Ethereum Name Service (ENS) is a decentralized, open-source blockchain naming service developed on the Ethereum network. You can use its technology to find and name cryptocurrency addresses, crypto projects, and profiles, including wallets, websites, and dApps.

The ENS ecosystem enjoys integration with leading crypto wallets, dApps, and browsers. In addition to naming brand-new blockchain-native decentralized websites, you can also use the Ethereum Name Service to import a DNS domain name and manage it with an Ethereum account.

The Ethereum Name Service works along the lines of the internets Domain Name Service (DNS), which maps lengthy IP addresses of websites to more convenient, branded website names and domains. Ethereum Name Service gives you a convenient way to brand your long-string crypto address into short URLs that resemble website or email addresses. ENS maps long crypto addresses made up of several alphanumeric characters to convenient, human-readable addresses.

The default name suffix for ENSs decentralized domain names is .ETH and enjoys all the security advantages as it is blockchain-native. You can also use ENS with existing DNS names you already have ownership over, including domains such as .com, .org, .io, and more.

Who Created Ethereum Name Service?

Ethereum Name Service launched on 4 May 2017 and has grown to become the most widely integrated blockchain naming standard worldwide since then. The idea behind the project originated in April 2016.

Founded by Ethereum Foundation developer Nick Johnson and fellow developer Alex Van de Sande and others, ENS assigns domain names like the DNS service, but in the form of ERC-721 non-fungible tokens (NFTs).

Johnson received $1 million in funding to develop the ENS project further in May 2018, causing him to leave the Ethereum Foundation. He established the company True Names LTD in Singapore to oversee the work of Ethereum Name Services development.

The ENS DAO was formed in November 2021, bringing complete decentralization to Ethereum Name Service. The ENS token was launched and airdropped shortly after the announcement of the DAO, with 25% of the total supply going to loyal service users to oversee its governance. The ENS Foundation, the legal entity representing the DAO, was incorporated in the Cayman Islands to handle the transparency of the initiative.

The Ethereum Name Service, or ENS, comprises two smart contracts - the ENS registry, where domain names are recorded, and Resolver, where domain names are converted into machine readable identifiers and vice versa. ENS can run on several crypto-friendly web browsers, such as Brave, Opera, MetaMask Mobile, and Puma. Leading web browsers like Google Chrome and Safari are yet to support the ENS service as of July 2022.

ENS can also be used to launch decentralized websites which use IPFS technology to store data in a distributed manner on the blockchain. Hence, the service is a great way to create and manage censorship-resistant and decentralized websites which can be accessed with an ENS name.

For frequent crypto and Web3 users, the ENS is a valuable way to create a customized username, store your avatar and profile in a decentralized manner, and use this decentralized identity across the world of Web3 and blockchain dApps. The imminent proliferation of Web 3.0 will foster the demand for ENS technology to make a unique ID that can be used across all decentralized applications.

Ethereum Name Service believes in true decentralization and is managed by a decentralized autonomous organization, the ENS DAO. The ENS crypto is an ERC-20 token designed on Ethereum and serves as the governance token of this DAO.

ENS is the native digital asset of the Ethereum Name Service platform and has many uses, including:

Governance Token of ENS DAO

The ENS DAO manages Ethereum Name Service, and its community members consist of token holders. As a token holder and a member of the ENS community, you can submit proposals and vote on others proposals concerning the future evolution of the decentralized naming system.

Crypto Asset to Invest in and HODL

The ENS crypto is an attractive digital asset to invest in and trade in the crypto market. You can buy or sell Ethereum Name Service against other cryptocurrencies or hold it long-term if you believe in the potential of the Ethereum Name Service project. Check the Ethereum Name Service price today, ENS market cap, circulating supply, and 24-hour trading volume, and perform technical, sentiment, and fundamental analysis on the Ethereum Name Service price chart before you place a new trade in the market.

Earn Passive Income

You can invest in the ENS token as a way to grow your crypto holdings. Put your ENS holdings to work by staking them on supported platforms or using them to lend liquidity. BYDFi Crypto Lending lets you earn passive income by lending out ENS conveniently. Earn daily interest over seven days, 14 days, or 28 days for lending ENS to the exchange.

Ethereum Name Service crypto is an exciting asset to invest in, considering the projects future potential. As Web3 adoption rises, the need for a service like ENS, which helps you create convenient Web3 usernames and profiles, will also pick up.

An uptick in adopting Ethereum Name Service by crypto and Web3 users could drive up the ENS price and make it a valuable asset to include in your portfolio. The Ethereum Name Service price could also edge higher amid the release of more Web3 projects and decentralized websites using its blockchain naming standard.

In addition to rising adoption by users and projects worldwide, the Ethereum Name Service price could see an uptrend as the market sentiment towards cryptocurrencies improves. A positive mood among investors increases buying interest, sending all digital assets, including ENS, higher.

The ENS price could rise amid higher innovation in the Web3 and decentralized space. The need for a convenient service that converts cryptocurrency addresses into human-readable names is a precious innovation in the market which could witness widespread adoption in the future, making the Ethereum Name Service token more valuable.

The Ethereum Name Service token has a fixed total supply of 100 million. As of August 2022, the circulating supply of ENS crypto is about 20 million.

The following is the token distribution of ENS:

⧫ 50% of ENSs max supply was allocated to the DAO Community Treasury, of which 10% was unlocked at the time of launch with a vesting schedule spread over four years since then.

⧫ 25% of ENS was distributed via airdrops to .ETH domain holders.

⧫ The remaining 25% was set aside for contributors to the Ethereum Name Service project with a four-year linear vesting schedule.

You must pay $5 per year to register a .ETH domain using the Ethereum Name Service. In addition to buying ENS directly via the Ethereum Name Service platform, you can also obtain an ENS domain via OpenSea, the worlds leading NFT marketplace.

Browse through the ENS collection on OpenSea for available .ETH domain names and get their pricing details. Connect your digital wallet to OpenSea to buy available options or place a bid for them.

While ENS and DNS perform similar functions, there are several differences between the two services. Lets take a look at some of them:

Web2 vs. Web3

Domain Name System (DNS) is a protocol that caters to Web2 initiatives, such as websites and email addresses. It maps IP addresses to names that are convenient to recall and use.

On the other hand, Ethereum Name Service maps crypto addresses based on Ethereum to a readable string similar to a URL. The ENS service can be used to create usernames for Web3 applications, crypto wallets, and decentralized websites serving Web 3.0 projects.

Centralized vs. Decentralized

DNS services are primarily centralized, with DNS providers using centralized servers to offer their services to internet users. Meanwhile, ENS functions in a completely decentralized manner, based on the Ethereum blockchain. The verification process utilized in ENS is distributed, eliminating the single point of failure that centralized systems suffer from.

The Ethereum Name Service is integrated across hundreds of dApps and wallets, which means its services are accessible through these platforms. Heres how you can get an ENS domain for yourself:

1. Create an account with a crypto wallet that is integrated with and supports ENS.

2. Add ETH funds to your wallet by buying Ethereum on BYDFi or other exchanges. Withdraw the funds from your trading account to your wallet by entering your wallet address.

3. You will need a minimum of $50 worth of ETH in your wallet to purchase ENS domains.

4. Head to the ENS Manager website.

5. In the text box on the homepage, please search for the .eth domain name you would like to own to assess its availability.

6. Confirm the availability of the name and enter the duration in years for how long you wish to own the ENS domain.

7. Click on Request to Register to proceed.

8. Connect your ETH wallet through the pop-up box that appears in the next step. Click on Confirm to proceed with the transaction and make the payment for the ENS domain.

9. Review the gas fees and other details to proceed with the registration process.

10. After registering your ENS, use the Resolve section to bind your old crypto address to your ENS domain.

11. You can now use your ENS name to receive crypto and interact with dApps.