Ethereum Name Service (ENS): A Pioneer in Decentralized Domain Names
ENS is a token associated with the Ethereum Name Service, a decentralized domain name system built on the Ethereum blockchain. It is one of several tokens currently held within the Index Coop’s Metaverse Index (MVI).
June 29, 2023
Ethereum Name Service (ENS) is a protocol on the Ethereum blockchain that establishes human-readable names for machine-readable blockchain addresses. It operates similarly to the traditional Domain Name Service (DNS), which links URLs to IP addresses, but in a decentralized way, making it a major presence in the DeFi ecosystem1.
ENS token was introduced to empower the ENS community with the ability to influence decisions in the ENS network. As a governance token, ENS allows token holders to propose and vote on various aspects of the protocol.
What is ENS?
ENS is the Ethereum Name Service, a protocol that assigns human-readable names to machine-readable Ethereum addresses. By translating long, complex Ethereum addresses into simple, memorable names, ENS improves the user experience of interacting with blockchain addresses. Not only does this service simplify the process of sending and receiving crypto assets, but it also has potential uses for decentralized websites and more.
ENS operates on the Ethereum blockchain, leveraging smart contracts to maintain a registry of domain names and their associated Ethereum addresses. By decentralizing the process of associating names with addresses, ENS represents a significant innovation in the domain name industry.
Who Created ENS?
ENS is a product of the wider Ethereum community, with key contributions from developers, blockchain enthusiasts, and supporters of decentralized technology. True to its roots, the project remains open-source and community-driven.
ENS Governance and Tokenomics
ENS is a governance token that empowers its holders to participate in the decision-making process of the ENS ecosystem. With ENS, individuals can propose changes to the protocol, vote on proposals from others, and have a direct impact on the development of the ENS system.
There are a total of 100,000,000 ENS tokens, which is the maximum amount that will ever be created. The distribution of ENS tokens is done in a way that seeks to reward those who contribute to the ENS ecosystem.
Why is ENS included in MVI?
ENS plays a crucial role in improving the usability of blockchain technology. By providing human-readable names for complex blockchain addresses, it helps to make cryptocurrency more accessible to everyday users. This could be a key factor in driving the widespread adoption of cryptocurrency and blockchain technology.
How can I gain exposure to ENS?
You can gain exposure to ENS by buying MVI tokens on various cryptocurrency exchanges. You can buy MVI directly from the Index Coop by connecting your wallet to the Index Coop app
If you’re looking to exchange a fiat currency, like the U.S. dollar, directly for MVI, then you’ll want an Ethereum wallet like Argent, Metamask, or Rainbow. With each of these wallets, you can connect to your bank account or debit card, which allows you to exchange fiat currencies directly for Index Coop products like MVI.
What is MVI?
The Metaverse Index (MVI) is designed to capture the trend of entertainment, social activity, and business moving to take place in virtual economies powered by NFTs and blockchain technology. The MVI uses a combination of the square root of market cap and DEX liquidity to arrive at the final index weights.
As a bundled crypto asset, you effectively own all of the underlying tokens. You can redeem your units of MVI for the underlying tokens, a feature of traditional structured products that are typically reserved for large institutional investors.
About Index Coop
Index Coop is a decentralized autonomous organization (DAO) that powers structured decentralized finance (DeFi) products and strategy tokens using smart contracts on the blockchain. We offer a suite of sector-structured products, leverage and inverse products, and yield-generating products. We aim to create products that are simple to use, accessible to everyone, and secure.
Our products are built on Index Protocol, a good-faith fork of Set Protocol v2 that allows for the creation and management of Ethereum-based (or ERC-20) tokens. Among users, partner protocols, and our composable products, Index Coop maintains one of the largest partnership networks in the DeFi ecosystem.
How to buy Index Coop products with fiat currencies:
- First, you must create an Ethereum wallet like Argent, Metamask, Gemini, or Rainbow.
- Next, you’ll set up your new wallet and connect your bank account.
- Once you’ve deposited fiat currency in your wallet, you can exchange it for Index Coop products like DeFi Pulse Index (DPI) or the Metaverse Index (MVI).
You can also earn or buy MVI tokens directly via your favorite decentralized exchange.
Disclaimer: This content is for informational purposes only and is not legal, tax, investment, financial, or other advice. You should not take, or refrain from taking, any action based on any information contained herein, or any other information that we make available at any time, including blog posts, data, articles, links to third-party content, discord content, news feeds, tutorials, tweets, and videos. Before you make any financial, legal, technical, or other decisions, you should seek independent professional advice from a licensed and qualified individual in the area for which such advice would be appropriate. This information is not intended to be comprehensive or address all aspects of Index or its products. There is additional documentation on Index’s website about the functioning of Index Coop, and its ecosystem and community.
You shall not purchase or otherwise acquire our restricted token products if you are: a citizen, resident (tax or otherwise), and/or green card holder, incorporated in, owned or controlled by a person or entity in, located in, or have a registered office or principal place of business in the U.S. (defined as a U.S. person), or if you are a person in any jurisdiction in which such offer, sale, and/or purchase of any of our token products is unlawful, prohibited, or unauthorized (together with U.S. persons, a “Restricted Person”). The term “Restricted Person” includes, but is not limited to, any natural person residing in, or any firm, company, partnership, trust, corporation, entity, government, state or agency of a state, or any other incorporated or unincorporated body or association, association or partnership (whether or not having separate legal personality) that is established and/or lawfully existing under the laws of, a jurisdiction in which such offer, sale, and/or purchase of any of our token products is unlawful, prohibited, or unauthorized).