetime of all records under the domain.
Resolvers, on the other hand, are smart contracts that map ENS domain names with their respective resources, such as cryptocurrency addresses and content hashes.
When you try to look up an Ethereum address registered as an ENS name, such as bob. The registry is asked which resolver is responsible for bob. The query is then sent to the resolver for bob.eth. The resolver then maps bob.eth with the associated Ethereum address.
ENS aims to stand out in the digital asset space with its unique approach to domain name services in the context of blockchain technology. Unlike traditional DNS systems, ENS is compatible with Ethereum's decentralized security framework to provide a more resilient and censorship-resistant naming system.
The maximum supply of ENS tokens is capped at 100 million. According to the latest data, its circulating supply is 30,415,510. This limited supply model is designed to maintain the value and scarcity of ENS tokens, which is a common practice in the cryptocurrency market to promote sustainable growth and investment.
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