Ethereum Name Service or commonly referred to as the ENS is a great way to simplify the hard-to-understand aspects of the crypto world. Through this mechanism, users can translate their Ethereum public addresses into a simpler version.
For instance, the address of a crypto wallet consists of numerous characters. These characters create an unreadable string. To ensure ease of use, the public address is linked to an ENS domain name, like “Nick.eth”. This makes it easy to receive all types of cryptos as well as NFT's.
If you want detailed information about ENS domain, just continue reading. This comprehensive guide is going to explain the key aspects of ENS domain and its buying. So, let’s see what we got here!
What are ENS Domains?
The ENS was launched by Nick Johnson and Alex Van de on 4, May 2017. This is an Ethereum-based project that translates hard-to-read Ethereum addresses into ENS domain names.
To put it simply, ENS makes it possible for crypto users to convert or translate their hard to understand crypto wallet addresses to a readable form. For instance, you need an Ethereum public address of your friend to send him cryptocurrency. This particular address consists of 42 hexadecimal characters.
Here is how an Ethereum based public address looks like:
“0xDC25EF3F5B8A186998338A2ADA83795FBA2D695E.”Obviously, this address is hard to read and most of us are unable to remember such a long series of characters. This is the area where ENS plays a critical role. It serves as a nickname generator for Ethereum public addresses.
The basic aim behind launching Ethereum Name Service (ENS) is to make your public address more accessible. In addition, ENS also allows you to connect all your websites, metadata, and hashes through a single nickname.
According to the ENS Documentation, this type of protocol is a distributed, extensible, and open, naming system. It provides secure and decentralized naming/look-up services.
With the decentralized nature of ENS, no one can exercise control over this system. Hence, this service tends to be exceptionally secure.
Why Buy an ENS Domain Name?
No doubt, sending cryptocurrency to multiple Ethereum public addresses might turn out to be confusing. However, you can simplify things with ENS. Here are some of the most prominent reasons why you should buy an ENS domain name.
- With an ENS domain name, you don’t need to copy and paste long public addresses. Hence, you can expect a straightforward and hassle-free experience.
- You can take advantage of your ENS domain name to connect multiple addresses.
- ENS allows you to receive cryptocurrency, NFTs, or tokens.
- Using an ENS domain name also lowers the chance for errors when sending cryptocurrency to a digital wallet.
- An ENS domain also offers decentralized websites that are censorship-resistant. You can access your website by uploading it to IPFS (Interplanetary File System).
- Being an owner of the ENS domain, you can also create subdomains. This allows you to assign other data to such subdomains.
- ENS is a censorship-resistant protocol. Besides, this blockchain-based system is more secure.
- This naming mechanism serves as a decentralized alternative to the DNS. It helps to avoid various risks that you usually face with a traditional DNS.
The blockchain ecosystem is a highly technical subject, making it difficult for beginners to explore the various aspects of this field. However, steps like the introduction of ENS domain name prove to be encouraging for beginners who are still new to the crypto world.
How much Does it Cost to Buy an ENS Domain Name?
The cost of an ENS domain name depends on two major aspects: Rental cost and Auction cost.
Talking about the auction cost, it goes up with the popularity of the name. Hence, popular ENS domains are more expensive. For instance, easily recognizable and simple names are usually available for higher prices.
Similarly, shorter names are also more expensive than longer ones. In addition, ENS also requires you to pay yearly renewal charges (Just like DNS). The following image gives you an idea regarding the ENS domain name prices.
For longer names, this fee is $5/year. But you also have to pay the gas fees which is quite high. It can be anywhere around $30-$200.
How Does an ENS Domain Works?
If you wonder how the ENS domain works, we have got you covered. Here, we will try to explain the working of ENS in an easy-to-understand way. It will help you understand the basics of the ENS domain.
Ethereum Smart Contracts
Following are the two Ethereum Smart Contracts that serve as a building block for the ENS domain.
- ENS registry
- Resolver
1. ENS Registry
ENS registry is the first smart contract. It keeps a record of every single domain that is registered on the ENS. It also provides information regarding three critical aspects of every domain including:
- Domain’s owner
- Domain’s resolver
- Caching time for the records stored on the domains
2. Resolver
Resolver is the second smart contract. It translates the machine-readable addresses to the ENS domain or vice versa. In addition, resolver matches every single domain to the website, wallet address, or corresponding user.
In order to buy an Ethereum domain name, you need to check its availability. If available, you can buy your preferred ENS domain by paying the auction amount.
Using an ENS Domain Name
Once you have gained access to an ENS domain, you can use it in any of the following ways:
- Attach an Ethereum address to it
- Sell or loan your domain name
- Create sub-domains
An ENS domain is registered to the ERC-721. This allows these domains to serve as an NFT. Hence, you can treat your domain name in the same way as you do it with the NFTs.
For instance, you can trade (sell or buy) and transfer to your ENS to other accounts, wallets, and exchanges.
No doubt, the ENS domain name allows you to interact with your crypto assets in a flawless manner. So, there is no need to worry about sending your cryptos to the wrong wallet.
How to Buy an ENS Domain Name?
Buying an ENS domain name is easy, as you need to visit the ENS website app launcher. To start with, you have to search for the availability of a particular domain name.
If your desired ENS domain name is available, the next step is to complete the registration process. This involves confirming at least two transactions from your digital wallet.
Besides, you are also required to pay the yearly rent/fee. Usually, this fee is $5/year for those ENS domain names.
Given below is the complete procedure to follow while buying an ENS domain name.
Check Availability
Before registering the ENS domain name, you are bound to check its availability on the official website of ENS.
To initiate the search, just type your preferred ENS domain name in the search bar. By hitting the “Search”, you can start the search for the desired ENS domain name.
Registration Process
If the name is available, you can choose it and go ahead with the registration process. Upon clicking the name, you will see the instructions regarding the registration process of an ENS domain.
To continue with the registration process, you must choose the registration period. It will show you an estimated yearly fee.
Discussed below are the steps that you must follow when registering an ENS domain name.
Step 1Connect Wallet:
Connect wallet using any of the supported wallets. And if you want to get it via mobile, you can use MetaMask, WalletConnect or Coinbase Wallet mobile apps.
Step 2
Request to Register:
Before completing the registration process, you must perform two transactions through your wallet. When you click “Request to Register”, your wallet will open. You will be then asked to confirm the first transaction. Make sure to have some Ethereum (ETH) in your digital wallet.
Step 3
Wait for 1 Minute:
After you have made the two transactions, the waiting period starts. So, don’t do anything for one minute. The reason for this waiting period is to make sure that no one else has already requested the registration of the same ENS domain name.
Step 4Complete the Registration Process:
Just click “Register” to complete the final step of the registration process. Your wallet opens for the second time, asking you to make the 2nd transaction. As soon as you complete the second transaction, the registration process completes.
Final Thoughts
Ethereum Name Service or commonly known as ENS is a pioneer when it comes to offering easy-to-read Ethereum public addresses. It works by transforming long and machine-readable strings of characters into easy-to-read and memorable domain names.
Furthermore, all your decentralized websites, wallets, and dApps can be linked with your ENS domain name. This allows you to manage your crypto wallets and websites without any extra effort.
Although we may come across various types of such services in the future, ENS would always be considered as a first step towards simplifying the way we used to conduct cryptocurrency transactions.
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