Now, thanks to Ethereum’s ENS architecture, blockchain technology has come another step closer to broad use.
Blockchain technology is a brand-new concept, and most of it was initially understood only by those who could code or had been shown how it worked by friends who were developers.
Blockchain technology has begun to increase in popularity in the industrialized world in recent years. Most people are now aware with the names of blockchain platforms such as Ethereum, and almost everyone is familiar with the payment processor Bitcoin. However, simply knowing about something does not imply that people are broadly adopting it, and this is due in large part to the difficult user interface of this new technology.
Do you want to know what ENS is and if you should use it? Continue reading to learn more about this product and its potential role in changing the future of the internet as we know it.
What is ENS?
ENS is an abbreviation for Ethereum’s name service. The simplest way to think about ENS is as a domain name finder. Assume you wish to create a decentralized application (dapp) on the Ethereum network. When you create a dapp, you may currently discover it in the system by an extremely long string of letters and digits. While this makes it simple to locate your dapp (after all, you can simply copy and paste), it makes it quite difficult to distribute your dapp with clients or users.
ENS solves this problem by transforming your large string of letters and numbers into an easy-to-remember name. For example, a string like ‘Xxys3uRt8spG7fj’ may become ‘Pizza.eth,’ which could be a website that allows you to order pizza using a dapp. You could then tell your friends about Pizza.eth, and when they go to the blockchain to locate your dapp, they could simply type this in, and Ethereum would take them to the original string of digits that corresponds to your dapp.
If this sounds familiar, that’s because it isn’t. When you type a web address into an internet browser, something called the DNS, or domain naming system, accomplishes the exact same thing. It’s what allows users to find websites fast and efficiently without having to key in long strings of information like a device’s IP address.
What is the significance of ENS?
Although this may appear to be a relatively basic concept and product, the truth is that it is a big step forward for blockchain. This is due to the fact that ENS will make blockchain technology more user-friendly and accessible to everyone. It is unlikely that blockchain technology would ever become widespread in society if something like ENS did not exist.
What Is the Relationship Between ENS and NFTs?
Although ENS is a naming service, it has also been linked to the realm of NFT. This is because it makes sending and receiving NFTs easier than ever before. Prior to ENS, if you wanted to send an NFT to a customer (or as a gift to a friend), you had to carefully put in that little string of numbers, double-checking each one. And if even one of them was incorrect, there was no way to undo a transaction that had been routed to the wrong individual.
It is quite simple to send NFTs to their recipients using ENS. It is also incredibly simple to pay for NFTs since instead of having to fill out a very long wallet name, the consumer may key in a simpler word.
Furthermore, ENS just issued the ENS token through the DAO. Token holders receive governance rights over the ENS system in exchange for these tokens. This token was introduced on November 9th, 2021 and has already received great response as a result of an airdrop in which random Ethereum users were handed ENS tokens.
How to Obtain a.eth Domain
Regrettably, registering an.eth domain is not as simple as creating a website. However, it can be performed in a few simple stages that most individuals should be able to master.
1. Launch MyEtherWallet and make a wallet.
This is a rather self-explanatory step.
2. Submit a bid for your.eth domain.
Go to MyEtherWallet’s ENS area, and then, just like on the conventional internet, check to see if the.eth domain name you want is available. All names must be at least 7 characters long. If your desired name is available, you should place a bid on it. Each auction is for three days.
3. Confirm that the transaction was completed successfully.
Before you shut down your computer and go out to lunch, double-check that your bid was accepted. This is possible at Etherescan.io. It will take around 5–10 minutes for your transaction to appear here.
4. Make Your Bid Public
The auction will expire in three days. You will have 48 hours to log in to MyEtherWallet and reveal your bid at this point. You will lose your bid if you do not divulge it. You may view your bid by searching for the domain you bid on in step two. A notice will appear informing you that it is time to reveal your bid. Check Etherscan.io again to ensure that the reveal was completed.
5. Finish the Auction
You’ll want to log back in after the 48-hour waiting period to see how the auction went. When you log into your wallet, you will see a notification asking you to finalize your name if you were the successful bidder. You’ll need to utilize a resolver to connect the name you bought to your wallet address.
There are a couple more procedures to do before you can formally launch your domain. These procedures are a little more involved, and if you don’t know anything about Ethereum, you might want to pay someone to assist you.
Overall, ENS is precisely the technology that the blockchain industry need to advance to the next level of general acceptance. Users can now simply find the wallet they are looking for thanks to Ethereum, which eliminates the need to memorize strings of numbers and letters. ENS can help you take your business to the next level, whether you are an individual or a professional; just make sure to go in there and bid on the name for your ideal.eth domain fast before it is snatched by someone else!