As we all know and have learned to accept, traditional methods of digital advertising see a significant disparity in value distribution. Platforms like Facebook and TikTok accumulate substantial profits, while creators and advertisers both receive the least amount of value possible. This post proposes a more equitable approach to advertising, one that ensures fair value distribution among all participants by leveraging the power of ENS.
ENAN allows advertisers to create ‘Ad-Vatars’, our cringe-worthy term for these Ethereum-native ads operated through ENS text records. This proposed method, offers completely trustless ad creation for advertisers and enables ENS users to monetize their digital presence by 'Running ‘Ad-Vatars’, which in the simplest sense - is the process of updating their ENS avatar according to the advertisers specifications.
ENAN’s foundation lies in its integration with ENS, leveraging the flexibility and security of ENS text records to facilitate the execution and management of advertisements.
What makes this concept more compelling is ENS’s extensive adoption throughout the Ethereum ecosystem, ensuring that Ad-Vatars enjoy a broad presence across many applications and platforms.
Advertisement Types in ENAN
ENAN features two key ad types, each with specific advantages and use cases
Open Participation Ads
- Inclusivity and Broad Engagement: These ads can be picked up by any ENS name and are designed for widespread reach across the Ethereum network, ideal for large campaigns aiming for wide visibility.
- Targeted Approach: These ads can only be accepted by a specific ENS. Perfect for campaigns targeting specific ENS domain owners or influencers within the Ethereum community.
Key Smart Contract Mechanics
submitAdRequest: Allows advertisers to submit ad requests - specifying details like avatar hash, ad type, duration, and payment amount.
approveAd Domain owners use this function to approve ad requests. The contract interacts with the ENS resolver contract’s setText function to update the avatar hash. *Limited permissions ensure the domain owner maintains complete control over their domain.
emergencyStop Enables advertisers or domain owners to halt an ad campaign at any time, providing a safety mechanism.
finalizeAd: Domain owners use this function to finalize an ad after its duration is complete. It resets the avatar to the original one and resets the ad parameters.
The contract is designed to limit permissions and prevent irreversible actions.
Compliance and Transparency
The ENAN contract ensures compliance and transparency through several mechanisms:
Ad Compliance Verification
checkAdCompliancefunction, the contract verifies if the ad’s content aligns with the current avatar hash set in the ENS resolver, ensuring that the ENS owner is compliant.
Dispute Resolution and Ad Cancellation
Advertisers and domain owners can use the
emergencyStopfunction to halt ads. This function provides a fair and transparent process for handling disputes or changes in ad campaigns.
Penalty System for Early Termination
The contract imposes a 10% penalty on advertisers who prematurely stop active and compliant ads, as calculated by the
calculatePenaltyfunction. This discourages non-compliance on Advertiser’s end and ensures their commitment to agreed ad block durations.
These features collectively uphold the integrity of the advertising process, safeguard the interests of both advertisers and domain owners, and maintain the trustworthiness of the ENAN platform.
Revenue Generation and Future Developments
ENAN operates without platform fees. This commitment to a fee-free environment underlines the platform’s dedication to the Ethereum community’s values and growth.
Looking ahead - we plan to develop additional paid products that align with the ENAN ecosystem. These products will be designed to complement the existing services and contribute to the sustainability of the platform. The revenue generated from these new products will fund further innovations and improvements.
- Contract Testing & Refinements
MVP Launch: Releasing the Minimum Viable Product for initial user feedback.
Front-End Application Revamp
Compliance Notification Systems
Final Whitepaper Release
Late Q3 2024
- Mainnet Launch: Officially launching the platform on mainnet, transitioning from MVP to full operational status.
ENAN MVP is Live on Goerli Testnet!
Test it out: We welcome everyone to explore, test, and provide feedback. Any critiques, concerns and insights are invaluable to us.
Need ENAN Test Tokens?: If you’d like some ENAN test tokens for a more immersive testing experience, please drop your ENS name (registered on Goerli) in the comments.
App: [https://enan.io/] (Goerli Testnet)
X / Twitter: @enan_eth
Contact me onTelegram: @delray1
Important 1.0 Notes for Version 1.0:
The current MVP ensures compliance by comparing the text record hash to an agreed-upon hash for verification. However - please note that in this current implementation, there is a potential risk where multiple ads can be created using the same URL - leading to false compliance readings. To address this potential exploit, we plan to implement IPFS CIDs in place of the existing URL method before the mainnet launch. This implementation will significantly reduce the risk of false readings.
To enable the ENAN smart contract to update text records, it currently relies on granting broad permissions to the ENS resolver contract, which is achieved through the “Approveforall” function. However, for the sake of improved security, our mainnet version will implement a more granular permission system. This approach ensures a higher level of security by mitigating any potential worst case scenarios.
Want to help out? Well, this is an Open Invitation to the ENS & Ethereum Community
We believe in the transformative power of community-driven projects and are looking for assistance in the following areas:
- Smart Contract Security & Auditing
- UI/UX Design
- Graphic Design
- Front-end Development
- Growth Hacker/s
Please be advised that nothing related to the ENAN platform, including ENAN tokens has been deployed to Mainnet. If you come across any offers or solicitations to buy ENAN tokens - these are either scams or unrelated products.
We are currently in the testing phase on the Goerli Testnet and are not conducting any sales. Stay informed and vigilant!