Ethereum Name Service (ENS): Understanding All About Web3 Decentralized Platform and Blockchain

The Ethereum Naming Service, or ENS, is the DNS equivalent of the blockchain and Web3. It is especially one of the most popular services on the internet for a few weeks.

On April 28, 2022, something unexpected happened in the world of NFTs: the famous Bored Ape Yacht Club, the most valuable group in the world, recorded lower sales volume on OpenSea than the Etherum Name Service. The news, reported by CoinDesk, surprised: ENS has not been known to unleash crowds. But the service is increasingly popular in society, which does not come out of nowhere.

ENS, which was created in 2017, is nothing new to the NFT scene. But with the advent of these non-fungible tokens, the blockchain, the metaverse, and Web3, the service is becoming increasingly important and may soon become indispensable.

Buckchain is an increasingly used technology // Source: Canva

What is the ethereum name service?

In concrete terms, ENS is a domain name management service – like the “classic” DNS (Domain Name System) currently in use on the Internet. These DNS are used to associate IP addresses with domain names that humans can read: the address www.numerama.com is understandable, while our server’s IP address is not really, since it is a string of numbers. In fact, DNS is a kind of huge directory that points to the website addresses of computers.

ENS does the same thing, at the level of Web3 (the decentralized version of the Internet we use today, based on the blockchain). If you have a crypto wallet, you probably know that their addresses are long strings of numbers that humans can’t understand, making them hard to remember. ENS wants to solve this problem, by making these blocks of numbers readable expressions.

Concretely, the platform “translates” URLs, cryptocurrency wallets, transaction references and digital fingerprints into readable domain names. It is then registered on the Ethereum blockchain. For example, the Ethereum address 0x913a8f37c005cfF880e83a0Bc19A180b8e7d2c16 could be renamed to a readable address, for example, numerama.eth. Therefore, if you want to make a payment to a friend, you will no longer need to type the entire address, for fear of making a mistake: just enter the ENS domain name lenomdevotreami.eth.

How does the ethereum service name work?

Although ENS has the same role as DNS, they operate on a completely different architecture. These discrepancies are due to the way the Ethereum blockchain works, as explained on the ENS website. The differences are also explained by the fact that the ENS is decentralized, while the DNS is central.

There are two main components of an ENS architecture: the register and the parsers.

  • record Consists of smart contract, which maintains a list of all registered domains and subdomains, and keeps certain information, such as their owner and resolver. The record also includes a the recorderwhich allows the assignment of subdomains and defines certain rules.
ens_registry
ENS architecture // Source: Ethereum Name Service
  • referrals They are responsible for the same process: they are responsible for converting the sequence of numbers into understandable names.

The procedure then takes place in two steps: first, you have to ask the responsible registry for the domain name, and then ask the resolver to answer the query.

ENS also acts as a registrar

However, ENS does more than just take on the role of the DNS: it also has the role of registrar. To purchase a domain name, you can go directly through ENS.Like DNS, ENS operates on a system of hierarchical names separated by dots, called domains. The site documentation says. “ Domain owners have complete control over the subdomains. »

The site also states that ” Anyone can own the domain name “As long as they respect the rules of the domains. Domain owners have complete control over subdomains. So, when you have numerama.eth, you can have pay.numerama.eth or whatever.

but, ” Domains like “.eth” and “.test” are controlled by smart contracts Registrars that define the rules for sub-domain governance are calleds”, indicates ENS. It is possible to consult the documentation for the latter for free on the ENS website. Finally, ENS makes it possible to import classic domain names for use on the blockchain.

What are the differences between ENS and DNS?

There are many differences between ENS and DNS. The fact that the ENS works with a decentralized architecture means that many computers verify that the readable address corresponds to the sequence of numbers.

With DNS, this is not the case. As tech company Ripple Venture points out, the fact that classic registrars are so focused means that they can be hacked more easily.

Above all, one of the main differences between the two is that ENS sells domain names in the form of NFT. ERC-721 tokens, a type of special token used in the Ethereum blockchain, serve as certificates of ownership. The fact that they are sold in the form of NFTs means that domain names are for sale on platforms like OpenSea. Once you purchase an NFT domain name, it is entirely possible to transfer it to another user or to another wallet, such as Non-replaceable code classic.

One final difference: with ENS it is possible to register a domain name address made up of emojis. So it is quite possible to buy the title 👁👄👁.eth or even 🌝‼️.eth. At Open Sea, the NFT sales platform where you can buy ENS domain names, Unicode addresses are also popular.

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Emoji domain names are popular on ENS // Source: Open Sea

How to buy a domain name using Ethereum service name?

To purchase an ENS domain name, you must first have a cryptocurrency and a crypto wallet – otherwise you will not be able to proceed with the process. If you have a Metamask, that would be fine.

You will need to go to the manager.ens.domain site, and see if the domain name you want to purchase is already taken. Unfortunately for us, 👁👄👁.eth is already taken, as can be seen on the site.

Shame
: ‘( // Source: Ethereum Name Service

If the domain name you want is not already taken, it will appear green and the site will then purchase it. You can choose how long you can buy it (minimum term is 1 year, there is no maximum term): the price will vary depending on the term. The base price is $5 a year, and gas costs must be added to it (Expenses associated with any operation performed on the Ethereum blockchain whose amount varies according to its size).

Digital
What a great domain name to say // Source: Ethereum Name Service

You will then have to click on the button “ Registration request », then in the Metamask pop-up which will ask you to confirm the transaction.

The purchase must then be confirmed and ENS will make sure no one else is trying to purchase the domain name. It is important not to close the browser at this time: the step should take less than a minute. Once the wait is over, you will need to confirm the transaction with Metamask one last time – and that’s it.

You can also choose to go through the open sea. The platform sells a large amount of “.eth” domain name NFTs: if the name you want is already registered, it may be for sale on the site.

What is the cost of a domain name with an Ethereum service name?

The price varies depending on several things. First of all, as defined above, depending on how long you want to have the address. Gas costs should also be added to this price. The longer you buy it, the more you’ll pay.

If you go via Open Sea, the prices will depend on the reputation of the domain name. For example, the name defi.eth, which refers to the field of decentralized finance, is currently on sale 260 ETH, or over $293,500.

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