The Complete Guide to Ethereum Name Service (ENS): Everything You Need to Know About Blockchain Domains
Hello! Are you curious about Ethereum Name Service (ENS)?
Today, I'm going to tell you more about ENS. I'll explain it in an easy way so that even those who are new to cryptocurrency and blockchain technology can understand it.
Let's go into the world of ENS, an innovative technology that changes complex blockchain addresses into simple names! 🚀
What is Ethereum Name Service (ENS)?
Ethereum Name Service (ENS) is a decentralized system for managing and registering domain names on the Ethereum blockchain. In simple terms, it is a service that converts complex and difficult to remember Ethereum addresses into human-readable domain names.
For example, instead of complex addresses like 0x7E0b764e9f8273F931b58d44882f8fecCD7fbB70, you can use simple, easy-to-remember names like ""myname.eth"".
This makes it much easier to enter addresses when making cryptocurrency transactions, and greatly reduces the possibility of mistakes. Think of it as the same principle as using domain names instead of IP addresses on the Internet.
ENS's history and development
2017 - ENS project started
ENS was first introduced in 2017 and development began with the support of the Ethereum Foundation.
May 2017 - First auction started
The first public auction of the ENS domain started and attracted a lot of attention.
2019 - Permanent Registrant Launch
The system to permanently own domains was introduced, greatly improving user convenience.
2021 - ENS Token Airdrop
The ENS governance token was launched, marking the beginning of community-driven development.
Vitalik Buterin, the founder of Ethereum, took a keen interest in this project, and many developers from around the world participated to continuously expand the functions of ENS. Initially, it only had a simple domain registration function, but now it has various advanced functions such as avatar setting, text record storage, and multi-chain address connection, making it more convenient for users.
ENS's operating principle
ENS operates through smart contracts on the Ethereum blockchain. The entire system is hierarchically structured and systematically managed from the top-level domain to the subdomains.
🔧 ENS Operation Process
Step 1: The user selects the desired domain name and requests registration.
Step 2: The smart contract checks the availability of the domain and verifies the registration conditions.
Step 3: Once registration is complete, the domain is linked to the user's Ethereum address.
Step 4: All information is permanently recorded on the blockchain and managed transparently.
This process is very safe and transparent, and anyone can see the status of ENS. You can check it in real time. In addition, ENS has a similar structure to the existing DNS, but it completely complements the shortcomings of the centralized system by utilizing blockchain technology.
ENS's advantages and disadvantages
✅ Key advantages
- Ease of use: Use simple names instead of complex addresses
- High security: Secure system based on blockchain technology
- Full ownership: Completely owned by individuals without a central authority
- Transparency: All transactions and ownership are publicly verifiable
- Scalability: Can be used for various blockchains and services
⚠️ Considerations
- Registration Fee: Domain registration and renewal requires Ethereum gas fees
- Price fluctuations: Registration fees vary depending on the Ethereum price
- Limited Support: Not yet supported on all platforms
- Technical Complexity: Can be somewhat difficult for beginners
- Risk of Permanent Loss: Domain permanently lost if private key is lost
ENS Use Cases and Use Cases
ENS is being used in various ways throughout the blockchain ecosystem. It is used for a wide range of purposes, from individual users to large corporations, and from simple URL shortening to branding.
🎨 NFT & Digital Art
Used to indicate ownership of NFT works and for artist branding
🏢 Corporate Branding
Entering Web3 by registering corporate or brand names as ENS domains
💰 DeFi Service
Providing user identification and transaction convenience in decentralized financial services
🌐 Personal Website
Web3 address of personal blog or portfolio site Utilization
🎮 Games & Metaverse
Used for in-game character names or metaverse identity verification
💬 Social Media
User profiles and identity authentication on Web3 social platforms
Differences between ENS and traditional domain names
| Distinction | ENS (Blockchain domain) | DNS (Traditional domain) |
|---|---|---|
| Management method | Complete Decentralization (blockchain) | Centralization (ICANN, etc.) |
| Ownership | Fully owned by individuals | Lease through a registrar |
| Censorship resistance | Censorship is virtually impossible | Censorship by governments or agencies is possible |
| Payment methods | Cryptocurrency (ETH) | Fiat currency (KRW, USD, etc.) |
| Transparency | All information is public | Limited information Public |
| Functional scalability | Infinite scalability based on smart contracts | Limited functionality |
The biggest difference is centralization. While DNS is managed by a specific organization like ICANN, ENS is completely decentralized through blockchain technology. This provides ENS with higher security and transparency, and allows users to have true ownership.
ENS-related communities and resources
If you want to learn more about ENS, you can utilize various communities and resources. An active global community has been formed, so users of all levels, from beginners to experts, can get help.
📚 Main Information Channels
Official Channels: You can check the latest updates and announcements on the ENS official website, official Twitter, and Discord server.
Community: You can share information with users on the Reddit ENS community, Telegram group, and domestic blockchain communities.
Educational Materials: You can learn more through YouTube tutorials, Medium blog posts, and developer documentation.
Tools and Services: You can manage ENS more conveniently using the ENS app and third-party tools. There is.
Things to keep in mind when investing in ENS
⚠️ Things to consider before investing
Market Analysis: The value of an ENS domain varies greatly depending on brand awareness, length, and ease of remembering. Just because it's short doesn't mean it's necessarily expensive, and meaningful words or brand names can be more valuable.
Maintenance Costs: ENS domains incur annual renewal fees. You should consider gas fees and renewal fees when making investment decisions from a long-term perspective.
Security Management: Since ENS domains are registered on the blockchain, if you lose your private key, you can permanently lose your domain. You must prepare a safe wallet and backup method.
Legal Risk: Speculatively registering domains related to trademarks or copyrights may result in legal disputes.
Also, the ENS domain market is still in its early stages and can be volatile. It may be a wiser choice to approach it for actual use rather than investment. Consider registering a domain for your own brand or identity first.
🎯 Conclusion
Ethereum Name Service (ENS) is an innovative service utilizing blockchain technology and is one of the important infrastructures of the Web3 era. Not only does it make complex blockchain addresses into simple names, it also presents a new paradigm for digital identity verification and branding.
ENS is expected to be supported by more services and platforms in the future, and its importance is expected to grow further with the development of the Web3 ecosystem. Why not learn more about ENS and create your own blockchain identity? 😊
The future of blockchain has already begun. Join the journey with ENS! 🚀