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2. Intermediate Course

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  1. 1. Ethereum 2.0 - What is it? 
  2. 2. What is cryptocurrency burning?
  3. 3. How to create your own cryptocurrency? 
  4. 4. Blockchain Oracle - what are oracles? 
  5. 5. How to make money with NFT?
  6. 6. What is an ERC20 token and how is it created?
  7. 7. The Metaverse – a new virtual world
  8. 8. Metaverse – TOP 15 virtual reality projects
  9. 9. Technical analysis – is it worth using?
  10. 10. What are DeFi liquidity pools?
  11. 11. Second layer (layer 2) - what is it? 
  12. 12. What are wrapped tokens 
  13. 13. What is the Lightning Network, and how does it work?
  14. 14. What are security tokens?
  15. 15. What is play-to-earn (P2E) and how does it work?
  16. 16. What are Social Tokens? 
  17. 17. Examples of the use of WEB3 on the blockchain
  18. 18. What is Web5? 
  19. 19. Ethereum London Hard Fork - what is it ? 
  20. 20. Segregated Witness - what is Segwit Bitcoin all about?
  21. 21. Polkadot - Decentralized blockchain and DOT cryptocurrency
  22. 22. Polkadot Parachain - Next-generation blockchain
  23. 23. Set up of Stop Loss and Take Profit orders
  24. 24. Trading order types: stop loss, trailing stop loss, LIMIT
  25. 25. What are Decentralized Cryptocurrency DEX Exchanges?
  26. 26. What is Curve Finance?
  27. 27. What is GameFi and how does it work?
  28. 28. Non-fungible tokens and NFT exchanges
  29. 29. Cryptocurrency steps - What is move to earn M2E?
  30. 30. What is Proof of Reserves (PoR)? How does it work?
  31. 31. Interoperability in the world of cryptocurrencies and blockchain
  32. 32. Blockchain and its layers - What is layer three in Blockchain (L3)?
  33. 33. What is Layer 0 in Blockchain technology?
  34. 34. What is layer 1 in Blockchain?
  35. 35. What is MakerDAO and DAI Stablecoin?
  36. 38. What is the SubDAO protocol, and how does it work?
  37. 39. The main differences between static NFT and dynamic NFT
  38. 40. Liquidity Provider Tokens (LPs). What are they, and why are they so important?
  39. 41. What is KnowOrigin NFT, and how does it work?
  40. 42. What is decentralized social media?
  41. 43. What is the Ethereum Name Service (ENS) and how does it work?
  42. 44. Arbitrum: Ethereum scaling solution - everything you need to know
  43. 45. Ethereum ERC-4337 - what is it and how does this standard work?
  44. 46. Sustainable Blockchain - Proof of Useful Work & Flux
  45. 47. Ethereum Proof-of-Stake (PoS) - what should you know?
  46. 48. Atomic Swap: What is an atomic swap, and how does it work with cryptocurrencies?
  47. 49. What Is Cryptocurrency Vesting? What Are Its Advantages?
  48. 50. What Is the Metaplex Candy Machine Protocol? How Does It Work?
  49. 51. What Is the BNB Greenfield Ecosystem?
  50. 52. Real Yield in DeFi - what is this trend? What does it consist of?
  51. 53. Polygon 2.0 - the value layer for the Internet
  52. 54. What Is Slashing in Cryptocurrencies?
2. Intermediate Course 43. What is the Ethereum Name Service (ENS) and how does it work?
Lesson 41 of 52
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43. What is the Ethereum Name Service (ENS) and how does it work?

Ethereum Name Service is a distributed mechanism for naming wallets, websites and other services associated with Web3. When you choose ENS, you simply get a decentralized domain where you can publish your content or receive seamless cryptocurrency payments for your services.

Thank you to the Ethereum Name Service mechanism, you can also define your cryptocurrency wallet, for which you do not need to remember any alphanumeric characters. Importantly, the Ethereum Name Service domain is created in the form of NFT.

Originally, the Ethereum Name Service was part of the Ethereum Foundation. However, it later became an independent entity. The main developer of ENS is Nick Johnson, other members of the ecosystem are:

Sergey Nazarov of Chainlink

Dan Finlay of MetaMask

Jason Carver and Martin Swende of the Ethereum Foundation

Taylor Monahan from MyCrypto

The Ethereum Name Service – operation

ENS is nothing other than an internet domain. The only difference is that it has a decentralized form. This makes it an ideal solution for Web3.

The Ethereum Name Service is an open-source platform that provides a naming solution for decentralized Internet domains. It works very similarly to DNS on the classic Web2. DNS maps internet protocol (IP) addresses to human-friendly domain names. This allows users to enter a website instead of their alphanumeric IP address. The Ethereum Name Service replaces the long domain code to make the content more accessible and friendly. Interestingly, ENS is created as an NFT. All this is done to transfer content or payments easily in a decentralized manner. The ending of such domains is replaced by .eth.

I am sure you will not be surprised to learn that the Ethereum Name Service is based on smart contracts. It consists of a registry, and the resolver is a second smart contract that reads domain names. However – one step at a time.

Registry. It consists of a smart contract that is used to maintain a list of all domains and subdomains. It also aims to store relevant information about each of these domains – the owner of the domain, its resolver and the variability of subdomain ownership. In addition, the ENS registry is used to match the name with the corresponding resolver.

Domain owners. In the Ethereum Name Service Registry, they can:

  • Change the ownership of subdomains.
  • Set the resolver and TTL for the domain.
  • Transfer ownership of their domain to another address.

Resolvers, they are responsible for the entire process of translating names into addresses. Any smart contract responsible for implementing the required standards can be a resolver in the ENS ecosystem.

How to create a domain on Ethereum Name Service?

Registering such a domain is easy. You go to the official domain ENS – app.ens.domains. There, you enter the name of the domain you want to register. You check the availability of the domain and follow the instructions. The only requirement is that you have a Metamask wallet.

The Ethereum Name Service – management

ENS is administered by several bodies. Each has its importance for the whole ecosystem.

ENS DAO. Ethereum Name Service is run by a decentralized DAO autonomous organization. We have written about them here – [LINK – WHAT THE DAO IS AND HOW IT WORKS – MASTER LEVEL]. Of course, the organization itself is managed by ENS token holders.

ENS Foundation. It represents the Ethereum Name Service DAO. Its mission is:

  • Entering into agreements with other companies.
  • Protecting DAO users.
  • DAO Acting.
  • Looking after the organizational affairs of the entity.

Why is ENS better than other domains?

Users can host websites via IPFS, making it fully decentralized. The Ethereum Name Service not only handles simple transactions on the blockchain, but also shows your bio, Twitter profile or other relevant things associated with domain users.

The main difference of Domain .eth compared to the traditional form is that ENS works in the Ethereum ecosystem. This makes it much more secure than others. Another feature of the Ethereum Name Service is that it immediately notifies users when someone has entered a wrong address or domain. The result: a secure transaction process.

Summary

The Ethereum Name Service is a very fascinating invention in the world of cryptocurrencies. It has one main task – to improve the user experience. Long number strings are often the cause of errors, and as you know – in the cryptocurrency industry, they are costly.