What is Ethereum Name Service?
Ethereum Name Service is a domain system on the Ethereum blockchain. The founders, Alex Van de Sande and Nick Johnson, had an idea: to offer ETH wallet holders a more user-friendly address compared to the network’s typical alphanumeric codes. Just like on the traditional web, where the numeric IP addresses of websites are transformed into understandable names by the Domain Name System (DNS). A more intuitive way for users to navigate in browsers, now possible for blockchain and Web3 as well.
Why follow ENS?
Blockchain name services will be a fundamental component in the construction of Web3, because they create a digital identity corresponding to a site, wallet or social network profile. But following the progress of ENS (the code of the corresponding token) is also interesting for its tokenomics, which puts the community at its heart. 50% of the total supply of ENS is destined for the DAO, while 25% was distributed with the 2021 airdrop. Users who had purchased the token prior to 31 October 2021 were rewarded.
How was it created?
The founders of Ethereum Name System conceived the project in 2017, back when they were part of the Ethereum Foundation. In 2018, however, the core team broke away from Vitalik Buterin’s foundation, forming an organisation of their own. Seven members were particularly active in developing the project: Nick Johnson, Sergey Nazarov, Dan Finlay, Taylor Monahan, Aron Fischer, Jason Carver and Martin Swende. ENS has no direct financers but is supported by some of the crypto world’s major players: Binance, Chainlink, Classic Labs and Protocol Labs in addition to the Ethereum Foundation.
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