Ethereum Name Service ENS Price

ENS Features

The Ethereum Name Service is basically an analog of the Domain Name System (DNS). It helps correlate the IP of a web page with the usable website address. So DNS allows you to transform website addresses from a long series of numbers into a convenient alphabetic format. The main purpose of ENS is to help you translate complex Web3 identifiers into readable names, which are eventually registered in the Ethereum blockchain.

So, the advantage of Ethereum's name service is that it provides users with a user-readable address. This address can be shared with anyone instead of your public address or can be entered into the Ethereum DApp. Then, your actual public address is analyzed using the blockchain and ENS NFT. This works in reverse as well.

DNS (Domain Name System) vs ENS (Ethereum Name Service)

• The person who owns the NFT domain receives payments sent to that ENS address so the NFT is transferable. This means that you can sell your domain to someone and assign them the rights to it through the sale of the NFT.
• Another advantage of ENS is that once you register a domain, you have full control over all subdomains.
• ENS address first and foremost refers to an address in the blockchain. If such an address is registered, it doesn't mean that when you enter its address in your browser, it will always open a website with some content.
• The Ethereum Name Service is not cloud storage, but special servers are responsible for the storage. They usually work over HTTP, but there is also a decentralized alternative called IPFS.
• The service is based on two Ethereum smart contracts. The first is the ENS registry, which includes created domains and stores owner and converter data. In addition, it maintains a cache of internal changes.The second contract converts complex domain addresses into easily understandable ones for users. This element is the one that assigns domains a name that is later linked to a specific owner.

Getting a .eth Domain

If you want to learn more about buying a .eth domain, all the information you need is below.

1. Browse to app.ens.domains and connect your preferred crypto wallet by clicking the "Connect" button in the upper left corner.
2. In the search tab, find the .eth domain you are interested in owning.
3. If this domain name has not yet been registered, ENS will mark it as "Available".
4. After clicking on the domain name, you will be redirected to the registration page. You may add the number of years for which you wish to register the domain, check the transaction details and request registration.
5. You will be requested to approve the transaction by the wallet you are connected to. Click "Confirm" to approve your transaction.
6. At this point, you'll officially become the owner of the Web3 domain, which you can then connect to your wallet or use as you wish.

Please note: the price you will pay will depend on the length of your ENS domain, the desired length of registration and, of course, availability.

Domains .eth are based on a decentralized infrastructure so are resistant to censorship. No centralized organization (such as the government) can block your .eth domains in any geographic location.

In addition, you can link your .eth domain to your cryptocurrency wallet address. This will allow you to share your domain name with friends or clients and receive payments directly to the wallet linked to it.

Ethereum Name Service Fees

Ethereum Name Service's main source of revenue is registration fees, which exceed $45.5 million per year. In addition, almost $12 million are fees for service prolongations. The fees are optional and customizable, and the shorter the domain name, the higher it costs. After purchase, there is a grace period of 90 days, during which the owner can return the domain at a favorable cost.

Summary

Ethereum Name Service (ENS) is a pioneer in decentralized funding (DeFi) wallet addresses, making sending cryptocurrency easier than ever. Moreover, with the introduction of the Decentralized Autonomous Organization (DAO), the Ethereum Name Service (ENS) project has become truly decentralized. Today, ENS alone has almost 300,000 registered domains owned by more than 100,000 people, and this number is quickly increasing.