What is the Ethereum Name Service (ENS)?

What is the ENS mission?

Remembering a wallet address can be quite challenging, and for some, it seems nearly impossible. Storing a lengthy string of characters on a digital device poses additional risks to the security of one's assets. Therefore, having the option to replace this complex address with a domain name is a step in the right direction.

Moreover, employing the ENS is an opportunity to differentiate oneself, make a personal mark, and achieve a certain recognizability. To a name, one can attach a distinct avatar and personal data they wish to display to the wider community. 

Digital businesses were among the first to use the service, swiftly securing domain names that resonated with their brands. These names were employed for decentralized website domains. Every domain owner can create and customize subdomains to their liking. For example, the owner of the “ass.eth” domain could establish a subdomain like “pay.ass.eth” and use it as they see fit. Who knows, perhaps they'll come up with a quirky method for processing payments using that playful naming convention.

The potential for domain name resale is another significant aspect. In the early days of this service, astute users promptly acquired valuable domain extensions, subsequently selling them on the secondary market:

• paradigm.eth for $2,000,000;
• pjfi.eth for $463,000;
• 000.eth for $317,000;
• abc.eth for $254,000;
• unknown.eth for $249,000;
• porno.eth for $204,000.

Nearly all of these transactions occurred through the OpenSea platform. While many of the highly sought-after ‘brand' names have already been registered, discovering a distinctive and memorable domain on the platform may require some creativity. It's not just limited to the realm of three and four-letter words, which are particularly in demand; there's still an opportunity to find a suitable domain.

How to Register an ENS Domain?

If you want to replace your wallet address with a custom name, follow these steps:

• Head over to the Ethereum Name Service website and connect your wallet.
• Once there, use the domain search prompt to input your preferred name.
• If the system indicates your name choice is available, determine the registration duration.
• Finalize the domain purchase through your linked wallet.

Tip #1: Patience is key. At the time of this writing, over 2.58 million names have been registered.

Tip #2: Be creative and experiment. ENS supports a variety of extensions, including org, io, app, art, and com.

Tip #3: Keep in mind that subdomains can change hands. If your desired name is taken, you might be able to negotiate with its current owner to set up a subdomain tailored for you (likely for a fee).

The cost of your domain will vary based on its length. Currently, registration fees on Ens.domains range from $15 to $700.

For further insights on the ENS service, consider checking out our previous article.