What is Ethereum Name Service and How does it work?

People who are engaged in the crypto space will be aware of the annoyances of using long wallet addresses. Primarily, every time you are willing to make a crypto transaction, you have to use your wallet address which is a long string of numbers and letters. These long addresses are not only disorganized but have also led to losses because of errors and scams. So, the Ethereum Name Service, or ENS, tries to make things a bit simpler and provide the solution.

What is Ethereum Name Service?

The Ethereum Name Service is a widely integrated blockchain naming standard. It provides decentralized naming for wallets, websites, and much more. The ultimate goal is to make the Ethereum-based web easier to access and easily understandable for humans. This is similar to how the Internet’s Domain Name Service makes the internet more accessible for people. 

In simple words, Ethereum Name Service permits users to create a simple and easy-to-remember name for all their wallet addresses and decentralized websites. 

Here is an example for better understanding, Instead of using a confusing address like “0xAB25FF3F5A8S18699855668A2ADA096545FBA2D695E”, you can just use address “Kane.eth”.

“Kanedoe.eth will be your Ethereum Name Service domain where you can fetch all your tokens and NFTs. You can purchase and manage your own ENS domains, making blockchain transactions much more comfortable. 

How does it work?

To understand how ENS works, you have to first understand what it is made of. Basically, it includes two Ethereum smart contracts. The first one is known as registry, which records all the domain names. Each domain name holds the owner’s details with them, the “caching time-to-live” of all the domain records, and the link to the resolver.

ENS documentation

Resolver is the second smart contract after registry. It is liable for translating names into addresses and vice versa. The resolver reviews each domain to its user, address, IPFS content hash, or website. As the Ethereum Name Service domain name utilizes the ERC-721 standard, you can sell the domain to others, just as with NFTs. 

Check out, Ethereum Name Service News

What can be done using Ethereum Name Service?

As mentioned earlier, Ethereum Name Service helps users to change their long, indistinct wallet addresses into easy-to-remember names. Think of this as saving someone’s contact number on your phone using their name. You don’t have to dial the number each time to call the person. you simply have to search for their name and call. Similarly, ENS makes blockchain transactions much easier, with a lower chance of making mistakes. 

Once you acquire your domain, you can link it to your public wallets, websites, smart contracts, or transactions. As an ENS domain owner, you can also make subdomains to link to other data. For example, email.kane.eth or website.kane.eth.

Creating an ENS domain

In order to create your own ENS domain, you will first require a crypto wallet and some ETH. Then, search for an appropriate domain on the ENS. Once you find a name of your preference, just follow the prompts to complete the purchase. You will have to pay a yearly fee of $5 per year for names that have more than five characters.

However, due to their scarcity, crypto enthusiasts are hastily buying ENS domains. It is also not unusual for people to flip their domains for a big sum of money. For example, exchange.eth made a whopping $609,000!  doing so. Hence, if you are looking to have your own ENS domain, you might want to hurry. 

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NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.

Conduct thorough research before you start with NFT trading.

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