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Speculators jump on a new gold rush called Ethereum Name Service

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Launch of the Ethereum Name Service (ENS) on MainNet on May 4, 2017. At Launch, ENS offered an automated registry process allowing anyone to easily register names ending in ".eth" using an auction process.

The auction system allowed anyone to buy a .eth address of at least seven characters. Since its launch, more than 618,000 auctions have been launched and 3,298,707 ETHs have been auctioned. The ENS evolves, and in the next two years, a planned upgrade will allow for shorter name auctions of less than seven characters

What is ENS?

Ethereum's name service makes Ether's readable address to the public. This is a key step towards the massive adoption of cryptocurrency. Normal Ether addresses are 42 digits long and can be very confusing for beginners. ENS allows anyone to create a much more user-friendly address such as JohnDoe.eth

ENS domains as asset

Since many Ethereum names are purchased at the ENS, the new owners of. eth names were looking for effective tools allowing them to transfer ownership of their newly acquired .eth names to second-hand buyers.

As some Ethereum names are very valuable, an escrow service for the transfer of ownership of these names has been important, but no service exists. Buyers and sellers seeking to transfer ownership have been forced to rely on trust, personalized smart contracts, or legal contracts provided by lawyers.

In the last six months since the launch of the ENS, individual .eth names have been auctioned for astronomical sums. Some of the more expensive names .eth included exchange.eth claimed for 6,660 ETH ($ 609,000), foundation.eth went for 300 ETH ($ 27,000), and weather.eth was auctioned for 101 ETH (9000 $)

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In any case, it n & # 39; there was no shortage speculators seeking to take advantage of what many see as a modern version of the pets.com domain name controversy of the early 2000s during the first Internet bubble boom.

ENS Prime Markets

Name Bazaar, the first public market ENS, has recently launched its service. This platform provides an alternative way to transfer ownership of .eth addresses, allowing Ethereum address holders to easily transfer ownership of Ethereum names using a contract-based interface. intelligent totally without confidence

. Eth's address to buyers and sellers to reduce transaction costs related to the sale and transfer of ownership of .eth addresses. All that is required to transfer the property is an Ethereum address via the MetaMask or Parity browser extensions.

Alternatively, the ENS domains can also be exchanged on the / r / ENSMarket subdirectory. At the time of writing this article, it had more than 300 subscribers and several hundred people wanting to sell ENS domains.

Currently, there are over 2900 DNS domain name registries worldwide. we use in our daily life.

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While Ethereum's adoption rate continues to increase, there will likely be a larger number of ENS domain registrars in the near future.

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