Ethereum Name Service | Trading Non Stop

What is ENS?

Ethereum Name Service (ENS) is a blockchain-based system that replaces complicated crypto wallet addresses with easy-to-remember names like "alice.eth." It acts as a decentralized identity system for Web3, the next generation of the internet.

Makes transactions easier by turning long, complex addresses into simple names.
Adds domain name system (DNS) features to blockchains, allowing names to work across different networks and letting users control subdomains.
Governed by the community through the ENS DAO, where $ENS token holders decide on updates and changes.

Deep Dive

1. Purpose & Value

ENS addresses the challenge of long and error-prone crypto addresses by linking them to easy-to-read names like vitalik.eth. Similar to how DNS works for websites, ENS simplifies sending cryptocurrency, visiting decentralized websites, and managing digital identities. It also supports reverse resolution, which connects extra info like profile pictures or social media links to wallet addresses (CoinMarketCap).

2. How It Works

ENS is built on the Ethereum blockchain and uses smart contracts organized in layers:

Registry: Keeps track of who owns each domain and points to the resolver.
Registrars: Handle top-level domains like .eth as unique digital assets (ERC-721 NFTs), letting users buy, own, and trade these names.
Resolvers: Convert the human-readable names into wallet addresses, website content, or other data.
ENS also connects with traditional domain names through DNSSEC, allowing users to bring in regular domains like .com into the ENS system (ENS Docs).

3. Where ENS Is Used

Works across multiple blockchains: ENS names can be used on Ethereum, Bitcoin, and Layer 2 networks.
Subdomains: Users can create custom subnames like pay.alice.eth for apps, groups, or wallets.
Web3 identity: ENS names are integrated with platforms such as Coinbase, Brave browser, and Base, serving as universal logins and payment addresses (CCN).

Conclusion

ENS is changing how we think about digital identity by combining blockchain’s security and decentralization with simple, user-friendly names. Its open design and community governance make it a key part of Web3’s future. As more people use it, ENS could become the standard way to identify yourself across multiple blockchain networks.