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- The Ethereum Name Service (ENS) is a free and open-source protocol that connects users’ domain names to their Ethereum addresses
- The ENS was formerly only allowed.eth addresses. Users could establish web pages using theirs.eth domain names
- Most DNS names, including.com,.org, and.io, are now supported by the ENS
Traditional domain names are now supported by the Ethereum Name Service (ENS), an open-source system that ties users’ domain names to Ethereum addresses. Website owners with a Domain Name System (DNS) can now integrate with ENS without needing to switch to a.eth name thanks to the new feature.
New Ethereum wallets have been provided with new features
Several Ethereum wallets have already implemented the new feature, suggesting that human-readable addresses can now be used instead of sophisticated Ethereum addresses.
It obviously makes sending ETH easier for users. The ENS was formerly only allowed.eth addresses. Users could construct websites with theirs.eth domain names, but they couldn’t connect them to pre-existing.com sites.
Second-level DNS domain owners can import their domains for usage on the Ethereum network. The DNS name imported into ENS can also be used as a username in many Ethereum-based decentralized applications.
When importing a name, there is a one-time gas payment. This commission can be quite substantial, according to the developers.
Because the fees are present on the DNS side, further usage of the name on the network of the second-largest cryptocurrency by capitalization is free.
Despite the fact that DNS names have similar capabilities to the Ethereum network’s native domains, they nevertheless have a few distinctions. They have various security models, for example.
The creators have been criticized by several users for depreciating the ENS names. True Names’ Brentley Millegan stressed that the system was never designed to make money for domain owners and that integration with DNS was planned from the start.
Names supported by ENS
The ENS, on the other hand, now supports most DNS names, including.com, org, and.io, allowing users to connect an existing website to their Ethereum address and set it up on the ENS.
It’s worth noting that there’s a distinction to be made between.com and. eth domain names. As a result, payments sent to test.com will not be transmitted to the test.eth Ethereum address.
While .eth names are charged by ENS, incorporating a new domain name is free. However, doing so will necessitate completing a complex Ethereum transaction, which at present rates may cost a few hundred dollars in ETH.
Coinbase, Rainbow, Uniswap, and Etherscan are among the platforms that accept ENS so far, as with the browser extensions MetaMask and Brave.
Companies have become increasingly interested in the names in ENS. At the same time, they are willing to spend a significant sum for them.
According to the OpenSea marketplace’s records, the Anheuser-Busch brewery (which controls the Budweiser brand) purchased the domain name beer. eth for 30 ETH ($ 93,500) on August 11.
Remember that the cryptocurrency landing platform Rocket LP DAO provided the first loan secured by the domain name Brantly. eth in April 2020.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
