Buy Ethereum Name Service

Ethereum Name Service (ENS) is a decentralized Domain Name System (DNS) on the Ethereum blockchain. It allows for the translation of complex and long Ethereum addresses into human-friendly, readable names such as 'bitvavo.eth'. This makes it easier for users to transact and share addresses without having to worry about typos or having to remember long strings of numbers and letters.

The problem that Ethereum Name Service solves was already present in the early days of the internet. Traditional DNS translates IP addresses of websites into easy-to-remember domain names (such as bitvavo.nl). Ethereum Name Service does the same for Ethereum addresses. This makes it easier for users to interact with the Ethereum blockchain for crypto transactions or the use of decentralized applications (dApps).

On the ENS platform, users and developers can claim a domain for their wallet, smart contract or dApp and even create subdomains, such as 'exchange.bitvavo.eth'. ENS has partnerships with Coinbase Wallet, Rainbow, Brave, Uniswap, Etherscan and GoDaddy, among others, to promote the use and integration of ENS.

The ENS token plays an important role. ENS was launched on November 8, 2021 and distributed via an airdrop to existing ENS domain holders. To claim a domain name, users and developers can pay with ENS tokens. ENS holders can participate in the Decentralized Autonomous Organization (DAO), where they can submit proposals and vote on decisions that affect the future of the ENS protocol.

Who founded Ethereum Name Service?

Ethereum Name Service was launched in 2017 and was founded by Nick Johnson and Alex van de Sande of the Ethereum Foundation. Nick Johnson has a background as a software engineer at Google, while Alex Van de Sande has experience in design and front-end development. Together, they led a team that developed the first versions of the ENS protocol. The current team consists of several experts in blockchain and smart contracts, who are continuously working on improving and expanding ENS.

Ethereum Name Service has several applications and functions:

• Creating human-friendly addresses: Users can convert complex Ethereum addresses into memorable names like “bitvavo.eth”. This makes sending and receiving crypto much easier.
• Creating subdomains: ENS domain owners can create subdomains for different purposes, such as "wallet.bitvavo.eth" for their crypto wallet and "contact.bitvavo.eth" for their contact details.
• Making decentralized websites accessible: Developers can use ENS to host decentralized websites that are accessible via human-friendly domains, such as "bitvavo.eth".
• Governance and voting: ENS token holders can participate in the governance of the ENS protocol and vote on important decisions that affect the future of the protocol.

The technical operation of Ethereum Name Service consists of two main components: the registry and the resolver. These two components allow names to be converted to cryptographic addresses and vice versa.

Registry

The registry is a smart contract that keeps track of all registered domains and subdomains. This information is stored on the blockchain and is therefore immutable, which ensures the security of the data. For each domain, it stores three important pieces of information:

• Domain owner: This can be an external account or a smart contract. The owner will only be granted access with the correct public and private keys.
• Resolver: This is the smart contract responsible for translating the ENS names into Ethereum addresses.
• Time-to-Live (TTL) for caching: This determines how long information about a domain is stored before it needs to be refreshed.

Resolver

The resolver is the core part of the ENS and performs the actual translation of human-readable names into Ethereum addresses. This happens in two steps when someone enters an ENS name:

1. Query to the registry: First, the resolver asks the registry which contract is responsible for a particular name.
2. Query to the resolver: The resolver then asks the identified contract to convert the name to the corresponding address.

ENS uses a hierarchical system similar to traditional domain name services. This means that the owner of a domain has full control over its subdomains. For example, the owner of "bitvavo.eth" can create and manage "wallet.bitvavo.eth" and "exchange.bitvavo.eth".

Name hash and domain name transfers

ENS uses the so-called "name hash" to convert domain names into a 256-bit cryptographic hash. This ensures that names are processed and stored in a consistent manner within the ENS system. Before the name hash is applied, names must be normalized to ensure that uppercase and lowercase letters are treated fairly.

In addition, ENS offers the possibility to transfer ownership of domains. This is handled by registrars, which are smart contracts that assign subdomain names and are managed by the permanent registrar. Transferring domain names can be done on the official ENS platform.

ENS tokens have several functions, including access to certain features within the ENS ecosystem. When registering and managing ENS domains, users can pay with tokens. In addition, the tokens provide voting rights in the governance of the ENS protocol. Holders of ENS tokens can submit proposals and vote on decisions that affect the future of the protocol.

The maximum supply of ENS tokens is capped at 100 million. These were divided into several groups: 25% were airdropped to .eth domain holders, 25% went to ENS contributors, and 50% was allocated to the DAO community treasury.

Ethereum Name Service is a unique project within the blockchain landscape due to the following properties:

• User-friendly Ethereum addresses: ENS converts long, complex Ethereum addresses into memorable names, simplifying usage and reducing transaction errors.
• Creation of subdomains: Users can create subdomains under their main domain, providing flexibility for personal and business applications. This allows multiple addresses to be managed under one main domain.
• Security through Blockchain: Unlike traditional DNS systems, ENS benefits from the security of the Ethereum blockchain, making it less vulnerable to hacks and outages.
• Wide range of applications: ENS can be used to host decentralized websites and link several blockchain addresses to a single name, making it a versatile tool in the crypto ecosystem.
• Decentralized governance: ENS is governed by a DAO, where ENS token holders can vote and submit proposals. This ensures democratic and transparent decision-making.

Bitvavo is a Dutch trading platform where you can buy Ethereum Name Service (ENS). Both beginners and experienced traders can purchase ENS tokens via the website or app of Bitvavo. The buying process:

1. Log in to your existing Bitvavo account or open a new account.
2. Deposit money into your account.
3. Go to the ENS purchase page.
4. Indicate the value you wish to invest in euros or how many ENS tokens you want to buy and complete the transaction.

After purchase, the ENS tokens are automatically and immediately credited to your Bitvavo account. Here you can manage and trade the tokens. Selling ENS is just as easy as buying, so you can quickly respond to market movements.

Bitvavo offers a secure storage option for your ENS tokens. The vast majority of assets are stored offline in cold storage for extra security. To further protect your account, it is wise to activate two-factor authentication (2FA).

There are several software and hardware wallets that support ENS. After purchasing ENS tokens, you can easily send them from Bitvavo to an external wallet by linking the address of the wallet to your Bitvavo account. This way, you have full control over your crypto coins and increase the security of your digital assets.