The Protocol

Due to core contributors and the treasury receiving the largest shares and holding a significant amount of the token supply (69.54%), their rewards have a vesting period of 4 years. Airdrop receivers, translators, and Discord server members could use their ENS tokens freely from the very start. In practice, this means that many casual users received tens of thousands of dollars of tokens in the airdrop — while people who have held domains for many years received even more generous allocations. ENS’s story begins with Nick Johnson, the founder and lead developer of ENS.

The developers then airdropped these tokens to wallets connected to the ENS domains. Fractions of the ENS token pool were distributed based on how long a given user owned an ENS domain. The ENS is operated by a decentralized autonomous organization (DAO), essentially an organization with no centralized leadership. The DAO governs itself through the ENS token — holders of the token submit proposals and cast votes for future development. ENS takes the same concept of the Domain Name Service (DNS), which mapped simple website names to their IP addresses, to make crypto addresses easy to read and share.

Human-readable names

Similar to how DNS maps a domain name to an IP address, ENS was created to map blockchain addresses to human readable labels. You can share your ENS name instead of a long, hard to remember crypto address. ENS is not solely a naming service for Ethereum, but in fact the wider blockchain ecosystem. ENS enables cross chain naming of long addresses such as crypto wallets, content hashes, metadata and even smart contracts. The ENS approaches blockchain addresses almost like the Internet’s DNS approaches IP addresses.

How does the Ethereum Name Service work?

As an ERC20 token, ENS can be stored in most wallets that have support for Ethereum tokens. The backlash caused him to double down, and True Names Limited attempted to hold a vote regarding his involvement in the project. The catch was that Milligan held the most voting power in ENS than anyone else, so the ultimate decision to oust him was not made in consensus with the community. The idea of ENS is not a new one, and other protocols tried to solve the long unreadable address problem similarly. Behind the scenes, ENS generates and keeps track of the names through a process called Namehash.

Types of ENS names

1. Add “.limo” to the end of any .eth domain to resolve the content hash in your browser.
2. The ENS Foundation is a foundation company limited by guarantee and is incorporated in the Cayman Islands.
3. The users are already discussing monetary incentives to boost voting in the community.
4. The cost of a new ENS domain is at least $5, but users should expect to pay fees for the Ethereum transaction.

While there is the ENS Foundation to consider, the main steering force of ENS today is ENS DAO. The process of implementing changes implies coming up with proposals first and then putting them up for voting on-chain. ENS tokens can be bought at a number of different exchanges such as Binance, FTX and more. The ENS Foundation is a foundation company limited by guarantee and is incorporated in the Cayman Islands. It is a nonprofit and cannot pay out dividends mining ethereum on ubuntu with a gtx 1070 to its directors or members. The Foundation itself has one supervisor, filled by a Cayman Islands firm, DS Limited.

ENS foundation

The DNS is part of a system of internet protocols that allow Web2 to work seamlessly. Web3, a concept describing the new decentralized version of the internet, is still a developing field and has issues that hinder adoption, such as long addresses. While thinking through our team’s latest launches (EVM Gateway, Gasless DNSSEC), and our future roadmap, the skrill cryptocurrency risk statement complexity around teaching our community about the technology became apparent. DNS names can contain multiple records that point to various locations that Internet services use.

The software code is published in the open, on the public blockchain ledger. However, Namecoin was inspiration for the later development of a similar project on Ethereum. In fact, when Vitalik Buterin first introduced Ethereum, he noted that a possible use case for this new technology was a naming service—like Namecoin. For instance, if Alice owns ‘alice.eth’, she can create ‘pay.alice.eth’ and configure it as she wishes.Or, use a Custom Resolver, and programmatically issue subdomains, for example in an App, Community, or DAO. Unstoppable Domains operates as a for-profit company, and many of its domains have been “brand protected” to prevent individuals from owning certain names, words or phrases.

You can try ENS out for yourself now by using the ENS Manager App, or by using any of the many ENS enabled applications on our homepage. Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad. The foundation has three directors — Nick Johnson, Brantly Millegan and Kevin Gaspar — who are also ENS core team members. The Ethereum Name Service converts an Ethereum address into a human-readable string formatted like a URL. You can look up a name in a phone book and get the number what is gzil that will allow you to reach that person.