Today we will talk about an oak tree, which is ENS. The Ethereum Name Service is a distributed, open and scalable naming system based on the Ethereum blockchain. Simply put, ENS is the domain name system in the blockchain. ENS domain names eliminate the need for people to copy or enter lengthy blockchain addresses.

In fact, I think this is a really great application, because we all know that the wallet address is a string of letters or numbers, such as 0x0D4735287ed5d2F87D51Af4961bf19AdD3902550.

So it is difficult to remember. It can be said that we simply cannot remember it. We usually copy and paste. ENS replaces your string of numbers with a nickname. For example, you can name it apple.eth. This name represents your wallet address, so it is easy to remember.

This is really a great application. https://ens.domains/cn/ is very similar to the DNS and domain name system in our WEB2 Internet. For example, we can directly type www.baidu.com on the browser. Baidu's page pops up, and when there is no DNS, the IP address of Microsoft's Web server we are looking for is 207.46.230.229, and its corresponding domain name is www.microsoft.com, no matter what the user enters in the browser is 207.46 .230.229 or www.microsoft.com, you can access its Web website.

And currently some top-level domain names are very expensive. For example, China's 360 company bought the domain name 360.com for US$18 million. VacationRentals.com $35 million. Then there are some priceless domain names such as apple.com and cars.Com worth 1.8 billion.

Then there are many "scalpers" of domain names. They first buy some good domain names and then sell them to people in need at high prices.

Value analysis, because in the world of web3, our pursuit is decentralized identity. Currently, the default is to use your wallet as the login item of the website. You do not need to log in and register for each website, like our web2 The current situation is like this, so many friends have encountered this problem now, that is, you have to remember the user name and password for major websites. This is a headache, and you often forget it, right? Also, when registering for a website, you need to fill in your information. These data are actually your personal assets. Then these websites take your data, package it and sell it to others. This is also very disgusting. Why do we often receive various This is the reason for making spam calls. In the world of web3, we only need one wallet to log in to all applications, and the data is kept for ourselves.

The domain name is used as a personal web page address and is accessed through a browser. ENS can support users to deploy Web3.0 websites on IPFS and resolve the address through the ENS domain name. In addition, ENS also integrates all DNS domain names. Users can import traditional DNS domain names (such as google.com) into ENS and use the same functions as ENS. In addition, ENS also supports the EIP 1577 specification and can store content hashes of IPFS/IPNS, Swarm, Onion, SIA and other addresses, ultimately achieving complete decentralization of traditional domain names and Web3 domain names.

As usual, let’s interpret his white paper.

From the perspective of technical implementation, ENS emphasizes the decentralization of domain name registration and is free from any third-party intervention. The main functions of ENS are mainly implemented by three smart contracts to implement business logic. The code is open source and the process is transparent. The Registrar contract is mainly responsible for recording key information such as domain name ownership, term, resolver, etc. It is controlled by the user in the form of NFT to ensure the user's ownership. The Resolver mainly implements the resolution of domain names to addresses, while the Controller is responsible for business logic such as domain name sales and updates. Through the oracle quotation, the user interacts with the contract to complete the process of paying and obtaining the domain name. The distinction at the contract level is to ensure decentralization. The register should be as simple as possible and should not be changed. However, front-end business-oriented contracts such as controllers will not affect the security of ownership when they are upgraded according to market conditions.

The total number of domain names is about 2.79 million, while the actual number of users is about 660,000, and the per capita domain name holdings are about 4. However, judging from the characteristics of domain name registration users, the proportion of merchant accounts holding a large number of domain names in the total transactions is gradually decreasing, and more and more ordinary users holding a small number of domain names are. In the long term, Ethereum has 5 to 10 million monthly active addresses, and ENS still has room for development in terms of revenue. From the perspective of our tracking of Web3, ENS is expected to become another phenomenal application after Opensea, and it has the significance of a lower-level account and has a lot of room for imagination.

The number of active addresses for the entire year of 2021 is approximately 50 million. The current number of ENS users is 550,000, and the number of registered domain names is 2.35 million. Compared with the tens of millions of Ethereum users, there is still nearly ten times the room for growth. With the expansion of Ethereum and the gradual expansion of the influence of Web3, ENS has steadily benefited from the growth in the number of Ethereum users.

Let’s look at the number of daily active addresses in Ethereum, which is 1 million. The total number of addresses is as high as 300 million, with 100,000+ added every day. So at present, the number of ENS is only 600,000+, which is completely disproportionate, so ENS There is huge room for imagination.