Ethereum Name ServiceENS to CAD

Users who had previously registered addresses for the ENS service garnered instantaneous rewards in what we would call retroactive airdropping in November 2021 when the ENS was launching of its governance token. Nevertheless, in February 2022, it came under fire for what appeared to be homophobic social media posts by the head of its operations department.

Who Are the Founders of the Ethereum Name Service?

ENS is a part of the Ethereum Foundation. Its fundamental founder is New Zealand software program engineer Nick Johnson.

While ENS has no traders, it’s supported by way of the Ethereum Foundation, Binance_X, Chainlink, Ethereum Classic Labs, and Protocol Labs.

What Makes Ethereum Name Service Different?

Ethereum Name Service has a value proposition as it is the first service to migrate Domain Name Service to decentralized Web 3.

ENS is not a corporation but an open business that calls itself “the open public benefit of the company." Specifically, it aims to be as important a framework to Web3 as DNS is to the Internet. Additionally, ENS does not have a single failure thanks to its blockchain technology, and by design, it is highly censorship-resistant and secure.

One of the main barriers to the adoption of many blockchain technologies is their availability and ease of use, which ENS aims to address. Instead of machine-readable but inconvenient alphanumeric codes, users can access any crypto in a short, easy-to-remember link. This simplifies the user experience and makes blockchain technology less technical.

The ENS is built on two smart contracts. First, the ENS Registry lists the domains registered in the ENS and stores the following information:

1. By the domain owner
2. Domain Resolver Resolution
3. Collection time for all records under the domain

The second smart contract is the repairman. Its purpose is to define machine-readable addresses to domain names and vice versa to match each domain with the corresponding user, network, or address.

How Secure is the Ethereum Name Service Network?

ENS is hosted on the Ethereum language. It utilizes proof of use compatible with tutorial road Pascal forever, requiring more Ether being thrown at the miners. A host of decentralized nodes provides the communication infrastructure and the encryption of the Ethereum blockchain. Owing to the local nature of Ethereum architecture and due to the fact that there are over 10,000 nodes, the ENS network does not have a single point of failure. Therefore, it is much more resilient. There are already some wallets being developed that are supporting Ethereum Name Service, including Coinbase Wallet, Trust Wallet, and My Crypto.