Ethereum Name Service is a decentralized and public naming system for Ethereum. It offers services to make human-readable texts identifiable by machines and vice versa, thus making Ethereum-based products and services more easily accessible and comprehensible for human. The service can be used in any wallets, websites, and dapps on Ethereum. So far, 649k people have registered 2.8 million names in the system.
The system was initially a part of the Ethereum Foundation but later separated to become its own organization in 2018. As it is the first name service in Web3, Ethereum Name Service receives support from leading crypto institutions like Ethereum Foundation, Ethereum Classic Labs, Binanc, Protocol Labs, and Chainlink.
Ethereum Name Service provides services to associate complicated cryptographic strings with human-identifiable names. For example, when you want to send ETH to a friend's wallet, you need to know the public key of that wallet, which is a 42-hexadecimal-character string, and enter that string into the recipient box. If your friend registers that wallet address with the system and associates it with something like "friend-to-receive-eth.eth", you can input this string into the receiver address box instead of the original easy-to-mistake wallet address.
The registry of Ethereum Name Service is made up of a smart contract that contains all the registered domains and subdomains. Besides, it also maintains information about the domain owner, the resolver, and the Time-to-Live of all records. Among these three, the most important element is the resolver, whose responsibility is to translate domain names into cryptographic strings and vice versa.
ENS is the native token of the system that is used for both governance and utility. Its total supply is 100,000,000 and about 20% is in circulation.
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