$ENS is the governance token of Ethereum Name Service, but the protocol itself is essentially a decentralized naming system.
Instead of asking users to interact with an address such as 0x followed by dozens of characters, ENS can map a readable name like name.eth to an Ethereum address.
Under the current ENS architecture, the Registry records who controls a name and which Resolver it uses. The Resolver stores records connected to that name, such as wallet addresses, while the Registrar handles the issuance of .eth names.
It is also important to separate the protocol from the token.
Owning a .eth name does not automatically provide governance power. $ENS is a separate ERC-20 token used for ENS DAO governance and delegation.
ENS is currently working on ENSv2, which introduces a new architecture and migration process. The current ENS documentation says the v2 contracts are still not final before mainnet deployment.
For $ENS research, governance participation, registrations, renewals, protocol upgrades and adoption of ENS names across wallets and applications are more useful metrics than token price alone.
Instead of asking users to interact with an address such as 0x followed by dozens of characters, ENS can map a readable name like name.eth to an Ethereum address.
Under the current ENS architecture, the Registry records who controls a name and which Resolver it uses. The Resolver stores records connected to that name, such as wallet addresses, while the Registrar handles the issuance of .eth names.
It is also important to separate the protocol from the token.
Owning a .eth name does not automatically provide governance power. $ENS is a separate ERC-20 token used for ENS DAO governance and delegation.
ENS is currently working on ENSv2, which introduces a new architecture and migration process. The current ENS documentation says the v2 contracts are still not final before mainnet deployment.
For $ENS research, governance participation, registrations, renewals, protocol upgrades and adoption of ENS names across wallets and applications are more useful metrics than token price alone.
