Ethereum Name Service (ENS)

Naming and Addressing

Ethereum Name Service lets users replace long, hard-to-remember wallet addresses with simple, readable names like "yourname.eth." This makes sending and receiving crypto easier and less error-prone.

Domain Ownership

Users can buy, own, and manage unique .eth domain names, which can represent their identity or brand on the blockchain.

Decentralized Websites

Ethereum Name Service domains can be used to host decentralized websites, making them accessible without relying on traditional web servers.

Integration with Apps

Many crypto wallets and apps support Ethereum Name Service names, allowing seamless use across different platforms for payments, logins, and more.

Pros

• Provides human-readable addresses instead of long, complex Ethereum wallet addresses, making it easier to send and receive crypto.
• Decentralized system built on Ethereum smart contracts, reducing reliance on centralized services.
• Allows users to manage multiple crypto addresses and decentralized websites under one simple name.
• Supports reverse resolution, linking Ethereum addresses to metadata like profile info.
• Enables easier interaction with Ethereum DApps and blockchain services.
• Domain names are rented, not bought, allowing flexible ownership periods.

Cons

• Shorter names (3-4 characters) can be expensive to register and renew.
• Names are rented annually, so ongoing fees apply to keep ownership.
• Some users find the auction process for popular names complex or competitive.
• Because ENS names are public, linking a wallet to a name can reduce privacy.
• Still evolving, so some features or pricing may change with Ethereum upgrades.

Founders

The main founder of Ethereum Name Service is Nick Johnson, a software engineer from New Zealand. He started building ENS about a year after the Ethereum mainnet launched. The project began at the Ethereum Foundation and later became its own organization.

Support and Contributions

Vitalik Buterin, co-founder of Ethereum, played an important role by providing a grant that helped ENS development. The project is supported by the Ethereum Foundation and other partners but Nick Johnson is recognized as the key founder behind ENS.

Investors in Ethereum Name Service

Ethereum Name Service is supported by several notable backers and organizations rather than traditional venture capital investors. Key supporters include the Ethereum Foundation, Binance_X, Chainlink, Ethereum Classic Labs, and Protocol Labs. These groups help support the project’s development and growth.

The ENS token is also governed by a decentralized autonomous organization (DAO), where token holders (investors) can vote on decisions affecting the platform. Many individual investors buy ENS tokens and ENS domain names, hoping they will become valuable over time.

For more details, you can visit the official Ethereum Name Service website or check crypto market platforms.

Halal Status of Ethereum Name Service

• Yes: Ethereum Name Service is generally considered halal because it operates on the Ethereum blockchain, which many Muslim scholars have reviewed and deemed compliant with Islamic finance principles.
• Reason: It is seen as a digital asset linked to a real technology platform, not involving gambling or prohibited activities, making it permissible to use and invest in according to Islamic law.