Hi all, does anyone know what type of consensus ENS uses for adding new blocks?
ENS is an Ethereum token, which currently uses the Ethash hashing algorithm to reach consensus through Proof-of-work (mining). Is that what you mean?
I meant the Ethereum Name Service in general. Thanks though you answered my question, just wanted to confirm if it used Proof-of-work or a different type of consensus (e.g. proof of authority) when a block for a domain is added.
Just to confirm, is Proof-of-Work used for the adding/managing of ENS domain names, or is this consensus just used for DeFi in ENS?
This ecosystem is still very young, so there are a lot of confusing variables and things that will 100% change, but I will try to explain the best I can how it works right now.
Just for clarification, there are currently two types of ENS token. There is non-fungible token (ERC-721) which is minted to represent ownership of each new .eth domain when it is registered, and there is also the fungible tokens (ERC-20), of which only 25% of the total 100,000,000 have been unlocked for circulation.
That is confusing and doesn’t answer your question, but I just wanted to clarify.
To put it really short and simple - ENS uses whatever consensus Ethereum uses, because it exists entirely inside the Ethereum network. Every time you make a change that requires “gas,” that gas is essentially computation and storage cost on the Ethereum blockchain. The Ethereum blockchain is currently secured through miners processing that data (including myself), which is a Proof-of-work consensus, but the steps to switch to Proof-of-stake have been underway for years now, and that is expected to happen next year at the earliest.
If you are referring to what type of consensus the ENS DAO will use for voting on governance proposals, that is an entirely different issue.
That makes sense, cheers!