Do you know what ENS domains are? The Ethereum Name Service, perhaps? Those involved in the cryptocurrency industry are likely well aware of the difficulties in employing lengthy wallet addresses. Basically, you must enter your wallet address—a lengthy string of numbers and letters—every time you wish to conduct a cryptographic transaction. These lengthy addresses have caused losses as a result of mistakes and scams in addition to being confusing. The Ethereum Name Service (ENS) NFT domains start to make things a little bit easier at this point.
What is the Ethereum Name Service (ENS)?
A “distributed, open, and extendable naming system based on the Ethereum blockchain,” the Ethereum Name Service. Simply put, it enables users to create a short and simple name that they may use for all of their decentralised websites and wallet addresses.
For instance, you can just use “Jane.eth” rather than a complicated address like “0xAB25FF3F5A8S18699855668A2ADA096545FBA2D695E”. Your ENS domain, Jane.eth, will be where you can purchase all of your tokens and NFTs. Blockchain transactions are greatly facilitated by the ability to purchase and control one’s own ENS domains.
How Does ENS Work?
ENS functions similarly to the Domain Name Service on the Internet (DNS). A DNS converts IP addresses, a series of numbers, into URLs, or human-friendly domain names. Similar conversions are made by the Ethereum Name Service from machine-readable to human-readable addresses.
You must first comprehend the components of ENS in order to comprehend how it functions. Practically speaking, ENS consists of two Ethereum smart contracts. All domain names are kept in the first database, known as the registry. The “caching time-to-live” of all the domain records, the owner’s information, and a resolver link are all included in each domain name.
The second smart contract that converts names into addresses and vice versa is called a resolver. In essence, the resolver links every domain to the person, address, IPFS content hash, or website associated with it. Similar to NFTs, you can sell the ENS domain name to third parties because it adheres to the ERC-721 standard.
What can you do with an Ethereum Name Service (ENS) domain?
In essence, ENS domains assist customers in converting their lengthy, difficult-to-read wallet addresses into memorable names. Imagine doing this to save someone’s phone number with their name. To call the person, you just need to type their name into a search engine; you don’t need to dial their number repeatedly. Similar to this, ENS greatly simplifies blockchain transactions, reducing the possibility of errors.
Once you have your domain, you may connect it to your websites, smart contracts, public wallets, or transactions. You can make subdomains as the owner of an ENS domain to connect to additional data. Using email.jane.eth or website.jane.eth as examples.
How to get an ENS domain
You will need an ETH wallet and some cryptocurrency before you can build your own Ethereum Name Service (ENS) domain. Then use the ENS app to find a compatible domain. When you locate a name you like, just adhere to the instructions to finish the transaction. Additionally, there is a $5 annual fee for names longer than five characters.
But because they are scarce, crypto enthusiasts are hastily purchasing ENS domains. People frequently sell their domains for substantial sums of money. For example, exchange.eth sold for a staggering $609,000! So, if you want your own ENS domain, you may want to act quickly.