ENS plays a crucial role in the Ethereum ecosystem, providing decentralized domain name services to users.

Compiled & Translated by: Deep Tide TechFlow

Deep Tide Selection: The reason for choosing this podcast for translation is because it reviews the strategies that ENS (Ethereum Name Service) has taken or will take in the rapidly developing industry. ENS plays a crucial role in the Ethereum ecosystem, providing decentralized domain name services to users. Understanding the latest developments of ENS is crucial for the Ethereum community and digital asset holders. This Thursday, December 14th, ENS will host the Q3-Q4 2023 Town Hall, where community members will review the second half of the past year and look ahead to ENS's priorities in 2024. During this event, participants will hear from members of ENS Labs and working group leaders.

Host: SEO, Epicenter Podcast

Speaker: Nick Johnson, Founder of ENS

Original Title: Nick Johnson: ENS - Multichain ENS Domains and Decentralised Identities.

Broadcast Date: November 4, 2023

Background

The nature of Ethereum addresses, represented by random hexadecimal strings, has been a significant barrier to mass adoption due to their lack of human readability. The concept of ENS domains is not only to address this issue and provide a seamless user experience, but also to be seen as the cornerstone of on-chain identity. However, in the current multi-chain landscape, there are numerous decentralized naming services, leading to diversification of domain pools. Therefore, ENS plans to expand to L2 and non-EVM chains, aiming to provide consistency to further reduce user friction and limit domain conflicts.

This podcast invited ENS founder Nick Johnson to discuss the current state of decentralized naming services from a multi-chain and L2 perspective, and how these ultimately connect with decentralized identities. ENS DAO is the largest DAO in the Ethereum ecosystem, so its governance and operations have certain reference significance.

Summary

• Nick Johnson, Founder of Ethereum Name Service (ENS), discussed his background and interest in decentralized naming services.

• ENS is a decentralized naming service on the Ethereum blockchain.

• Johnson discussed the growth and future of ENS, including its plans to expand to second-layer solutions.

• He hopes ENS will become the leading global namespace, integrated with other naming services and chains.

• Use cases for ENS include programmatic integration and DNS integration.

• Johnson discussed ENS's interaction with ICANN and the challenges of collaborating with traditional domain registration agencies.

• ENS collaborates with ICANN's domains through DNSSEC (Domain Name System Security Extensions) and is working to reduce gas costs for DNSSEC verification on Ethereum.

ENS Competitive Advantage: The Future of Decentralized Domain Homogenization

• Second-layer solutions aim to provide the same level of security as Ethereum while reducing transaction costs.

• Through second-layer solutions, ENS can update and issue subdomains without transactions on the first layer.

• The CCIP Read method simplifies integration of wallets and applications with multiple second-layer chains.

• ENS wrappers allow subdomains to be treated as NFTs and inherit properties from the main domain.

• CCIP Read is not only applicable to ENS, but can also be used to obtain off-chain data for tokens.

• Compatibility of ENS with non-EVM second-layer solutions and the importance of a unified namespace were discussed.

• Adoption of ENS on the second layer has been slow, but efforts are being made to make it easier for users to transfer their names and hosting to the second layer.

• Coinbase's integration of ENS with cb.id names has brought millions of new users to ENS.

Integration of ENS with Second-Layer Solutions

• ENS currently focuses on integrating with EVM second-layer solutions, but non-EVM second layers are expected in the future.

• A unified namespace and the ability to resolve names on different second layers are important for ENS.

• The CCIP Read bridge allows ENS to be compatible with non-EVM second layers as long as the response can be verified.

• Adoption of ENS on the second layer has been slow due to a lack of resources for building gateways, but efforts are being made to make it easier through universal gateways.

Privacy and ENS Governance

• Privacy issues in cryptocurrency transactions and the challenges of implementing better privacy features in Ethereum were discussed.

• The potential role of account abstraction in building decentralized identities was mentioned.

• Discussion of ENS's growth and governance, including the income generated by ENS and its use in funding development.

• Scalability of ENS governance and the potential for participation by large organizations in the future were also mentioned.

ENS Revenue Model and Governance

• The fees for registering ENS names are set to regulate the system rather than generate revenue.

• The fees collected are used to fund ENS development and other projects in the ecosystem.

• A foundation has been established to ensure the stability and longevity of ENS, currently holding approximately $50 million.

• ENS governance involves working groups and agents authorized to make daily decisions.

• Participation of large organizations and stakeholders is important for ENS governance.

• Discussion of ENS's growth and adoption.

Overall, these podcast contents cover various aspects of the Ethereum Name Service (ENS), including its growth, integration with second-layer solutions, interaction with ICANN, revenue model, governance, and privacy considerations.

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