Ethereum Name Service (ENS) is the latest talk of the town. The internet is filled with posts and blogs about the much-awaited $ENS token airdrop.
So if you’re wondering what ENS is all about and what it is used for, here’s an extremely simple guide to help answer all your queries.
ENS: Understanding The Basics
Launched in 2017, Ethereum Name Service (ENS) is the most-widely integrated blockchain naming standard. It is an extensible, open, and distributed naming system based on the Ethereum blockchain, and was created to solve the problem of copy-pasting lengthy and complex blockchain addresses.
An ENS allows you to store multiple addresses under a common name, which you can use to receive cryptocurrencies, NFTs, and other digital tokens. It also allows you to launch censorship-resistant decentralized websites. While the native suffix for all ENS domains is .eth, you can also use ENS with domains that you already own.
ENS serves a similar purpose as DNS (Domain Name System), but offers blockchain-native security. Like DNS, ENS also follows the dot-separated hierarchical “domain name” system. Besides, ENS domain owners can create as many subdomains as they want. For instance, a person named Bit owns an ENS ‘jack.eth’ and can add their wallet IDs to this domain and accept deposits without locating (and copy-pasting) their complicated wallet ID. Similarly, if Bit wants to add a new payment page, they can create ‘pay.jack.eth’ and configure it as per their requirements.
Basically, instead of typing the IP Address such as “126.96.36.199.27.4” for a particular website, you type the website’s name directly in the search bar. This saves you a lot of time and effort. ENS does the same, but for crypto addresses.
So instead of typing in a string of text and numbers like “100YJFHSY6jdjahdiaduh67” every time you need to send or receive digital assets, you can simply provide your .ENS domain name. Not only will it save you time and effort, but it will also lower the chances of incorrectly copy-pasting addresses.
The ENS Ecosystem
Currently, the ENS ecosystem comprises of prominent wallets like Coinbase, Rainbow, Trust Wallet, Bitcoin.com Wallet, 1inch, Huobi, DEXWallet, and many more, dApps like Uniswap, Etherscan, The Graph, Blockscan, Blockswap, and more, and browsers like Brave, Opera, Metamask Extension. EthDNS, and several others.
$ENS has launched!
Eligible users can claim their $ENS governance tokens at: https://t.co/ZGGfGLhdhS
No rush: You have until *May 4, 2022* to claim your tokens. Claiming costs gas, so feel free to wait for favorable gas prices.https://t.co/TuheiI0w9i
Blog or ? for more?
— ens.eth (@ensdomains) November 9, 2021
The $ENS token will play a crucial role in decentralizing the ENS governance protocol further while enabling community members to vote on development, community, treasury, and technical proposals.
To mark the launch of the $ENS token, ENS rolled out an airdrop for owners of .eth domains. As part of the airdrop, each owner can claim their share of the $ENS tokens. The number of tokens each user can claim depends on the duration of ownership, the duration of registration, and if a “reverse record” is set for the domain name. Users can claim their share until May 4, 2022, after which all remaining tokens will be transferred to ENS DAO (decentralized autonomous organization) treasury.
The $ENS token made its debut on most trading platforms, including Bybit and Binance, on November 10th. The token is currently trading at $76, with a 24-hour trading volume of close to $1 billion. It now features a circulating supply of 14,566,540 $ENS coins and a maximum supply of 100,000,000 $ENS coins.