What exactly is Ethereum Name Service (ENS)? Beginners' Guide

Did you know that in the early days of the internet, one of the primary issues was that domain names and internet protocols did not match and were difficult for regular people to understand? When you wish to access a website.
For example, you must key in the whole IP address of the site you want to visit, such as 45.532.171.131. This is a difficulty in and of itself since memorizing a sequence of random digits is tough, and locating the web is challenging.
To address this issue, American computer scientists Elizabeth Feinler and Paul Mockapetris developed the Domain Name System (DNS) in 1983. With DNS, we may put the site's name straight into a search engine, such as Coinvestasi.com, and be led to the website. What the internet endured in its early days, crypto suffered as well. To send Bitcoin to someone else's address, you must input the recipient's wallet address rather than the recipient's name.

The Ethereum Name Services (ENS) were created in response to this dilemma . What exactly is ENS and why is it important?

Learn about Ethereum Name Services (ENS)
Ethereum Name Services, or ENS, is a distributed platform based on the Ethereum blockchain that allows for the straightforward naming of wallet addresses, hashes, and other crypto identifiers. The Ethereum Name Services protocol describes itself as a distributed, open, and extendable name system that provides a decentralized domain naming and search service protected by blockchain. ENS is not controlled by a single body due to its decentralized structure. Because there is no single point of failure, it is more secure than centralized naming services.

How Does ENS Work?
Two Ethereum smart contracts underpin Ethereum Name Services. The first smart contract is the ENS registry, which holds three crucial pieces of information about each domain: the domain owner, the resolver for the domain, and the cache time for all entries under the domain. The resolver is the second smart contract, which converts the domain name to a machine-readable address and vice versa. This second smart contract connects each domain to the correct user, website, or location.

How to Get an ENS Domain
Those interested in creating a Web3 username can do so by visiting the Ethereum Name Services app and looking for available domain names. Once identified, all that remains is to complete the registration procedure, which entails verifying two transactions from the wallet and paying a US$5 yearly fee for names longer than five characters. Once you have a domain, you may connect it to a cryptocurrency wallet, construct a website, and create several subdomains, such as email.rick.eth or website.rick.eth, all of which are linked under the same ENS domain. Because ENS domains are restricted, many crypto assets are scrambling to get their names, much as DNS names in the early days. Some people even create a domain with a certain name with the intention of reselling it at a greater price.

It should be noted that ENS not only supports.eth, but also the most common DNS domains such as.com,.org,.io,.app, and others.ENS is not administered by a regular company hierarchy because it is an open source, totally decentralized system. The community governs ENS as a DAO (decentralized autonomous organization), which takes us to the ENS token.

ENS tokens
The ENS DAO is administered by the ENS token, which is the protocol utility and governance token used to make ideas and vote on future protocol development. Anyone with an ENS can vote in the ENS DAO. The price of an ENS is $0,016 as of August 12, 2022, and it is ranked 117. The maximum quantity of the token is 100 million coins, with a circulating supply of 19.6 million. 25% of the entire token supply is distributed to ETH holders, 25% to ENS contributors, and the remaining 50% is distributed to the ENS DAO.

The Benefits of Ethereum Name Services
The Ethereum Name Service is essentially a Web 3.0 version of DNS (Domain Name Service). ENS is a decentralized DNS alternative to the internet. Because it is built on top of Ethereum, ENS is intrinsically more secure and resistant to censorship. The fact that ENS is basically two smart contracts allows for maximum compatibility with other smart contracts and the Ethereum ecosystem as a whole. By converting complicated character sets into short, memorable, and human-readable connections. ENS also helps blockchain newcomers comprehend and access cryptocurrency transactions.

What Does ENS Mean for the Crypto World?
The cryptocurrency world is a very technical topic, which sometimes discourages crypto newcomers from researching it. This protocol, on the other hand, overcomes this key adoption barrier by making crypto more accessible and useable. This protocol converts large strings of machine-readable public addresses into short, easy-to-remember URLs that users may use to transact, engage with dApps, and accept all sorts of coins and NFTs. Furthermore, it intends to connect all of one's wallets, websites, and subdomains into a single link, making the crypto ecosystem more user-friendly and removing the psychological barrier to global crypto adoption.The ENS DAO has also sparked great interest in the system, since it will start with 25% of the entire token supply on November 9, 2021. The ENS token swiftly gained appeal among investors, with its market value surpassing $1 billion on November 10, only one day after the ENS DAO was launched. ENS intends to integrate the whole DNS namespace, which means that any internet domain owner will be able to register it on ENS. This will establish ENS as a parallel DNS extension, develop a cross-platform Web 3.0 username that will become a key component of decentralized identity, and make the world of blockchain and cryptocurrency much more accessible to newcomers.