[Tutorial] Buying ENS at MyEtherWallet (MEW)
ENS is a naming service that changes a complicated hash into human-readable name. It can be considered as something similar to DNS (Domain Name Service), which changes the IP addresses into “google.com”, “facebook.com”. In Blockchain however, ENS could be used for several purposes.
- Set as wallet address : Changes the default wallet address to “yourname.eth”
- DWebs / DApps : Replace the IPFS hash address
- Interact with several smart contracts
- Creat Sub-domains
The primary purpose of ENS is to provide more effective solutions in Ethereum. Even if Ethereum has basic functionality, it suffers in several shortcomings that will limit its long-term usefulness. By providing an identity in a decentralized world, ENS will shape the long-term usage on the Ethereum platform, just like how DNS has shaped the internet we use nowadays. Go ahead and find out more about ENS.
In this article, we will show you how to buy your own ENS at MyEtherWallet.
STEP 1. Go to MyEtherWallet #ENS
Remember to be aware of phishing sites. Read and check all the alert warnings.
STEP 2. Search ENS
- Type and check your ENS name. (Be mindful that ENS, at its initial release, is only supporting names with 7 or more characters. So names like “apple.eth”, “google.eth” will not work at the current stage.)
- It will show the status of the ENS name within few seconds. If the domain is owned, you can see some related information such as namehash, owner’s address, highest bidder, and the resolved address.
3. If the ENS name is available, it will show you the status clearly.
STEP 3. Connect you Metamask
Choose “Metamask / Mist” and connect. If you don’t have Metamask yet, download here.
STEP 4. Start auction and bid
- First, check your account balance. The minimum bid for an ENS name is 0.01 ETH (With gas fee, you should have a little bit more than 0.01 ETH in your account). If you don’t have any ETH, go to our tutorial (Coinbase / MAX Exchange)
- Your actual bid amount is the value you are willing to put for this ENS name.
- Bid Mask is a hide your bid value from others. Since all transaction on Ethereum is transparent, this mask function will protect you from getting monitored by others. (Note that this is the amount ENS will charge you, BUT will return the excessive amount once you reveal your bid later on.)
- The secret phase is like a password for you to reveal your ENS name. You can change it to other words you feel like to. Remember to screenshot or write down the words somewhere. If you lose it, you won’t be able to reveal your ENS name.
- Once you have input all the data, you are good to start the auction!
STEP 5. Confirm transaction
STEP 6. Remember to comeback to reveal your bid
- The auction will be 5 days long. On the third day, you will need to come back to reveal your bid in order to be eligible for ownership. When you reveal the bid, the smart contract will return the differences between bid mask and your actual bid (See STEP 4).
- The auction will finalized on the fifth day. Winner of the auction is only required to pay the second-highest bid, so the excessive amount that was put in as a bid will be returned once you finalize the auction.
STEP 7. Go to ENS Manager by Portal Network to manage your ENS
Now you can setup your ENS resolver with our ENS manager. We have simplified the entire process and will only take you few steps to complete. Find out more in this introduction + tutorial.
Thank you for reading.
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