Ethereum Name Service

Feb 21, 2023 | Decentralization, Infrastructure, Projects

Decentralised naming for wallets, websites, & more.

ENS – Decentralised naming for wallets, websites, & more

 

Problem

  • Visiting or memorising an address such as this one is not really simple. Show: 0xe3faa7e2A1b80Bae4987ebF2d748789F925Fd1D4″

Solution

  • The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain..

Value Proposition

  • With ENS, users can launch censorship-resistant decentralised websites and create unique Web-3 identities for all cryptocurrency, token, or NFT addresses.

Underlaying Magic

    • ENS is able to map human-readable names like ‘alice.eth’ to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata.

    Business Model

    • The Ethereum Name Service ecosystem is fueled through domain name registration fees which also serve to prevent the namespace becoming overwhelmed with speculatively registered names.