In the present world, the internet has evolved to such an extent and solved many issues by breaking numerous limitations. Long and complex IP addresses was one of the significant issues during the early stages of the internet. These issues were overcome when the Domain Name System (DNS) came and made it simpler to browse the web.
Even though the next generation of the internet, web3, brings numerous valuable benefits to the users like high security, transparency, ownership over digital assets, etc., one of the issues faced by its users is the complex crypto wallet addresses.
Ethereum Name Service (ENS) is the effective solution to this issue and makes it easier for the user by providing recognizable wallet addresses to make easy transactions. In this blog, you will look into the introduction, workflow, needs, and benefits of the ENS.
What is an Ethereum Name Service?
The Ethereum Name Service is smart contracts-based and is native to the Ethereum ecosystem. This Web3’s Ethereum Name Service is similar to the concept of web2’s Domain Name System. This domain naming mechanism for the Ethereum blockchain aims to convert machine-readable wallet addresses into human-readable addresses, which allows users to purchase their domain names with extensions .eth. The users can integrate their existing web2 domain name into the Ethereum network and create their own recognizable web3 domain name using ENS. This smart contract-based domain naming mechanism enables users to create their domain names hassle-free and makes their web3 ventures easily brandable.
The ENS makes the names and addresses free of any security issues. The ENS also offers an easily interactable and recognizable address that smoothens the user’s experience.
How does the Ethereum Name Service work?
The ENS works in a coherent way and involves two steps which are the registry and the resolvers.
The registry in the smart contract-based ENS records maintains the list of all domains and subdomains on the Ethereum blockchain. The registry notes the information about every crypto wallet. The three essential pieces of information include
- Owner of the domain
- Resolver of the domain
- The cache time-to-live of all records that are under the domain.
The main aim of the ENS registry is simple; they map from a domain name to the resolver, who is responsible for that domain. All the while, the owners of the domain in the ENS registry can
- Transfer their ownership to the subdomains
- Transfer their ownership of a particular domain address to another
- Decide on which data to be the resolver and the time-to-live (TTL) for the domain.
On the other hand, the resolvers are responsible for translating the names into addresses. In the ENS, every contract that consists of the required standards can be a resolver. The process of resolving a name contains two steps and includes
- The first step is to know which resolver is responsible for a particular domain name through the ENS registry. That is, let’s say the domain name is “Nat.eth”; the resolver asks the registry to name it Nat, which the resolver will match up.
- In the second stage, the resolver is responsible for suggesting the domain name. For example, the resolver will answer the previous stage query with a valid domain name suggestion.
What is the need for ENS?
According to Google’s threat analysis group, in October 2020, they monitored 180,000 attacks on the DNSs and other networks of Chinese internet service providers. The DNS records of domains and names are stored on a centralized server, making them prone to hacks, and creating major security issues. The lack of decentralization and high-level security on web2 is the major cause of the emergence of web3.
The web3-based ENS enables the user with a highly secured domain name along with its other valuable perks of being censorship resistant. This domain naming mechanism eases the account search in the crypto wallets, along with creating human-recognizable names.
Valuable Benefits of ENS Protocol
- This domain naming mechanism facilitates creating human-readable payment addresses, making it easier for users.
- With the ENS, the domain names can be traded as NFTs.
- The ENS creates a secure and coherent digital identity.
- An ENS-integrated web3 application contains an extensive domain name that is highly reputable and interoperable, along with no-fuss identification.
Furthermore, the Ethereum Name Service has been a hot topic in today’s web3 space. With the recent hype caused by its increased value and other perks many cryptopreneurs are opting for it. For instance, the domain “exchange.eth” was sold for a quirky amount of 6660 ETH, which is $609,000. Also, a domain “weather.eth” was traded for 300 ETH worth $27,000. The sale of “000.eth” is considered the second-highest purchase with 300ETH, in dollars, 315,000, creating a spike over the ENS. The extensive ENS does not only support .eth but also supports other DNS names like .com, .org, .app, .io, etc. This enables users to create their favorite and unique domain name using ENS.
Web3 applications, the ENS can be used
We belivel that the ENS can be applicable for various other web3 applications rather than just for crypto wallet sectors. The potential applications which awaits the presence of ENS include decentralized wallets (DApps), NFT-based platforms, and other web3 sectors.
With the rising trends and services in the web3 space, it has become mandatory to catch up with the trends by providing quality services to those who seek and satisfy their needs. Infinite Block Tech, a web3 development company known for offering potent development and marketing services for web3 projects, is now setting foot in providing a marketing services efficacious ENS-like domain naming service. Our team of blockchain experts will assist you in gaining your unique domain names for your crypto wallets or other web3 applications. We are also widely known for our profound white-label solutions that we provide for numerous web3 projects like crypto wallet development, crypto exchanges, NFT marketplace development , etc.
So, if you are a cryptopreneur seeking to create your web3 project or a crypto wallet holder who wants to convert their wallet address into a distinguished one, opt for our eloquent services.
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