Ethereum Name Service : why these soaring prices ?
If you’re into crypto, you’ve probably heard of Ethereum. But have you heard of Ethereum Name Service? If not, you missed something HUGE.
Just the word “amazon.eth” costs 1 000 000 $ (gling gling !). In fact it’s not really the word, because it’s NOT a word, but sort of domain name. Let me explain.
What is Ethereum Name Service? 🤨
In concrete terms, the ENS is a domain name management service — like the “classic” DNS (Domain Name System) currently in use on the Internet. These DNS are used to associate IP addresses with human-readable domain names: the address www.google.com is understandable, while the IP address of the server is not really, since it is a sequence of numbers. In fact, the DNS is a sort of gigantic directory referencing the addresses of sites for computers.
Now what about ENS ?
ENS does the same thing, at the level of Web3 (a decentralized version of the Internet we use today, based on a blockchain). If you own a crypto wallet, you probably know that their addresses are long strings of numbers that are incomprehensible to humans, which makes them hard to remember. But ENS make it very simple, like a pseudo !
How does it work ? 👨💻
To keep it very simple, the system translates addresses into readable domain names. It allows you to use human-readable addresses instead of complicated strings of letters and numbers. For example, the Ethereum address 0x2b4d87eff06f22798c30dc4407c7d83429aaa9abc could be renamed into a readable address, for example, vertical.eth.
So, if you want to make a payment to a friend, you don’t have to type the whole address and be afraid to make a mistake: just enter the ENS domain name nameofyourfriend.eth.
How can I buy my own Ethereum Name service ? 💡
It is really easy. But like you, before writing this article I didn’t have any idea of how to do. Are you ready for a little tutorial ?
Step 1 : Create a Metamask wallet
For that step, it’s kind of useless for me to list all the steps. Actually, there are plenty resources on the web, but here is a simple tutorial for that step :
Step 2 : Go to https://ens.domains/fr/
Step 3 : Search the name you want for your ETH wallet
Step 4 : Buy the domain name
It’s only 11$ !! But you can buy your own domain name for that cheap easily as you can see.
Step 5 : Share your new ETH adress !
Now you know everything abuot roaring prices of ENS, and why amazon.eth costs that much. In fact, it’s like NFTs ! The more the NFT is known and wanted, the higher its price will be. But I can tell you one thing : one people was the first to buy amazon.eth, and it was 11$. A new proof that if you are SMART in crypto, you can earn A LOT.
Thank you for reading this article ! You are now part of the 1% of the crypto space to know that ENS exist, and how you can buy one. Crazy don’t you think ?
Thanks for reading this article ! If you’ve reached this point, feel free to follow me on Medium for articles EVERY DAY ! See you tomorrow, 4pm (GMT) !