Ethereum Name Service is a naming system and a project that aims to make long and complicated Ethereum addresses easier to use and remember by converting them into an easy-to-read format. The native cryptocurrency of the Ethereum Name Service is ENS. In this article, we will look for answers to questions such as what is Ethereum Name Service (ENS), what does Ethereum Name Service (ENS) do, what are the advantages of Ethereum Name Service (ENS).
What is Ethereum Name Service (ENS)? What Does It Do?
When we examine Ethereum addresses, we see that they consist of long and complex letters and numbers. This makes it difficult for transactions that require address sharing . For a machine, reading this address is instantaneous, but for humans, it is not possible to achieve this instantaneously. Moreover, if the address specification in cryptocurrency transfers is performed manually, rather than copy and paste, the possibility of incorrect transactions increases. Recognizing the complication in Ethereum addresses, Ethereum Name Services was developed to be a solution to this problem.
Today, if you need to call someone, simply select their name from the directory and press the call button. Because it is not easy to keep phone numbers in mind and make calls by entering numbers every time. To multiply this example; when we want to visit ICRYPEX’s website, it will be much more difficult to do this with an IP address consisting of numbers instead of going to www.icrypex.com. Considering that Ethereum addresses also consist of 42 characters, we have a similar situation here.
Thanks to the Ethereum Name Service, when you want to send cryptocurrency to an Ethereum address, it can be done easily with a domain name like transferyap.eth instead of resorting to 42 characters. To register a domain name, it is sufficient to have a hot wallet. With this capability, the Ethereum Name Service project is not only a force that facilitates transfer transactions, but also contributes to the adoption of the blockchain.
In the Ethereum Name Service, the entire process is uncontrolled and automated through smart contracts. Also, owning a domain in Ethereum Service is not a requirement for the domain name. subdomains can also be created. For example, if you buy a domain like icrypex.eth, you can also buy a domain like blog.icrypex.eth to share daily activities. Another way of looking at it is that .eth domains against censorship is resilient. For example, .eth cannot be banned by any centralized body.
An ENS domain name is unique and this similarity is expressed with ERC-721 NFTs. As such, the Ethereum Name Service also includes NFTs. Thanks to the Ethereum Name Service, NFTs can be traded by transferring or selling them to another person. This works the same way when it comes to transferring or selling domain names.
The use of ENS, the native cryptocurrency of the Ethereum Service, involves paying domain name creation fees and participating in governance processes.
What Advantages Does Ethereum Name Service (ENS) Offer?
To enable users to represent their crypto assets with more user-friendly and easy-to-remember names, the Ethereum Name Service provides the following benefits.
User Friendly Nomenclature:
Ethereum Name Service enables the use of easy-to-remember names instead of complex cryptocurrency wallet addresses. For example, by using a name like “topcrypto.eth”, the Ethereum address can be represented in a more user-friendly way.
Flexible Domain Name Operations:
The Ethereum Name Service enables transactions on domain names with the .eth extension. These domains can be assigned to resources, sold and transferred, just like any traditional domain extension.
Multiple Entity Support:
The Ethereum Name Service covers all crypto assets, not just Ethereum addresses. This means that the Bitcoin wallet address can be registered and used on the Ethereum Name Service.
Recycling and Return Possibility:
Domain names purchased through Ethereum Name Services can be reversed or returned at any time. This way, you can return a domain name that was purchased by mistake or have a chance to return it before an irrevocable transaction is made.
How Does Ethereum Name Service (ENS) Work?
To understand how the Ethereum Name Service works, it’s useful to look at how it works under registration and name.
Registration
First, all domains registered in the Ethereum Name Service have an owner. A domain name owner can transfer this domain name to someone else on their own initiative. The person who wants to buy a domain name is the “registrant” of that domain name. Because it needs to register that domain with the Ethereum Name Service. The process of who registers, owns, monitors and processes a domain name is handled under “registration” in the Ethereum Name Service.
Subdomains are allocated by smart contracts called “registrars” and these registrars are under the management of the main registrars. They can be modified within the Ethereum Name Service and can be referenced by the record owner. A registrar can transfer a domain name registration to another account. Also, if a person wants to reclaim a particular domain name, registrars can do so.
Names
There is a difference between owning a domain name and owning a registration. A “name” serves as a way for the Ethereum Name Service to identify a specific domain name, such as “ahmet.eth”.
The algorithm used to process domain names registered in the Ethereum Name Service is called “namehash”. Namehash is a specialized cryptographic hash function used by the Ethereum Name Service (ENS). It is used to convert domain names used in ENS into a unique credential. Name karma comes into play. This is because human-friendly names are only changed in the Ethereum Name Service, which works with 256-bit cryptographic hashes of finite length. If it is desired to derive the hash from the name and still preserve the hierarchical properties of the domain, a namehash is used.
This display of names is specific to the Ethereum Name Service. Before name karma comes into play, names must first be normalized. At this point, uppercase and lowercase nouns are treated equally. Namehash is important because it ensures that all users have the same view of the names and domains available in the Ethereum Name Service.
Who are the Founders of Ethereum Name Service?
Ethereum Name Service was created in 2016 by Nick Johnson and launched in 2017.
Nick Johnson is the founder and lead developer of Ethereum Name Service. Nick Johnson graduated in Computer Science from the University of Canterbury and spent the first six years of his career as a software engineer and web developer working for four different companies. Nick Johnson then crossed paths with Google, where he worked for a total of 5 years in 2 different positions: site reliability engineer and developer programs engineer. He then spent about two and a half years working as a platform engineer and software engineer at 3 different companies, followed by a 2-year stint as a software engineer at the Ethereum Foundation.
What Other Things to Know About Ethereum Name Service (ENS)?
To learn a little more about the Ethereum Name Service (ENS), it is useful to look at the answers to some of the following questions.
Is ENS a token? Or is it a coin?
Coin is a cryptocurrency created on its own blockchain. A token is a cryptocurrency that does not have its own blockchain and is created on an existing blockchain. ENS is a token because it does not have its own blockchain.
Which blockchain is the ENS token on?
The ENS token was created on the Ethereum blockchain in accordance with ERC-20 standards.
Is ENS token mining done?
ENS is not mined.
How to buy ENS token?
To buy ENS tokens, it is sufficient to create a membership on ICRYPEX. Once the membership process is complete, buying and selling other cryptocurrencies including ENS token is fast, easy and secure.
How to Become a Member of ICRYPEX?
After visiting www.icrypex.com from a browser, you can click on the “SUBSCRIBE” button at the top right of the page, fill in the required information and you can easily create your membership.
From mobile devices, primarily;
Android users can download our app by clicking here, Apple users by clicking here and HUAWEI users by clicking here. After logging in to the application, you can click on the menu icon at the top left, then click on “SUBSCRIBE” to fill in the required information and easily create your membership.
