A 90 percent increase in ENS is sparked by a record-high spike of Ethereum Name Service domains
Ethereum Name Service (ENS) domains have been a big hit with users, and a record-high surge in domain registrations on Monday has triggered a 90% rally in the ENS namecoin price, which is used to purchase addresses.
ENS is the Ethereum Domain Name Service, which allows users to map human-readable names such as “ethnews.com” to 30-character hashes such as 0x6b646b6c697628a1b6d2f2c36f9e9e70c68ad446. While this may sound complicated, it’s actually quite simple: you just register an ENS domain name by depositing some ETH into an auction, then bid on your desired name and hope that no one else bids higher than you do.
ENS enables anyone to register a. eth domain for themselves or their business without any need for technical knowledge or registration fees. This makes it easier for people to claim their own name on the Ethereum blockchain without having to go through all sorts of bureaucratic red tape. The service also allows users to create subdomains within their own main domain, such as “blog.myname.eth.”
The popularity of ENS has grown significantly over time and many Ethereum applications now use it.
The hope was that by providing a simple and intuitive way for people to find and pay for popular domains, it would make it easier for people new to blockchain technology to become involved in projects like Augur’s decentralized prediction market or Status’ mobile-friendly browser.
ENS domains are also used by DApps as a way to differentiate themselves from others using similar names, such as EtherDelta, EtherExchange, EtherMiningPool and EtherDice (a dice game).
The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain. It provides a human readable namespace to the public for users to access DApps.
ENS is a critical piece of infrastructure for the Ethereum ecosystem. It allows users to use human-readable names instead of long strings of numbers and letters to access addresses on the blockchain. For example, if you wanted to send ether (ETH) from your wallet to an address that you own, you would have to enter the complex string of letters and numbers that make up that address. However, if you owned the. eth domain name of that address, it could be much easier to type in your name than the long string of letters and numbers.
The ENS system is organized into two parts: registrars and resolvers. Registrars are responsible for entering information about names into the ENS registry; they include traditional domain registrars like GoDaddy or Namecheap. Resolvers then check with registrars before resolving any queries made by users looking for a name or address on the blockchain.
ENS is not without its critics, however, who argue that its design may not be secure enough due to its centralized architecture. They also point out that there has been little progress in resolving this issue since 2019 — when Ethereum creator Vitalik Buterin first proposed moving ENS off-chain — despite growing demand from developers for such a solution.
ENS domains are Ethereum addresses that end in “.eth” instead of “0x” like regular ERC-20 tokens. They can be bought and sold and leased via smart contracts, just like any other token. You can even purchase an ENS domain with fiat currency if you want to, but it’s very expensive because there are so many people trying to buy them up.
The domain name system (DNS) is one of the most important parts of the internet as it translates domain names into IP addresses. However, it is currently controlled by ICANN and Verisign, which has created monopolies and led to issues like censorship and surveillance.
ENS solves this problem by creating an open market for domain names using Ethereum smart contracts. Users can buy, sell or transfer their domains through the use of smart contracts on the Ethereum blockchain. Moreover, there are no restrictions on who can buy or sell domains on the platform since anyone can access it without having to go through any verification process beforehand.
The ENS domain registry was launched in November 2017, with over 600 domains registered at the time of this writing. Since then, several large companies have begun using ENS domains for their DApps or new projects:
Decentraland — Decentraland is an open-source virtual reality platform powered by the Ethereum blockchain which enables users to build VR spaces, games and experiences within their own virtual world. In December 2017 they announced they would be using ENS domains as part of their protocol development going forward.
Etherscan — A popular cryptocurrency information site which allows users to track transactions on the Ethereum blockchain via their website or mobile app. Etherscan also accepts payment
According to data from Etherscan, there were 1,014 new ENS domains registered on Thursday, bringing the total number of active domains to 1,930. That’s an increase of nearly 90% from recently when there were just 905 active names.
While this may not seem like an impressive figure at first glance (the total supply of coins is fixed at 100 million), it’s actually a huge milestone for the cryptocurrency community as it represents the largest monthly increase in registrations since records began back in 2017.
The recent spike in new registrations has resulted in an increase in prices for ENS domains as well as renewed interest from speculators who believe that this is just the beginning of a sustained bull run for ETH.
This surge was triggered by a number of factors including recent mainstream media coverage, including an article published by The New York Times and an appearance on CNBC’s Squawk Alley with Brian Kelly from BKCM LLC. However, it remains unclear what caused this massive spike and whether it would continue into future weeks or months.
The ENS was developed as part of the first stage of the Ethereum Name Service (ENS), which is currently in beta testing. The ENS enables users to create unique and easy-to-remember names that point to their address, making it easier to interact with decentralized applications (DApps). These names cost around $12 to register and can be owned by anyone who has an Ethereum wallet.
The most famous ENS domain name is CryptoKitties, which, at its peak, accounted for 20 percent of all traffic on the Ethereum network. Since then, however, usage has dropped off significantly — which isn’t surprising considering that it’s not exactly easy to remember or type into a browser bar!
The benefits of registering your own domain name are manifold: it can increase your reputation as a brand and protect against phishing attacks; it provides an easy way for people to remember your website; it allows you to have complete control over your brand identity; it gives you more flexibility in terms of what happens when someone visits your site; if someone else tries to claim ownership of your domain, they can be easily identified due to their public nature;
However, unlike traditional TLDs, ENS domains don’t have to be registered through an external body such as ICANN. Instead, they are directly managed by an Ethereum smart contract (EVM).
In addition to providing an alternative to traditional TLDs, ENS domains also have benefits over regular web addresses. For example, they cannot be hacked or controlled by anyone except for their owners — who are in full control of their assets through their private key.
In addition to these benefits, ENS domains also offer greater security than traditional addresses because they cannot be spoofed or impersonated by malicious actors.
It’s easy to remember: You can set up a name like “mywallet.eth” instead of “0x1e3df3f9e80c8ad5dbf1a6af12a94e0cc60268ff.eth.” This could make it easier for other people to find your wallet address and send you funds — especially if you have many different wallets.
It’s private: This means that nobody will know what your address is unless they have access to your name. It also means that nobody can register your name as theirs unless they have access to your private key (which they would need in order to sign a transaction).
It’s secure: It uses cryptographic addresses instead of human-readable addresses, which means that no one can guess your address or pretend that theirs is yours without having access to your private key (or stealing it from someone else).
Despite its advantages, however, ENS faces some challenges that may hinder its growth and adoption rate.
ENS domains are available to anyone who registers them through a registrar. Unfortunately, this process is not always straightforward. The process of registering an ENS domain can be time-consuming and complicated for anyone new to cryptocurrency.
Conclusion
The Ethereum Name Service (ENS) is a decentralized alternative to traditional internet domain names. Its main purpose is to provide a human-readable alternative to the Ethereum addresses that are used on the network.
