Total Number Of Ethereum Name Service Registrations #ENS Has Surpassed 2.5 Million.

Data from Dune analytics confirm that the Ethereum Name Service Registration has surpassed 2.5 million.

After launching in 2017, it took 5 years to mark 1 million registration, and just 3.5 months to reach the 2 million mark. Today ENS has surpassed 2.5 million and the data is rapidly increasing as crypto adoption goes mainstream.

But What Is Ethereum Name Service, Popularly Known As ENS And What Are The Reasons For Developing It?

Nick Johnson and Alex van de Sande of the Ethereum foundation led the initial development of the ENS. The aim is to solve the technicality and ambiguity surrounding crypto addresses.

Just like the Domain name Service was developed in the 80s to replace the inconvenient process of typing in IP address when you want to search for something on the web, the ENS was developed to replace the machine-readable wallet address with human-readable addresses.

The ENS matches your wallet addresses with human-friendly names. For instance, instead of typing out 4r5667ui68q45554hg5, you can just replace it with Uche.eth. With this, you are sure there is no error associated with imputing long strings of data and you won’t make the mistake of transferring funds to the wrong address. (The example above is just for this article)

ENS allows users to buy and manage their own domain. And through this domain name, verified transactions can take place without having to deal with long and complicated addresses. It also reduces the likely hood of any input errors when typing out the recipient address to send funds.

How Does ENS Work?

ENS is based on smart contracts which are developed on top of the Ethereum blockchain, that can convert machine-readable crypto addresses to human-readable formats. Because it was developed on top of the Ethereum blockchain, it is more secure, private, and resistant to censorship than the traditional DNS. ENS is not trying to replace DNS but aims to be open, decentralized, community-driven, and non-profit.

ENS comprises two smart contracts; the Registry and Resolver. The ENS registry, documents all domains and subdomain as well as the owner’s information and the link to the Resolver. While the Resolver is another smart contract that deals with the translation from names to addresses or addresses to names and other types of resources.

Technically, the ENS can make use of the existing Ethereum ecosystem, meaning that it is programmable and can interact with other smart contracts outside of the naming. ENS runs similarly to the Internet’s DNS. It allows a hierarchical system that gives the domain owner total control of any subdomain. So, Uche.eth can create a subdomain and name such as email.Uche.eth.

Importance of ENS

There are lots of advantages associated with owning a .eth domain name. Apart from opening up for more interoperability in the web3 ecosystem and among Blockchains, ENS comes with loads of other amazing benefits, including the following;

• Since 2021, ENS allows owners to integrate domain names such as those ending in .com, .org, or .edu. Thus, if you own Uche.org, you can link it directly to Uche.eth so visitors can view the contents on the website and can also send funds to the same place.
• Because ENS is built on a blockchain (the Ethereum blockchain) it doesn’t face the numerous security threats faced by the DNS system. Contrarily, ENS records cannot be destroyed and are secured by the Ethereum blockchain.
• ENS names can act as Ethereum addresses as well as other Cryptocurrency addresses. You can connect as many addresses as you want, without having to deal with the confusing long strings of data of normal wallet addresses.
• ENS domain names allow owners to leverage sub-domains as well. So you can create a subdomain for additional websites or email addresses.
• ENS aims to become the naming protocol of the decentralized Internet by creating a compact web3 username that is interoperable across all blockchains and Dapps.
• .eth domain names are entirely NFTs. When you wish to transfer a registered ENS name to a different person, you would send it just like any other non-fungible token. And they are tradable on marketplaces, such as Opensea.

Note that ENS is not trying to replace DNS. The idea is to provide a distributed, trustworthy name resolution for web3 resources such as blockchain addresses and distributed contracts.

How to get your own ENS Domain Name

Following these few simple steps can help you get your .eth domain name in no time;

• With an Ethereum wallet like MetaMask, visit manager.ens.domains to search for available domain names.
• Once you have found an available domain name, the system will walk you through registration.
• You will be required to confirm two transactions from your wallet.
• You will also need to select how many years you want to register a domain with fees costing $5.00 a year (paid in ETH).
• As the owner of that domain, you can set up the several addresses or information you want that name to link through as well as any subdomains.

Conclusion

ENS domain name enables you to replace your long, unreadable Ethereum address and other addresses with a friendly, memorable ENS address such as Uche.eth. This allows you to receive crypto assets and enter your ENS address into Ethereum Dapps without having to copy and paste the long public address. You also got to link your other websites and create subdomains as you wish.

So, if you are nurturing the ambition to register your .eth domain name, you may have to hasten up, because, with the recent drop in the Ethereum gas fee, lots of people will be registering and may claim your favorite name before you know it. And you may have to pay a huge amount for it if you really want to claim it back😥😁.

New to trading? Try crypto trading bots or copy trading