What is ENS?ENS is a decentralized name service on Ethereum, built using smart contracts. It enables the resolution of human readable addresses e.g. ethereum.eth into machine readable identifies. You can read more about ENS at their wiki and Github.What are the auctions used for?To own a domain, a Vickrey auction is used where bids are sealed and the highest bidder wins but only pays the bid of the second highest bidder. You can read more about the auction here.How is CodeTract involved?ENS is developed by Ethereum Foundation. CodeTract is only monitoring the state of the contracts. We are building on Ethereum for mainstream transaction of value and you can read more in our whitepaper.