Ethereum Name Service (ENS) is a decentralized, open, and extensible naming system built on the Ethereum blockchain. ENS translates human-readable Ethereum addresses such as john.eth into machine-readable alphanumeric codes, which are commonly used in wallets like Metamask. It also allows for the reverse operation—linking metadata and machine-readable addresses to human-readable Ethereum addresses. The primary objective of Ethereum Name Service is to simplify user interaction with the Ethereum-based web, much like the Domain Name Service facilitates easier navigation of the internet. Similar to DNS, ENS employs a hierarchical system of dot-separated names referred to as domains, where domain owners have full control over their subdomains. ENS made a significant impact with a successful retroactive airdrop in November 2021, rewarding users who had registered addresses prior to the launch of its token. However, in February 2022, the service attracted criticism following the emergence of ostensibly homophobic tweets by its director of operations.

The Ethereum Name Service (ENS) was initially part of the Ethereum Foundation but became a separate organization in 2018. The Lead Developer is Nick Johnson, a software engineer from New Zealand, who previously worked at Google and the Ethereum Foundation. The ENS team comprises nine members, and its treasury is governed by a 4-7 multi-signature root with the following members: * 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 does not have investors, it receives support from the Ethereum Foundation, Binance_X, Chainlink, Ethereum Classic Labs, and Protocol Labs. For further details, you can refer to Eulerpool.

Ethereum Name Service (ENS) presents a unique value proposition as the pioneering service that transfers the Domain Name System (DNS) to the decentralized Web3 platform. ENS operates as an open-source project, describing itself as "an open public utility that belongs to the community." It seeks to become an essential infrastructure component for Web3, similar to the role of DNS in the internet. Thanks to blockchain technology, ENS benefits from enhanced censorship resistance and security, as it lacks a single point of failure. One significant barrier to the widespread adoption of blockchain technologies has been their complexity and user accessibility, which ENS aims to address. Instead of utilizing complex alphanumeric codes that are machine-readable but inconvenient, ENS enables users to receive cryptocurrencies or NFTs through simple, memorable links. This approach enhances user experience and reduces the technicality of blockchain technology. At its core, ENS is composed of two smart contracts. The first, an ENS registry, manages the domains registered on ENS and maintains the following data for each domain: * The domain owner * The domain resolver * The caching time for all records under the domain The second smart contract is the resolver, which is responsible for converting machine-readable addresses into domain names and vice versa, effectively linking each domain to its associated user, website, or address. For further information on Ethereum Name Service, please refer to Eulerpool.

ENS serves as the governance token for the Ethereum Name Service, playing a vital role in overseeing the protocol and shaping decisions related to pricing its .eth addresses and managing the price oracle. Token holders have the option to delegate their tokens to the DAO for voting purposes. The total supply of ENS is set at 100 million, with a circulating supply of just over 20 million at present. The distribution of ENS is structured as follows: - DAO Community Treasury (50%): 10% initially available, with the remainder released via linear vesting over a four-year period. - Airdrop to .ETH holders (25%) - Contributors (25%), with a four-year linear vesting schedule, including: - 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%

ENS operates on Ethereum, a blockchain secured by a proof-of-work consensus mechanism requiring miners to generate new Ether. Transactions are validated and the Ethereum blockchain is secured by a network of decentralized nodes. Due to Ethereum's decentralized structure, supported by over 10,000 nodes, ENS does not have a single point of failure and is resistant to hacking. Ethereum Name Service has established partnerships with various wallets, including Coinbase Wallet, Trust Wallet, MyCrypto, among others.

ENS can be accessed on Binance, OKX, Bitget, and Mandala Exchange. For more information on how to begin purchasing cryptocurrencies, please consult our guide.