Did you know that there is no need to use a wallet’s address when sending crypto assets to another wallet? Well, this is where ENS Domains come in. You can now use ENS Domains to have human-friendly names to use for your wallet or even to rename your NFTs and brand them as yours. Here is a little background check for you.
When the internet was still in the development phase people had to type in IP addresses to reach websites. This obviously made it very hard and complicated for users. Can you imagine having to type a website’s entire IP address just to reach it? Yeah, well, me neither.
Since IP addresses are just strings of numbers and dots that are long and difficult to remember, It made it hard to browse the web. But thankfully, scientists found a way to make browsing easier by developing the Domain Name System(DNS). And now, instead of typing the long IP address 22.214.171.124, you can just type in chainwitcher.com. And the same thing goes for cryptocurrencies through ENS Domains
What are ENS Domains?
ENS or Ethereum Name Service is a Blockchain domain naming protocol built specifically for the Ethereum Blockchain. Using these ENS Domains allows customers to create human-friendly and readable usernames for their Ethereum-based crypto wallet, and decentralized websites and apps.
Similar to DNS, ENS is a protocol that links machine-generated codes to human-friendly names. Moreover, the role of the ENS is to map human-readable names such as “john.eth” to a machine-readable name such as a wallet address like “0x9e735f012db8nb…” The Ethereum Name Service is powered by the Ethereum Blockchain and the domain names on ENS are secured using smart contracts.
How To Register A Domain Name Through ENS?
The ENS Domains are actually quite easy to use. First, you need to connect your Metamask wallet to the ENS website. If you want to perhaps name one of your NFTs ‘Witcher,’ you can type the domain name in the search bar on the website and hit enter. The website will then proceed to show you available domain names relevant to your search.
After choosing the domain name of your choice (e.g: Witcher.eth) you will choose the period for which you want to register your domain (e.g: 1 year, 3 years…). The transactions regarding the yearly fee will be made through your crypto wallet. After the transaction is successful, this domain now belongs to you.
Why Use ENS Domains?
That is a very good question. Buying ENS Domains may not seem important but the 679k users apparently deem otherwise.
There are even brands that got into ENS Domains like the American beer company Budweiser which made a splash by purchasing the ENS name “beer.eth” in the fall of 2021. Furthermore, we’re likely to see companies and other influential institutions make a similar entrance into the NFT ecosystem.
Aside from brands, ENS names became a status symbol. Owning an NFT from a popular collection has led many collectors to purchase ENS names that best represent them and their personal brand. This shows that ENS Domains are actually just the vanity license plates of the NFT space.
How to Buy ENS Domains?
- Go to app.ens.
2. Click the “Connect” button in the top left corner and select your wallet.
- Search for the .eth ENS name you’re looking to purchase.
- If it’s available to purchase, pick a time period (in years) to register the name for.
- If you accept the ENS domain cost and gas fees, you can register the domain.
- Sign the first of two transactions to request ENS domain registration.
- Wait 1 minute after the confirmation of the transaction to guarantee that no one else attempts to register the domain name within the same time period.
- Sign the second transaction by selecting “Register.”
i've just listed my WHOLE wallet for 0.0123 a piece
some really really nice domains here
RTs would be appreciated frENS #ENS
(i'll link the wallet under this tweet, or check my bio) pic.twitter.com/vY9FHc9KZp
— rick.astley.eth (@rickastleyeth) April 10, 2023
Why Is ENS Important?
ENS Domains do not suffer from faulty security issues faced by a DNS system. Because ENS was developed for Ethereum smart contracts and is native to the Ethereum ecosystem. Unlike DNS records of domains and names which are stored on a centralized server. Making it prone to hacks.
Additionally, ENS records cannot be destroyed and are secured by the Ethereum Blockchain. Furthermore, as the ENS names and addresses become smoother and easier to interact with anyone can create or register a “.eth” domain. Simply by participating in an auction process. The highest bid will win the domain name, allowing the winner to create subdomains as well as lease that domain.
Frequently Asked Questions
- What is the advantage of ENS?
The main benefit of this multi-address/resource capability is that ENS unifies and facilitates many complex web services into a single resource.
- What are some drawbacks of ENS?
The other disadvantage of ENS is the token doesn’t have a lot of utility. Its sole use is for governance and voting on proposals. Users can create an ENS domain without any need for ENS itself, as they pay for fees using ETH.
- How much do ENS domains cost?
The domains with three characters could cost around $640 annually, while domains with four characters cost almost $160 per year. Interestingly, ENS domains with five or more characters can cost only $5 annually.