Crypto

The .ETH Frenzy: An A-Z Guide to Ethereum Name Service

Ethereum

Over the past few years, the crypto-verse has seen the debut of several innovative enterprises. While a select few have managed to remain afloat by adjusting to shifting dynamics and remaining relevant, most have succumbed to the passage of time.

New technology advances have long been met with skepticism. During their early time, NFTs, for example, was thought to be fake works of art. The earlier mentioned story, however, became redundant as they earned widespread popularity.

In the novel, non-mainstream initiatives usually take their time to carve out a place and establish themselves. Then it’s only a matter of time before their reputation and fame spread.

One such effort is Ethereum Name Service. On the Ethereum blockchain, ENS is an open-source decentralized Internet naming mechanism.

This idea, which was first brought up in 2016 and launched in 2017, has recently resurfaced and earned popularity. The airdrop event for the project’s innovative ENS token virtually single-handedly resurrected the project.

There’s a new craze for.eth domain names going around. For starters, if you open Crypto-Twitter, you’ll almost certainly come across a slew of identities that end in .eth. These aren’t just any names, though.

Users’ cross-platform web3 usernames are simply domain names that finish in .eth. They essentially serve as a link between cryptocurrency wallets and the rest of the Internet.

A Newfound Interest

With each passing day, there has been a surge in interest in ENS. More than 79k domains have been newly minted on Ethereum Name Service in November alone, making November 2021 one of its busiest months.

In other words, the total number of registrants has already surpassed 481.5k.

The number of names that have been issued or are about to be released is also fairly large right now, indicating that individuals are eager to become e-landlords.

Despite the hoopla, several newcomers have entered the ENS sector with the goal of cyber-squatting or registering well-known company/brand names as e-domains. The ulterior purpose, in this case, is to resell them at a profit later on.

Now, during the dot-com boom in 1999, the entire cybersquatting situation played out. Squatters finally departed the arena when they realized they weren’t making any money by blocking domain names. Since then, cyberspace has continued to expand on its terms.

As a result, ENS cyber-squatters would be pushed out of the picture as well.

Other Minor Details

Because ENS is based on the Ethereum blockchain, it is subject to the Ethereum gas cost. The gas charge for a one-year domain registration was roughly 0.034 ETH at the time of writing.

The average gas price, on the other hand, has been fluctuating at a considerably slower rate recently. It was 120 Gwei, or 0.00000012 ETH, at the time of writing.

In terms of the native ENS token, it has been functioning admirably lately. Despite the general market downturn, the token has gained more than 65 percent in the last week. It was witnessed exchanging hands around the $75 mark at the time of publication.

Furthermore, its social volume and dominance have been trending upward, showing that people are still enthusiastic and vocal about what’s going on in the ENS ecosystem.

The aforementioned statistics and trends show that the ‘domain grab’ craze is here to stay. Indeed, if everything goes according to plan, Ethereum Name Service might be the next big thing in the metaverse.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.