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- Ethereum Naming Service (ENS) is a huge domain service that mainly acts similarly to any other lookup system.
- ENS connects all the token and user information with a single domain name.
- In a recent report, ENS declared that 15 more blockchain platforms and digital wallets will start joining the service.
Ethereum Naming Service (ENS) is a huge domain service that mainly acts similarly to any other domain lookup system. It is built on the Ethereum platform. The credit for this accomplishment goes to Ethereum Foundation’s Alex Van de Sande and Nick Johnson.
What Does ENS Do?
ENS connects all the token and user information with a single domain name. The concept of ENS is somewhat similar to the IP Address of the web. Earlier, IP addresses were a combination of different numbers and characters which are not possible for the human mind to remember. So, developers came with a simple solution: the domain name for websites. Similarly, you don’t have to ask the investors to transfer money at your long Ethereum address “578$yu677dc…” and so on. You can simply ask them to transact at a suitable domain name, for example ‘cryptosatoshi.eth’.
ENS on a programming level is a combination of two smart contracts. One of the contracts looks up on all the registered domains and their subdomains and all the necessary investor’s details. And the other contract, it links the details and enables easy translations of the domain name to addresses or any other resources. You can simply buy domain names from Ethereum’s Wallet and register, wherein you have to pay a yearly rent of only five dollars.
The New Domain Names
However, on May 4 the existing domain names will expire and users can start buying new name domains. There are quite a number of demanding domain names where users are interested in placing high bids. These include the top-notches of like:
• online companies: android.eth, alibaba.eth, pinterest.eth, amazon.eth
• blockchain giants: ethbots.eth, compound.eth, dragoneum.eth, whiteblock.eth
• celebrities: lebronjames.eth, magicjohnson.eth, justinbieber.eth
• search keywords: coin.eth, bit.eth, block.eth, chain.eth
The following domain names will be open for registration and bidding on August 2. By this time the grace period of 90 days will finally end. Currently, eth.eth is the most popular name. It is because of its relation to the industry and selling out at a very high bid of 14 million USD. According to statistics, short names with meaning have more market worth, hence the demand.
In a recent report, ENS declared that 15 more blockchain platforms and digital
wallets will start joining the service. ENS is already supported by known platforms like Myetherwallent, Metamask, Opera Touch, etc. The new platforms that will be supporting ENS include blockchain giants like Trustwallet, AtomicWallet, Bitcoin.com Wallet, and so on. This hints that ENS will undergo huge transformation in the decentralized world by using simple readable names for the users.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
