What is the most successful non-financial Ethereum application ENS to date? How to experience it?

Some time ago, Vitalik Buterin said in an interview: “The Ethereum Domain Name Service ENS is the most successful non-financial Ethereum application so far. It can basically be compared to a decentralized phone book. ".

On October 9, 2021, an unknown wallet purchased the Ethereum domain name paradoxm.eth for 420 ETH, which is the largest ENS domain name transaction to date.

##Why spend so much money to buy a domain name,

How to register it specifically, and what else is behind it Business opportunities , let us find out.

01
What is ENS?

"ENS", the full name of Ethereum Name Service, is a distributed domain name service based on Ethereum. It provides a secure and decentralized way to convert simple human-readable Domain names are resolved into on-chain and off-chain address resources.

Officially launched on Ethereum's ENS on May 4, 2017. Through a unique bidding mechanism, any user can register one (or more) for his or her Ethereum address through the bidding process. Ethereum domain names ending in ".eth".

Simply put, ENS can map a personal long and difficult-to-remember "Ethereum address starting with 0x" to a customized short address, such as satoshi.eth, vitalik.eth, etc.

In this case, in wallets that support ENS, users no longer have to copy and paste long addresses, and can directly use ENS domain names to bind various cryptocurrency addresses and receive cryptocurrency payments.

At the same time, ENS can also be used with your own DNS domain name. Currently, ENS supports many DNS domain names, such as ".com", ".io", ".xyz", etc.

In addition, ENS is built on the ERC-721 protocol, which means

that each ENS domain name is actually an NFT, so after the current registration is completed, you can wait on OpenSea The NFT trading market selects a price to list, and then conducts auction transfers.

To some extent, the mixed form of long numbers and letters (usually 42 digits) such as Ethereum addresses is not friendly to the vast majority of users, and it is not conducive to the popularization of encryption. Every year, due to Incidents of huge losses caused by incorrect address entry are also frequently reported.

And

ENS replaces the Ethereum address with characters that are easy for humans to remember. This is a key step in the popularization of encryption. Users can choose a more friendly user address to remember, making it easier to send and Accepting crypto assets becomes simple, reducing the risk of transferring money to the wrong address.

02

The development of decentralized domain names
There are many Ethereum users using ENS, and it is expected that more and more will do so in the future People use ENS. The problem ENS currently faces is that all functions are implemented on the main network, which results in very high transaction fees. This is also the challenge we face in terms of infrastructure.

So at the same time, in addition to ENS based on Ethereum, there are some other blockchain domain name systems, which have

the underlying advantages of low cost and high throughput of competing public chains, but In terms of ecological construction, it is temporarily inferior to

ENS. This includes the EOS short domain names that are already familiar to the public, DAS based on Nervos, Solana ecological domain name services, etc.

EOS Account

The old EOS account itself is designed like an Internet domain name, which is 12 characters that can contain numbers and letters: Registering an account requires a correctly mapped EOS account. After successful mapping, the user will have an EOS public key and An EOS account corresponding to the private key, but shorter than 12 digits, needs to be auctioned. It is not only short, but also supports the concept of domain.

DAS Account

The gradually emerging DAS (Decentralized Account Services) is a "decentralized account system developed based on Nervos CKB". All DAS accounts are named " .bit" at the end, you can use multiple languages ​​around the world and even Emoji to register. Each DAS is unique. DAS accounts with the same name cannot be created repeatedly.

At the same time DAS is based on the design of Owner and Manager, which provides rich gameplay possibilities that are different from ENS:

Owner, the final owner of the DAS account, can transfer the account and set up the account administrator;

Manager, the administrator of the DAS account, can manage the Records, sub-accounts, etc. of the account;

SOL Domain Name Service

Solana Domain Name Service Aims to provide a decentralized and affordable way to connect domain names (.sol) and on-chain data. This on-chain data can be SOL addresses, IPFS content IDs, images, text, or anything else.

A very clear advantage of the domain name service is that it can be mapped to the SOL address, which is easy for people to read and replaces the use of SOL addresses for on-chain transfers and payments. Currently supports domain name registration in English, Simplified Chinese, Traditional Chinese, and emoticons, and all USDC received will be used to repurchase and destroy FIDA (Bonfida project token).

03
ENS registration experience

Next we use ENS as the main object, through actual registration, de-analysis, Let’s learn more about the characteristics, relative advantages and possible role of decentralized domain names in the WEB3 era.

For example, for the domain name of xxxxx.eth, the specific registration is divided into the following three steps:

First, we need to confirm a transaction in the wallet, which is to complete the domain name The first of two transactions required to register, if step 2 is not performed within 24 hours of completion of step 1, you will need to start over from step 1.

Secondly, after approving the first step of the transaction, wait for about 1 minute to make sure that the entire network has not also chosen to register this domain name, and at the same time Protect our registration requests.

Finally, we need to confirm a transaction again in the wallet. Only after this transaction is confirmed can we determine whether it was successful. Registered this domain name.

If the one-time registration is for a period of 5 years, which will expire on October 18, 2026, you can choose to renew and extend it at that time, which is similar to the rules for traditional Internet domain names.

At the same time, the main cost in the entire process is the on-chain operation cost of contract interaction. As a 5-digit domain name, the actual registration price is not expensive ($5) , the bulk of the cost is mainly the operating fees on the chain of a series of contract interactions during the period.

Of course, this is only a five-digit ENS address. Most of the other domain names with shorter or more meaningful digits may have been registered, just like the paradigm.eth mentioned above. With the development of the industry, there is huge commercial value. If you have time, you can check out what you like or plan to ambush. Maybe it will be a big opportunity to miss something in the future.

I also saw a new news a while ago. The Ethereum Foundation, the Ethereum Domain Name System ENS, and the digital identity authentication company Spruce jointly launched Tracking Sign -In with Ethereum progress website login.xyz, Sign-In with Ethereum is a set of technical specifications for logging in to third-party web applications through Ethereum accounts, enabling users to control through Ethereum accounts and ENS configuration files its digital identity rather than relying on traditional middlemen.

It is currently used in Web3, and aims to standardize with best practices to make Web2 services easier to adopt, At the same time, ENS and other decentralized domain names It is not only used for addresses, but will also cover all aspects of DApp services in the future.

On October 8, 2021, ENS announced that it has supported setting NFT avatars in personal profiles. Users can set any NFT they own as the avatar of ENS profiles, and then DApps can set NFT avatars in the user’s ENS name. Display the avatar next to it.

According to the current development momentum of NFT and the increasing popularity of Web3, there is a high probability that ENS will become the next wave of NFT hot spots, and even become the key carrier of user digital identity in the Web3 era, which deserves our special attention. .

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