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ENS has been a quite popular protocol since its emergence and it has only increased with time. The naming protocol remains among the heavily used ones given its ease and utilities. Recently it has achieved another milestone while completing two million domain names. However, the time taken by the naming service to achieve this milestone is more interesting.
Developer of ENS, Nick Johnson explained this by noting the time of two million registrations individually. According to Johnson, the first one million ENS registration took at least five years. However, the protocol achieved the next one million in just 3.5 months. By all means, this is quite an achievement and shows the popularity of Etherum’s naming protocol.
Cryptocurrency addresses are long sized alphanumeric codes, difficult for humans to remember all the time. Ethereum Names Service (ENS) easily resolves this problem. ENS is a protocol that facilitates simple naming services to crypto users. Users can give their crypto address a domain name that is easy to remember for them.
Such domain names created using ENS services function simplifying hashes for NFTs, cryptography and website addresses, etc. Their website addresses application simplifies the traditional and heavy Internet Protocol Addresses in Web 2. Earlier in May, 2022, Johnson noted different key metrics for ENS, be it registrations, revenue and renewals, were hitting their all time highs.
In practical terms, a crypto user can send while using the ENS address of recipient rather than typing in the whole wallet address in order to transfer funds. These END domain names posses ‘.eth’ at their ends and they are necessarily mint on Ethereum blockchain in the form of NFTs. In this way, they also become tradeable over the secondary non-fungible tokens marketplaces.
Till today, ‘paradigm.eth’ remains the most expensive ENS domain for which, owner paid 420 ETH in October, 2021. Users can also associate an NFT with their .eth domain.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
