Ethereum Name Service Basics
Token Name: Ethereum Name Service (ENS)
Introduction:
What Is Ethereum Name Service (ENS)?
In the early days of the internet, users had to navigate the web using cumbersome IP addresses. The introduction of the Domain Name System (DNS) revolutionized this experience by replacing numerical addresses with human-readable names. Today, a similar transformation is underway in the cryptocurrency space with the emergence of the Ethereum Name Service (ENS).
Ethereum Name Service is a decentralized naming system built on the Ethereum blockchain, designed to simplify interactions with blockchain technology. It translates complex identifiers like wallet addresses and transaction hashes into easy-to-read names, making transactions more straightforward and secure. As an open-source project, ENS aims to become essential Web3 infrastructure, much like DNS's role in the internet.
Founded by former Google engineer Nick Johnson, ENS initially operated under the Ethereum Foundation before becoming an independent entity in 2018. Managed by a multisignature root, its governance includes prominent figures from the Ethereum Foundation, Chainlink, and other organizations, with a vision to make decentralized networks more accessible and user-friendly.
Key Resources
- Official Documentation: ENS Docs
- Website: ENS Domains
How Does Ethereum Name Service Work?
ENS relies on two core smart contracts: the ENS Registry and the Resolver.
- The Registry maintains records of all registered domains and subdomains, storing critical details like ownership and resolver information.
- The Resolver converts machine-readable addresses to domain names and vice versa, linking each domain to its respective user or address.
Adopting a hierarchical structure akin to DNS, ENS allows domain owners full control over subdomains. This decentralized system enhances security and reduces errors, while seamless integration with decentralized applications (DApps) and Web3 functionalities provides a user-friendly gateway into DeFi.
What Is the ENS Token?
Launched in November 2021, the ENS token is a governance token empowering the ENS community. Holders participate in decisions on pricing, protocol changes, and fund management via the ENS DAO (Decentralized Autonomous Organization). With a total supply of 100 million tokens, distributions include allocations to the DAO treasury, airdrops to .ETH holders, and contributions to ecosystem developers.
ENS's Financial Impact
ENS bridges blockchain complexity and mainstream adoption by simplifying transactions and enhancing security. Partnerships with wallets like Coinbase Wallet and Trust Wallet expand its utility, fostering an inclusive financial ecosystem. As demand for Web3 grows, ENS's decentralized, censorship-resistant domain platform positions it as a potential game-changer in DeFi.
Factors Influencing ENS Price
ENS's price reflects its unique value in the Web3 space. Key factors include:
- Adoption of decentralized platforms.
- Ethereum ecosystem trends.
- Market demand for censorship-resistant domains.
For real-time tracking, platforms like CoinMarketCap provide detailed ENS price history and charts. Analysts project bullish trends, with potential highs of $30 by 2025** and **$200 by 2030, though investors should account for volatility.
Conclusion
ENS revolutionizes blockchain interactions by replacing complex identifiers with human-readable names. Its community-driven governance and integration with Ethereum’s expanding ecosystem make it a promising long-term investment. Stay updated via resources like ENS CoinMarketCap.
All-Time High: $83.75
All-Time Low: $6.67
ENS Supply and Tokenomics
- Circulating Supply: -- ENS
- Total Supply: -- ENS
- Max Supply: 0 ENS
- Market Cap: --
- Fully Diluted Valuation: --
Uniqueness
ENS pioneers decentralized domain services in Web3, operating as open-source public infrastructure. Its blockchain-based design eliminates single points of failure and enhances censorship resistance.
Token Utility
The ENS token governs the non-profit ENS DAO, enabling holders to:
- Elect root domain managers.
- Set protocol parameters.
- Allocate funds.
ENS Investment Potential
Future Price Predictions
- 2026: ~$23.8
- 2031: ~$52.67 (+179.44% ROI)
Is ENS Worth Investing In?
Recent trends show a 7-day price drop, with prices 77.49% below ATH. High-risk yet potential for rebounds exists. Investors should assess:
- Market trends.
- Project fundamentals.
- Entry timing.
How to Buy ENS
- Register on Bitget.
- Complete KYC.
- Deposit funds via bank transfer or card.
- Purchase ENS in the spot market.
For a detailed guide: Bitget’s ENS Buying Tutorial
Alternative Ways to Earn ENS
- Learn-to-Earn: Free ENS via educational activities.
- Referral Programs: Invite friends for rewards.
- Airdrops: Participate in challenges.
Convert earnings to ENS via Bitget Swap or spot trading.
Use Cases for ENS
- Trading Arbitrage: Profit from ENS price fluctuations.
- Staking: Earn yields via DeFi platforms.
- Payments: Send ENS to individuals or charities.
Explore more applications on ENS’s official site.
Where to Buy ENS?
- Bitget App: Quick card/bank purchases.
- Bitget Exchange: Trade with low fees and high liquidity.
FAQ
1. How do I register an ENS domain?
Visit ENS Domains, connect your wallet, and search for available names.
2. Can ENS domains expire?
Yes, but you can renew them to maintain ownership.
3. Is ENS compatible with all wallets?
Most Ethereum wallets (e.g., MetaMask, Trust Wallet) support ENS.
4. What’s the difference between ENS and DNS?
ENS is decentralized and blockchain-based, whereas DNS is centralized.
5. How is ENS governed?
Through community votes via the ENS DAO.
6. Can I trade ENS tokens?
Yes, on major exchanges like Bitget and OKX.
Disclaimer: Cryptocurrency investments carry risks. Conduct thorough research before investing.