Those who work in the cryptocurrency industry are familiar with the difficulties of using long wallet addresses. Basically, you must use your wallet address—a long string of numbers and letters—every time you wish to perform a crypto transaction. These lengthy addresses are not only confusing, but they have also resulted in losses as a result of mistakes and scams. The Ethereum Name Service, or ENS, seeks to make things a little easier in this area.
What exactly is ENS and how does it function?
The Ethereum Name Service is a “distributed, open, and extendable naming system based on the Ethereum blockchain,” according to the project’s website. Simply put, it allows users to give all of their wallet addresses and decentralised websites a single, easy-to-remember moniker.
You can, for example, use “Jane.eth” instead of a perplexing address like “0xAB25FF3F5A8S18699855668A2ADA096545FBA2D695E.” Jane.eth will be your ENS domain, from which you will be able to obtain all of your tokens and NFTs. You can purchase and maintain your own ENS domains, which makes blockchain transactions considerably more convenient.
ENS works in a similar way to the Domain Name Service on the Internet (DNS). A DNS converts IP addresses, which are a series of numbers, into URLs, which are human-readable domain names. The Ethereum Name Service does the same thing, converting machine-readable addresses to human-readable addresses.
To comprehend how ENS functions, you must first comprehend what it is built of. ENS is made up of two Ethereum smart contracts. The first, known as the registry, keeps track of all domain names. The owner’s information, the “caching time-to-live” of all domain records, and a link to the resolver are all included in each domain name.
The second smart contract is now a resolver, which is in charge of translating names into addresses and vice versa. In essence, the resolver connects each domain to the person, address, IPFS content hash, or website associated with it. You can sell the ENS domain name to others, exactly like NFTs, because it uses the ERC-721 standard.
What can an ENS domain be used for?
As previously stated, ENS assists customers in converting their long, illegible wallet addresses into simple names. Consider it like saving someone’s phone number in your phone by using their name. You don’t have to dial the number each time you want to call the individual; simply look up their name in the phone book. In the same way, ENS simplifies blockchain transactions and reduces the risk of errors.
You may link your domain to your public wallets, websites, smart contracts, or transactions once you have it. You can also build subdomains to link to additional data if you own an ENS domain. Consider the domains email.jane.eth and website.jane.eth.
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