Ethereum Name Service

What is the Ethereum Name Service (ENS) Token?

• ENS is a distributed, open, and extensible naming system on the Ethereum blockchain that links human-readable names with machine-readable identifiers.

• It supports ‘reverse resolution,’ enabling metadata association with Ethereum addresses.

Tokenomics

• The total supply of ENS tokens is capped at 100 million, enhancing governance within the ENS Decentralised Autonomous Organisation (DAO).

• Distribution includes 25% for ETH address registrants via airdrop, 25% to contributors, and 50% reserved for the DAO treasury.

Market Data

As of today 27 July 2024, the price of Ethereum Name Service is ₹2,456.80 INR, with a 24-hour trading volume of 111007237.04 USD. The market capitalisation for Ethereum Name Service is 871865870.43USD. The circulating supply is 32836023.69 Ethereum Name Service, with the total supply also being 100000000 Ethereum Name Service.

Token Pros and Cons

Pros:

• Decentralisation:

• ENS offers a decentralised alternative to the traditional DNS system, enhancing security and censorship resistance.

• Governance:

• ENS token holders can participate in the governance of the ENS DAO, influencing the future direction of the protocol.

• Interoperability:

• ENS is built on Ethereum but can work across different blockchains.

Cons:

• Market Volatility:

• Like many cryptocurrencies, ENS is subject to high market volatility.

• Privacy Concerns:

• The public nature of blockchain can potentially reveal wallet balances and transactions.

Why Should You Invest in the Coin?

• Investing in ENS is attractive for its potential to simplify Ethereum web usability and accessibility, alongside its governance model and growth prospects with blockchain and decentralised applications.

USP of the Coin

• ENS’s unique selling proposition lies in replacing complex Ethereum addresses with readable names, simplifying blockchain transactions and minimising errors.

Problem the Coin is Solving

• ENS tackles the issue of user-friendliness in blockchain by replacing hexadecimal addresses with memorable names, easing transactions within the Ethereum network.

Founder and Team Background

• Launched in May 2017 by Nick Johnson, ENS was developed by a New Zealander with extensive experience in software engineering within the Ethereum ecosystem.

ICO Price

• The ENS token was airdropped on November 8, 2021, to holders of an ENS domain name registered before October 31, 2021, without a traditional ICO.

Risks Associated in Investing in the Coin

• ENS investment risks include market volatility, regulatory changes, and the success dependency on Ethereum blockchain adoption and growth.

Whitepaper Insights

The Ethereum Name Service (ENS) whitepaper outlines the protocol’s design and functionality as a decentralised naming system built on the Ethereum blockchain. ENS aims to improve the user experience in the Ethereum ecosystem by mapping human-readable names to machine-readable identifiers, such as Ethereum addresses and content hashes. This system not only simplifies transactions by allowing users to send and receive tokens using easy-to-remember names but also enhances security by reducing the risk of errors in entering long addresses.

ENS operates through a system of smart contracts, with the ENS registry at its core. This registry maintains a record of all domain names and their associated resolvers and owners. The resolver component translates human-readable names into machine-readable addresses, while the ownership model ensures that domain names are controlled by their rightful owners.

The governance of ENS is managed by the ENS DAO, which uses the ENS token for voting on proposals related to the protocol’s development and management. The DAO structure allows ENS token holders to participate in decision-making processes, ensuring that the development of ENS aligns with the community’s interests.

The whitepaper also discusses the technical aspects of ENS, including the registration process for domain names, the architecture of smart contracts, and the mechanisms for resolving and reverse-resolving names. It highlights the protocol’s extensibility, allowing for the integration of new features and improvements over time.

In summary, the ENS whitepaper presents a comprehensive overview of the protocol’s objectives, technical foundation, and governance model. It emphasises ENS’s role in making the Ethereum ecosystem more accessible and user-friendly, while also providing a framework for decentralised governance and community participation.