Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Ethereum Forum => Topic started by: NikeFit_7777 on May 26, 2024, 09:52:49 AM

Title: Ethereum Name Service (ENS)
Post by: NikeFit_7777 on May 26, 2024, 09:52:49 AM
How it works and what it's for, the answer is below:

Ethereum Name Service (ENS) is a decentralized domain name system built on the Ethereum blockchain. Each domain name registered in ENS is associated with the owner's blockchain address and is represented as a non-fungible token (NFT).

Reference: https://ens.domains

How does Ethereum Name Service work?

ENS replaces manual management systems with Ethereum smart contracts, ensuring security and resistance to censorship. ENS consists of two main contracts:

Registrar - maintains records of registered domain names and stores information about owners and their blockchain addresses.

Resolver - translates blockchain addresses into machine-readable names and vice versa using a hashing algorithm, as well as maps domains to owner data.

(https://i.ibb.co/qRQ7p5j/photo-2024-03-22-15-34-11.jpg)
Title: Re: Ethereum Name Service (ENS)
Post by: hugeblack on May 26, 2024, 04:34:44 PM

I do not think that using the term decentralized domain name system is accurate, as the interaction with the smart contract is centralized, so we can say that it is distributed.
In general, if you are a fan of collecting domains, getting .eth sounds great.
Title: Re: Ethereum Name Service (ENS)
Post by: TomPluz on May 29, 2024, 09:03:15 AM
I am not using this domain service that is specifically working with Ethereum and if I am not wrong it is also in direct coordination with GoDaddy as the domain service provider. When I searched for my name, it is available and the cost amounted to around $25.30 where the bulk of the fee goes to the network and only 20% is for a one-year registration...and as for renewal there can be a different rate for that. In my own analysis, this can be a good option and can solidify one's involvement with cryptocurrency especially with Ethereum. Now, am wondering...is this the best way we can get away from that long wallet address? Still, since the address is going to be limited to Ethereum maybe I would wait the time when the domain name will be my official wallet address for all networks especially the top ones like Bitcoin, Ethereum, Solana, BNB and more.
Title: Re: Ethereum Name Service (ENS)
Post by: hugeblack on May 29, 2024, 10:30:04 AM
Quote from: TomPluz on May 29, 2024, 09:03:15 AM
I am not using this domain service that is specifically working with Ethereum and if I am not wrong it is also in direct coordination with GoDaddy as the domain service provider.

No, the rootnode is owned by the ENS DAO, which is a group of approximately 10 keyholders who are responsible for DNSSEC integration, Enable and disable controllers, and other things necessary for managing the TLD.
Quote from: TomPluz on May 29, 2024, 09:03:15 AM
When I searched for my name, it is available and the cost amounted to around $25.30 where the bulk of the fee goes to the network and only 20% is for a one-year registration
This is not only the problem, but whenever the number of domain words is less than 5 characters, the cost of creating the domain is high. For example, to obtain 3 character .eth names, it costs about ~$700 per year. and you can have .com .org...etc more is here ----> https://docs.ens.domains/faq
Title: Re: Ethereum Name Service (ENS)
Post by: NotATether on May 30, 2024, 12:42:23 PM
A little off-topic, but how were you able to get the address balance feature thing working on Google Search? If I do something like paste a bitcoin address into the search bar, I get a list of links that take me to block explorers, but nowhere is the balance itself visible.

Is there like specific blockchains that this functionality is restricted to?
Title: Re: Ethereum Name Service (ENS)
Post by: MrSpasybo on May 30, 2024, 09:55:23 PM
Quote from: NotATether on May 30, 2024, 12:42:23 PM
A little off-topic, but how were you able to get the address balance feature thing working on Google Search? If I do something like paste a bitcoin address into the search bar, I get a list of links that take me to block explorers, but nowhere is the balance itself visible.

Is there like specific blockchains that this functionality is restricted to?
Google has allowed users to check the native token balance in their accounts for some blockchains like Bitcoin, Ethereum, Avalanche... I hope that in the future, leading blockchains will also be supported by Google, actually this is not too complicated, Google just needs to query some blockchain explorers to get the balance data.

For ENS, I am not really interested in its features, I am interested in the profit when investing in ENS token. Currently, ENS price recovery is quite weak and unimpressive, I hope that along with the development of the Ethereum ecosystem thanks to Layer-2, restaking and ETH Spot ETF, the ENS price will also grow well and bring profits to holders.

(https://www.tradingview.com/x/aoosBktF/)