Ethereum Name Service (ENS) operates as an open, distributed, and extensible naming infrastructure built on the Ethereum blockchain. It translates human-friendly identifiers, such as john.eth, into the machine-readable alphanumeric strings used by wallets like Metamask. The system also supports reverse resolution, allowing users to link metadata and machine-readable addresses to their human-readable ENS names.

The project aims to simplify access to and understanding of the Ethereum-based web for people, functioning similarly to how the Domain Name Service (DNS) improves internet usability. Mirroring DNS, ENS employs a hierarchy of dot-separated domains where owners have full authority over their subdomains.

ENS introduced its token through a widely successful retroactive airdrop in November 2021, distributing rewards to individuals who had registered names prior to the token launch. Later, in February 2022, the organization encountered backlash due to tweets from its director of operations that were perceived as homophobic.

ENS began as a component of the Ethereum Foundation before becoming an independent entity in 2018. Nick Johnson, a software engineer from New Zealand with prior experience at Google and the Ethereum Foundation, serves as the Lead Developer. The team consists of nine members, and its treasury is managed by a 4-7 multi-signature root held by:

• Nick Johnson - ENS
• Sergey Nazarov - Chainlink
• Dan Finlay - Metamask
• Taylor Monahan - MyCrypto
• Aron Fischer - Colony
• Jason Carver - Ethereum Foundation
• Martin Swende - Ethereum Foundation

While ENS has no investors, it receives support from the Ethereum Foundation, Binance_X, Chainlink, Ethereum Classic Labs, and Protocol Labs.

Ethereum Name Service offers a distinct value proposition as the initial platform to bring Domain Name Service functionality to the decentralized Web3 environment. Rather than operating as a corporation, ENS is an open-source initiative describing itself as “an open public utility that belongs to the company.” It seeks to establish infrastructure for Web3 that is as essential as DNS is for the traditional internet. By leveraging blockchain technology, ENS eliminates single points of failure, resulting in a system that is inherently more secure and resistant to censorship.

ENS addresses a key barrier to widespread blockchain adoption: usability. It allows users to replace complex, hard-to-read alphanumeric codes with short, memorable links for receiving cryptocurrency or NFTs. This approach simplifies interactions and reduces the technical complexity of using blockchain tools.

Technically, ENS relies on two smart contracts. The first is the ENS registry, which logs registered domains and retains specific data for each, including:

• The domain owner
• The domain resolver
• The caching time for all records under the domain

The second contract acts as the resolver. It functions to convert machine-readable addresses into domain names and back again, linking every domain to its associated user, website, or address.

ENS serves as the governance token for the Ethereum Name Service, allowing holders to manage the protocol, impact pricing decisions for .eth addresses and the price oracle, and delegate voting power within the DAO. The total supply stands at 100 million, while the circulating supply was slightly above 20 million at the time of writing. The distribution breakdown is:

• DAO Community Treasury (50%): 10% released at launch, with the remainder vesting linearly over four years.
• Airdrop to .ETH holders (25%)
• Contributors (25%), subject to four-year linear vesting, comprising:
• Core Contributors: 18.96%
• Select Integrations: 2.5%
• Future Contributors: 1.25%
• External Contributors: 1.29%
• Launch Advisors: 0.58%
• Keyholders: 0.25%
• Active Discord Users: 0.125%
• Translators: 0.05%

The Ethereum Name Service operates on the Ethereum blockchain, which relies on a proof-of-work consensus system where miners generate new Ether. Security is maintained by a distributed group of nodes that verify transactions and protect the chain. With more than 10,000 nodes safeguarding the network, Ethereum’s decentralized structure ensures ENS lacks a single point of failure, making it resistant to traditional hacking attempts. Additionally, ENS has established collaborations with various wallet providers, including Coinbase Wallet, Trust Wallet, and My Crypto.

You can purchase ENS on Binance, OKX, Bitget, and Mandala Exchange.