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The Ethereum blockchain powers the native cryptographic token (ETH) and its flexibility makes it non-fungible, a unique digital token on the blockchain used to record proof of authenticity and proof of ownership. Tokens (NFTs) can also be created.
One of the hottest projects in the last few months is the Ethereum Name Service (ENS).so what is ENSAlso, why is it becoming a hot topic in the streets recently?
In this article, we will analyze exactly how it works and what it is.
ENS is a naming service for public addresses (wallet addresses), hashes, and many other machine-readable identifiers. It works like the traditional Domain Name System (DNS) used by centralized websites, seamlessly connecting hard-to-read strings of data to addresses that are easy for human users to read. ENS authorize user To create a simple web-style address Ethereum wallet addresses are easier to read and remember.
Like how DNS works on a centralized web where websites are hosted on their respective IP addresses 2001:4860:4860::8844, but no one searches for pages in their browsers using addresses like this. Instead, it uses names like Google.com. Such names are called DNS, but in blockchain networks, ENS replaces DNS and does more than just name addresses.
Imagine you want to send a crypto token to a friend. You need your friend’s public key, i.e. an alphanumeric string. Special care is usually taken to ensure that no letters are missing or misplaced from these letters to avoid sending funds to irreversible addresses.
Instead of the hassle that comes with all this, ENS can replace your Ethereum public key with a concise, readable address.to change 0x58Bdb34b3096c2c4f7B0a9902f1722feaeF0341A To Blood S This makes it easier to remember and easier to share.
Because the Ethereum blockchain powers ENS, the naming protocol is open, decentralized, and compatible with web3, unlike DNS for web2.In this protocol, each name is .eth is suffixed, allowing that single name to be associated with multiple public addresses, transaction hashes, and metadata.
ENS and DNS may have similarities even though they are on different ecosystems, but ENS has a different architecture than DNS. ENS has a nice architecture that allows a user to import an existing DNS domain into her ENS. G.oogle.com To G.oogle.eth.
Additionally, domain owners can control and configure subdomains to any length. For example, if Brad owns the ‘brad.eth’ domain, he could also create ‘gov.brad.eth’ and change it on a whim. This remarkable framework gives owners a high level of freedom, allowing them to freely distribute their domains.
The ENS protocol architecture has two main components:
The Registry is a component of ENS that uses smart contracts to register all domains and subdomains. Store and register important information for each domain and subdomain. This important information includes:
As mentioned earlier, domain owners can be smart contracts or external accounts. Top level domain like “”.eth” When “.test belongs to smart contracts (often called registrars). The function of these registrars is to outline the rules and regulations governing the distribution of subdomains. To get a domain, you must follow your registrar’s guidelines. In other words, registrars or domain owners can:
So what is a resolver?
A resolver is an ENS element that translates names into addresses. Identifiers such as IPFS content hashes and wallet addresses define applicable methods for each resolver.
It is also possible to define new identifier types in order to stay within the boundaries of the registry. This can be done using the EPI standardization process.
Resolving or matching names and addresses requires two steps:
Getting your own ENS domain is easy in just three steps:
ENS has become a web3 kind of identity, and users are now addressed by identity rather than by public key or address. This illustrates the flexibility of consolidating DNS names such as: .com, .io, .org, .app, .artWhen .xyz to ENS to make them .eth.
ENS also serves as an investment tool with a significant ROI. ENS is considered an NFT because each name has no replicas. This is why many users register big brand names on his ENS so they can be sold at higher prices like domain flipping. These sales are taking place on the notable NFT Marketplace.
ENSs, like other NFTs, derive their value from scarcity. For example, there are only 900 3-digit ENSs. This also applies to 4-digit and 5-digit ENSs, each of which circulates.Below is an excerpt OpenSea.io where they are listed for sale.
ENS is a widely used blockchain naming standard that acts as a decentralized identity for users and also as a reversible NFT. It is a decentralized naming protocol for wallets, brands, websites, etc., currently with over 2 million names and 541,000 owners.
Like traditional domains with paid hosting, ENS names also have an expiration date and can be renewed at the end of the rental period. However, with ENS, a single name such as crypto.eth can be connected to multiple addresses to receive digital assets such as NFTs and cryptocurrencies.
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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Technical writer with a passion for blockchain and all things decentralized world.
