The Ethereum Name Service (ENS) is an openly distributed naming service/system that is deployed on Ethereum’s main network. The ENS service converts difficult wallet code, to readable Ethereum addresses.
In the early days of the internet, things weren’t as easy as they are today. For the average consumer to visit a website, they had to type in the exact IP address. The domain names were not automatically matched to their respective IP addresses. In 1983, computer scientist Paul Mockapetris created the Domain Name Service (DNS). A system that matched the IP addresses with user-friendly domains. Paul’s invention allows users to simply type in the URL of the website, instead of typing out the entire IP address.
Now let’s translate this to the world of cryptocurrency. Be honest with yourself, do you type out your entire wallet address? Do you know it by heart? Most people just copy the address and do a quick check. The Ethereum Name service enables people to convert difficult addresses into easy domains. So instead of sending your Ethereum to a long strong of numbers and letters, you send your ETH to anycoindirect.eth
Like the name suggests, ENS is built on the Ethereum network. With its transition to Proof-of-Stake, Ethereum has a new consensus mechanism, meaning that Ethereum Naming Service is also protected by it. Hacking the Ethereum network is virtually impossible as the Ethereum network has grown to a network worth hundreds of billions. The ENS network is as safe as can be.
Ethereum Name Service started with a successful airdrop in November 2021. Users that pre-registered addresses would receive the airdrop tokens.
The total supply of ENS tokens is 100 million of which 20 million are currently in circulation.
ENS is a unique service that transfers the revolutionary Domain Name Service to the web3.0 ecosystem.
Ethereum Name Service statistics from the last 24 hours
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Ethereum Name Service was launched in 2021 via airdrop. People were able to register their .eth domains before the network was launched. Being a unique web3.0 application, the interest in ENS domains quickly skyrocketed and kicked of with a price around the $85 mark. On the 11th of November 2021 ENS reached its all-time-high and the weeks that followed it hovered between $50 and $85. People were quickly gathering to register multiple domains in the hope that they would not miss the action like .com domains. The interest in crypto diminished heavily in 2022 and so did the price of ENS, where the price is constantly around $15.
As already mentioned above, there are currently 20 million ENS tokens in circulation within a total supply of 100 million. ENS is the governance token of the Ethereum Name Service and can be used by users to vote regarding decisions on the network. The governance system is also used to influence decisions regarding the pricing of .eth addresses. Contributors to the network will also receive a percentage of ENS over a four-year period. The price development of ENS is also tied to the development of web3.0 in the upcoming years. Many companies like Disney and Amazon are slowly investing in web3.0 developments. When the web3.0 ecosystem grows, the ENS token will also surge.