Ethereum Name Service (ENS)
Ethereum Name Service (ENS) is an open-source, distributed, and extensible naming system built on the Ethereum blockchain. It enables users to create human-readable names for Ethereum addresses and other content, replacing long, complex addresses with simple names. ENS operates similarly to the Domain Name System (DNS) and provides a secure and decentralized method for addressing websites and resources using names instead of numbers. ENS domains can be bought and sold as NFTs on secondary markets, offering users a unique web3 username.
Overview
| Ticker | ENS |
| Category | Governance |
| Website | https://ens.domains/ |
| @ensdomains | |
| Contract Addresses | |
|---|---|
| ethereum | 0xc1...72 Copied! |
ENS is a decentralized naming and lookup system on the Ethereum blockchain, facilitating easy transfer of funds and access to websites and resources such as smart contracts and wallet addresses using simple names. Built on Ethereum’s smart contracts, ENS is secure, private, and resistant to censorship compared to DNS. Its primary function is to map human-readable names like 'vitalik.eth' to machine-readable identifiers such as Ethereum addresses, content hashes, and metadata. ENS also supports reverse resolution, allowing metadata association with Ethereum addresses. ENS domain names are NFTs following the ERC-721 standard and can be traded on platforms like OpenSea. Users can also develop decentralized websites using ENS and the InterPlanetary File System (IPFS).
History
The Ethereum Name Service was launched by the Ethereum Foundation in May 2017, introduced by developers Nick Johnson and Alex Van de Sande through EIP-137. This proposal enabled the resolution of human-readable names to service and resource identifiers on the blockchain. ENS became an independent organization, True Names Ltd, in May 2018, registered in Singapore. The team has achieved milestones such as adding support for Dapps on IPFS and expanding domain name character limits. ENS governance is decentralized, with decisions made through community proposals and voting using Ethereum's governance mechanisms. Initially supporting only .eth domains, ENS now also supports top-level domains like .xyz, .kred, .luxe, .club, and .art.
Tech
ENS registry
The ENS has two main components: the registry and resolvers, both implemented as Ethereum smart contracts. The registry consists of a single smart contract that maintains a list of all domains and subdomains, storing information about the domain owner, resolver, and caching time-to-live for all records under the domain. The ENS registry is at the core of ENS resolution, and all lookups start with a registry search. Each domain owner can modify their domain's information.
The resolver
The resolver translates machine-readable addresses into domain names. Any contract meeting the appropriate standards can serve as an ENS resolver. For users with simple requirements, general-purpose resolver options are available. ENS names are resolved in two steps: querying the registry for the resolver in charge of the name and then asking the resolver to respond to the inquiry.
Name wrapper
In April 2023, the "EP 3.5" proposal was executed, upgrading ENS smart contracts with a focus on the "Name Wrapper" system. This smart contract transforms ENS domains into ERC-1155 tokens, enabling subdomain creation. Users can set, grant, or revoke permissions for subdomains using "Fuses," which are permanent and reset only after domain expiration. An updated manager app is also expected alongside the name wrapper.
Use cases
Crypto transactions
ENS simplifies crypto transactions by allowing users to assign an ENS to their wallet, reducing the risk of sending funds to incorrect addresses associated with long and unmemorable addresses.
Multiple addresses
Users can assign several addresses to their ENS domain, enabling them to receive any digital currency or NFT. Multi-address domains allow mapping both web3 and Ethereum wallets to the same domain. ENS unifies web services, directing users to their website when entering an ENS domain in a browser.
Decentralized websites
ENS domains can be assigned to decentralized websites, such as those hosted by IPFS, empowering users to register DNS names and maintain a unified ENS domain for their website, crypto address, and other online identities.
Immutability
ENS transactions are immutable due to the smart contracts on the Ethereum blockchain, ensuring that all ENS records are unchangeable and unalterable.
Monetizing ENS domains
ENS domains follow the ERC-721 token standard, allowing users to trade, transfer, or use them as collateral for crypto loans. Domains can be bought or sold as NFTs on markets like OpenSea or used as collateral on lending services like NFTfi.
ENS token
ENS is the governance token of Ethereum Name Service, governing protocol decisions, including .eth address pricing. It is an ERC-20 token on the Ethereum blockchain, and holders can delegate tokens to the DAO for voting.
Token distribution
ENS tokens were airdropped to early adopters who registered an ENS domain. The distribution included 25% for .eth holders and 25% for contributors, with the remaining supply allocated to the DAO Community Treasury and other contributors.
Funding
ENS received financial support from organizations like the Ethereum Foundation, Binance, Ethereum Classic Labs, and Protocol Labs, with no VC investors involved.
ENS DAO
The ENS DAO governs the ENS protocol, using a delegate system for member representation. Members can propose and vote on revisions or propositions. Although decentralized, some operations require human interaction. The ENS Constitution outlines governance rules, and the DAO manages the ecosystem through venues like Discourse forums, Snapshot voting, and governance portals.
ENS Foundation
The ENS Foundation, incorporated in the Cayman Islands, is a nonprofit organization with no shareholders. Directors from the ENS core team manage daily operations, and a supervisor ensures compliance with Cayman Islands law. The ENS DAO holds significant powers, such as appointing or removing directors and winding up the foundation.
Partnerships
ENS x Coinbase
In September 2022, ENS partnered with Coinbase to create cb id usernames, offering free-to-claim web3 usernames. Existing .eth addresses can connect to these names for seamless transactions and digital identity building.
ENS x Huobi
In July 2022, ENS partnered with Huobi to provide infrastructure for ENS users to utilize ENS domains on the Huobi platform.
Notable sales
In October 2021, the domain paradigm.eth sold for 420 ETH, marking a significant sale. Other notable sales include 000.eth for 300 ETH in July 2022 and amazon.eth for 33 ETH in February 2022.
Team members
The ENS team includes Khori Whittaker (Executive Director), Nick Johnson (Creator & Lead Developer), Jeff Lau, Makoto Inoue, Kevin validator.eth, Leon Talbert, Richard Moore, Muhammed Tanrıkulu, alisha.eth, taytems.eth, davidchu.eth, Luc van Kampen, and Dom Perri, each contributing to the project's development and governance.