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What is Ethereum Name Service (ENS): The Beginner Guide?

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Cryptocurrency is still in the IP address phase, which means that users must enter long, difficult-to-remember addresses to access the services they require. This is where the Ethereum Name Service enters the picture. It aspires to make crypto as simple to use as surfing the web.

What is the Ethereum Name Service (ENS) and how does it work?

The Ethereum Name Service (ENS) is essentially a lookup mechanism. It connects data to a person’s name. It’s not just a naming service for Ethereum; it’s an Ethereum-based naming service. It provides a decentralized and safe means to address resources with human-readable names. It’s a completely decentralized domain name service that lets anyone to buy and control domains, thus instead of sending ETH or ERC20 tokens to “8e866f012fb8fb…”, you might send them to “readablewallet.eth.”

Who created ENS?

The Ethereum Foundation’s Nick Johnson and Alex Van de Sande directed the early development of the ENS.

What makes it so unique?

ENS is based on Ethereum’s smart contracts, which make it more secure, private, and censorship-resistant than the Internet’s Domain Name Service (DNS). The ENS team considers internet naming infrastructure to be a critical component that should be open, decentralized, community-driven, and non-profit.

What else stands out?

Unlike some of its competitors, the ENS does not intend to replace DNS. While Namecoin, Blockstack, and Handshake are attempting to replace DNS, the ENS focuses first and foremost on offering distributed, trustworthy name resolution for Web3 resources such as blockchain addresses and distributed content.

Users will receive an airdrop

The Ethereum Name Service is giving away 25% of the total supply to “.ETH” domain holders as an airdrop. The allocation is based on the entire time an address has been registered in the past and will be registered in the future as of October 31st, 2021, and users who are qualified can claim the tokens until May 4th, 2022.

Visit the Ethereum Name Service airdrop claim page for a step-by-step guide.

Connect your Ethereum (ETH) wallet.

If you qualify, you will be able to receive free ENS tokens.

A total of 25% of the entire supply has been set aside for qualified users.

The airdrop is open to everyone who is or has been a registrant of a “.ETH” second-level domain as of the snapshot date.

The total duration of upcoming registrations is limited to eight years. It is important to note that the retroactive airdrop is per account, not per name. This means that for a particular day, each address is considered based on whether it has at least one.ETH name.

The airdrop also includes a 2x multiplier for Ethereum accounts who have set their Primary ENS Name (previously known as Reverse Record) because this is a sign of activity for the user.

The entire number of $ENS tokens will be 100 million, with the following distribution:

.ETH holders (>137k accounts) will receive a 25% airdrop.

ENS contributors (>100 individuals and groups, plus hundreds of Discord users) will receive 25%.

50% will be given to the DAO community’s treasury.

The airdrop formula is approximately as follows:

0.27 * (number of days the account has at least one ENS name)

+

0.062 * (number of days until the last name on the account expires)

If the account also has a Primary ENS Name, the total is multiplied by two.

Within the ENS

ENS is made up of two smart contracts behind the hood. The ENS registry keeps track of all domains and subdomains, as well as the owner’s information and a link to the Resolver, a smart contract that performs name-to-address or other resource transfers and vice versa.

ENS works in a similar way to the DNS on the Internet, with a  hierarchical structure that gives the domain owner complete control of all subdomains.

What steps do you need to take to get your own ENS domain?

You can use an Ethereum wallet like MetaMask to look for available domain names at manager.ens.domains . After you’ve selected your domain, the system will guide you through the registration process, which will need you to confirm two transactions from your wallet. You’ll also have to decide how long you want to register a domain for, with a rental fee of $5.00 each year. As the domain owner, you can now configure the various addresses or information that you wish that name to link to, and also any subdomains.

What can ENS be used for?

Replacing your long, unreadable Ethereum address with a nice, memorable ENS address like readablewallet.eth is the best thing you can do with ENS. This enables receiving crypto assets and entering your ENS address into Ethereum dapps much easier without having to copy and paste the fairly long public address.

The Future of ENS

The ENS of the Future is more than just.eth. That is just one top-level domain, and the ENS intends to integrate the entire DNS namespace–more than 1,300 top-level domains–so that DNS site owners can claim usage of their domain name on ENS. Not just.eth, but.org as well. Thus, readablewallet.org can be linked to readablewallet.eth, allowing visitors to access content while also sending money to the same address.

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Interesting Knowledges About Satoshi Nakamoto’s Identity

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silhouette of man
  • Who is Satoshi Nakamoto? Satoshi Nakamoto is the pseudonym used by the unknown person or group of people who created Bitcoin, the world’s first and most widely used decentralized digital currency. Nakamoto’s true identity has never been revealed, and the individual or group behind the pseudonym has remained anonymous.
  • Hal Finney, Nick Szabo, and Adam Back as potential candidates for the identity of Satoshi Nakamoto Hal Finney, Nick Szabo, and Adam Back have all been suggested as potential candidates for the identity of Satoshi Nakamoto, the pseudonym used by the creator of Bitcoin. However, none of these claims have been independently verified and the true identity of Nakamoto remains unknown.
  • How to determine the identity of Satoshi Nakamoto If one were trying to determine the identity of Satoshi Nakamoto, they might consider using a variety of investigative techniques and tools, such as analyzing the writing style and language used in written materials attributed to Nakamoto, examining the technical expertise required to create Bitcoin, analyzing the timing of the release of the Bitcoin white paper and the first block, and examining the online activity of potential candidates.
  • Is there any secret message on the nickname “Satoshi Nakamoto”? There is no evidence to suggest that the pseudonym “Satoshi Nakamoto” has any hidden or secret meaning. The name was chosen by the individual or group behind the pseudonym as a way to remain anonymous while publishing the Bitcoin white paper and creating the Bitcoin network.
  • Relationships between Satoshi Okamoto, the cypherpunk movement, Hal Finney, Dorian Nakamoto, and Bitcoin Satoshi Okamoto is a Japanese philosopher and economist who is not known to have any direct connection to the development of Bitcoin or the cypherpunk movement. Hal Finney was a computer scientist and cryptographer who was an early adopter of Bitcoin and is known to have had a close relationship with the individual or group behind the pseudonym “Satoshi Nakamoto.” Dorian Nakamoto is a person who was incorrectly identified in a 2014 article as being the creator of Bitcoin. Dorian Nakamoto has no known connection to the development of the cryptocurrency or the cypherpunk movement.
  • Is Dorian Nakamoto’s real name Satoshi Nakamoto? Yes, Dorian Nakamoto is the real name of the person who was incorrectly identified in a 2014 article as being the creator of Bitcoin. Dorian Nakamoto’s name is often written as “Dorian Prentice Satoshi Nakamoto.” Despite being incorrectly identified as the creator of Bitcoin, Dorian Nakamoto has no known connection to the development of the cryptocurrency.

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How to create token on Avalanche?

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To create a token on Avalanche, you will need to have an Avalanche wallet and some AVAX, the native token of the Avalanche network. AVAX is used to pay for transaction fees and other services on the Avalanche network.

Here is a brief overview of the steps involved in creating a token on Avalanche:

  1. First, you will need to choose a name and a symbol for your token. The name and symbol should be unique and should not be already in use by another token on the Avalanche network.
  2. Next, you will need to decide on the total supply of your token. This is the total number of tokens that will be created and minted on the Avalanche network.
  3. Once you have chosen a name, symbol, and total supply for your token, you can use the Avalanche blockchain to create your token. This involves submitting a “minting transaction” to the Avalanche network, which will create your token and add it to the Avalanche blockchain.
  4. After your token has been created, you can use it for a variety of purposes, such as creating a decentralized application (dApp) or running a crowdfunding campaign. You can also trade your token on decentralized exchanges that support trading on the Avalanche network.

If you want to create a token on Avalanche using a smart contract, you will need to write the code for your smart contract. Avalanche supports the use of smart contracts written in a variety of languages, including Solidity and JavaScript. Here is an example of a simple smart contract written in Solidity that could be used to create a token on Avalanche:

pragma solidity ^0.7.0;

// This is a simple ERC-20 compatible token contract
contract MyToken {
  // The name of the token
  string public name;

  // The symbol of the token
  string public symbol;

  // The total supply of the token
  uint256 public totalSupply;

  // The balance of each address that holds the token
  mapping(address => uint256) public balanceOf;

  // The constructor of the contract, which sets the name, symbol, and total supply
  constructor(string memory _name, string memory _symbol, uint256 _totalSupply) public {
    name = _name;
    symbol = _symbol;
    totalSupply = _totalSupply;
    balanceOf[msg.sender] = totalSupply;
  }

  // A function that allows the owner of the contract to mint new tokens
  function mint(uint256 _amount) public {
    require(msg.sender == owner);
    totalSupply += _amount;
    balanceOf[msg.sender] += _amount;
  }

  // A function that allows users to transfer tokens to other addresses
  function transfer(address _to, uint256 _amount) public {
    require(balanceOf[msg.sender] >= _amount);
    balanceOf[msg.sender] -= _amount;
    balanceOf[_to] += _amount;
  }
}
  }

  // A function that allows users to transfer tokens to other addresses
  function transfer(address _to, uint256 _amount) public {
    require(balanceOf[msg.sender] >= _amount);
    balanceOf[msg.sender] -= _amount;
    balanceOf[_to] += _amount;
  }
}

This smart contract defines a simple ERC-20 compatible token that has a name, symbol, and total supply. It also includes functions for minting new tokens and transferring tokens to other addresses.

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How to create your own token on Solana?

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To create a token on the Solana blockchain, you will need to have a Solana wallet and some SOL, the native token of the Solana network. SOL is used to pay for transaction fees and other services on the Solana network.

Here is a brief overview of the steps involved in creating a token on Solana:

  1. First, you will need to choose a name and a symbol for your token. The name and symbol should be unique and should not be already in use by another token on the Solana network.
  2. Next, you will need to decide on the total supply of your token. This is the total number of tokens that will be created and minted on the Solana network.
  3. Once you have chosen a name, symbol, and total supply for your token, you can use the Solana blockchain to create your token. This involves submitting a “minting transaction” to the Solana network, which will create your token and add it to the Solana blockchain.
  4. After your token has been created, you can use it for a variety of purposes, such as creating a decentralized application (dApp) or running a crowdfunding campaign. You can also trade your token on decentralized exchanges that support trading on the Solana network.

If you want to create a token on Solana using a smart contract, you will need to write the code for your smart contract. Solana supports the use of smart contracts written in the Rust programming language. Here is an example of a simple smart contract written in Rust that could be used to create a token on Solana:

use solana_sdk::{
    account::Account,
    instruction::{Instruction, InstructionError},
    pubkey::Pubkey,
};

#[derive(Debug, PartialEq)]
enum Error {
    WrongInstruction,
    WrongArgumentLength,
    NotEnoughFunds,
}

impl From<Error> for InstructionError {
    fn from(e: Error) -> Self {
        match e {
            Error::WrongInstruction => InstructionError::InvalidInstructionData,
            Error::WrongArgumentLength => InstructionError::InvalidArgument,
            Error::NotEnoughFunds => InstructionError::AccountBalanceInsufficient,
        }
    }
}

#[derive(Debug, PartialEq)]
struct Mint {
    pub mint_account: Pubkey,
    pub recipient_account: Pubkey,
    pub amount: u64,
}

impl Instruction for Mint {
    fn account_keys(&self) -> Vec<Pubkey> {
        vec![self.mint_account, self.recipient_account]
    }

    fn execute(
        &self,
        accounts: &[Account],
        _data: &[u8],
    ) -> Result<(), InstructionError> {
        let mint_account = &accounts[0];
        let recipient_account = &accounts[1];

        if mint_account.executable {
            return Err(Error::WrongInstruction.into());
        }

        if mint_account.lamports < self.amount {
            return Err(Error::NotEnoughFunds.into());
        }

        let mut new_mint_account = *mint_account;
        new_mint_account.lamports -= self.amount;

        let mut new_recipient_account = *recipient_account;
        new_recipient_account.lamports += self.amount;

        Ok(())
    }
}

This smart contract defines a “mint” instruction that can be used to create new tokens and transfer them to a specified recipient account on the Solana blockchain. It includes checks to ensure that the minting account has enough funds to mint the specified number of tokens, and that the instruction is not being executed from an executable account.

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Disclaimer: ATHCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.