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Ethereum Name Service (ENS) – Explained

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The Ethereum Name Service is built on the Ethereum blockchain using the service of smart contracts. Lets look at how easy the ENS service is.

Let’s understand Ethereum Name Service (ENS)

Always found it difficult to remember long names? Always found it difficult to remember your bank account numbers? Always found it difficult to remember people’s phone numbers? I bet you would find it even more difficult to remember someone’s public address when you start trading on the digital currency platform. Do not believe us? How good do you think you would be in remembering a public address of the form ‘0x4dee62c504801’? Moreover, how well you remember numerous such public addresses? Simplicity always goes a long way. Wouldn’t it be way easier to remember an address like ‘bitcoinadvert.eth’? We bet it would be.

The Ethereum Name Service provides you with just the perfect platform to make your life easier. It gets rids of the need to copy or type long hexadecimal addresses. It offers its users a secure and decentralized method to address resources. This address can be done on the blockchain and off it by just using very simple, easy to remember, human readable addresses.

The Ethereum Name Service is built on the Ethereum blockchain using the service of smart contracts and thus you need to go through the pain of an unsecure DNS system. The Ethereum Name you enter would work exactly the way its owner has intended it to.

 

Apps supporting Ethereum Name Service

There are several apps that support the Ethereum Name Service. The range of mobile wallets that support this name service include Cipher Browser, imToken, Leth, and Status. The range of desktop wallets include MetaMask, Mist, MyCrypto, and MyEtherWallet. The other wide range of apps include Aragon, Bitfinex, Etherscan, Name Bazaar, and Swarm.

 

Distributed

Both the infrastructure and governance of Ethereum Name Service is completely distributed. That is what makes it such an attractive feature to its clients and users. Anyone wishing to get a domain name of .eth can get it for themselves by simply participating in an auction process. This auction is mediated by the blockchain and it helps you secure an .eth domain for yourself in a simple mess free way.

 

Name Auctions on Ethereum Name Service (ENS)

The name auctions take place in three stages. The first step involves the opening of an auction for a domain name that someone wishes to buy. They then place a bid on it. A 3 day timer is then set on this domain name so that other people can get a window to bid on the same domain name. The bidding details are concealed during this 3 day window and no one can know the amount you bid or which particular domain name you are bidding on.

After the 3 day timer ends, the auction is considered to be over which is then followed by a 2 day reveal period during which everyone reveals the details of their bid. Non completion of this step results in your removal from the auction procedure. At the end of this 2 day span, the highest bidder is the winner and now the owner of the domain name they bid on. However, the amount they finally end up paying is not the exact amount the placed but the amount of the second highest bidder. Everyone else who lost out on the domain name are refunded the amount of their bids, however a 0.5% fee is deducted.

 

Where to register a domain name for auction

You would require an Ethereum browser and a digital currency wallet to get started with this step. So before you get started with the below steps, make sure you secure both an Ethereum browser and a digital wallet for yourself.

The official dApp for registering a domain name for the auction process is r.ens.domains. Another open source solution for registering your required domain name is My Ether Wallet. Another popular closed source solution for the same purpose is ETH Tools’ ENS integration. Just visit these websites and they have an easy to follow walk through procedure which helps you at every step and lets you register for a domain name of your choice. All these interfaces are very user friendly and mostly use a simple process of entering your desired domain name, looking up if it is available for bidding, then entering the amount you wish to bid on it in case the domain name is available and then simply click a button to place the bid on it.

 

Further

For more detailed information regarding this service visit their official website at Ethereum Name Service. They also offer a detailed and carefully compiled section of FAQ which would answer almost all of your doubts and queries regarding any sphere of this service.

#Polkadot

Alert: Polkadot Blockchain: A threat to Ethereum?

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Polkadot blockchain is the interpolation of networks that connect the multiple blockchains. It’s a bridge between the collections of blockchains.

Polkadot blockchain is an impending multiple chain structured platform which is technologically designed with the financial aspects to facilitate interoperability and scalability of blockchains which can be stopple into the ‘Relay chain’. Polkadot blockchain is the interpolation of networks that connect the multiple blockchains. It’s a bridge between the collections of blockchains. In technical jargon, it is the parachain. The operation of the parachain is through the minimized trust federation structure.

 

Characteristics of Polkadot Blockchain

Polkadot primarily provides interoperability, security assistance, and scalability. Polkadot creates the relay chain which acts as the nucleus of all the parachains. It connects the all other parachains and operates in coordination along with the transmission of data takes place. This leverage of the interconnections of blockchains is granted to both public and permission blockchains. For the blockchains to be allowed for parachain network must fulfill the following criteria for compatibility.

  1. It should be able to form compact and high-end client evidence.
  2. The authority must be distributed amongst a large number of authorities to standardize any transaction.

Polkadot which has its own consensus has the ability to form bridges with different chains such as Etherum. Polkadot is divided into layers and the lowermost layer of the Polkadot protocol are called Polkadot Runtime environment and stays uniform throughout the complete parachain network. Polkadot is simple language is the consortium of chains which allows numerous blockchains to share secured transactions via the Relay chain. Relay chain is the source of transmission of data. Polkadot connects the public and private blockchains. Polkadot is one of the biggest projects for the future for the accomplishment of the agenda of web decentralization. The transmission of information and data to all the blockchains and the necessary information and operations of the blockchain bifurcated to all the levels. This idea of blockchain data transmission – Polkadot was initially presented by Gavin Wood who is the co-founder of Ethereum and the founder of Parity Technologies. The data to a certain extent is classified. The focused agenda of this multi sharing blockchain technology Polkadot is to make sure that information transmitted stays secure and the transactions initiated must fulfill.

 

Polkadot Coin: DOT

DOT is the token or coin in the Polkadot ecosystem. The bizarre yet most important aspect of DOT is that there is a complete absence of information of limits. Polkadot is the sub technology of blockchain which can take the application of blockchain all together to the new level. It is one of the most ambivalent topics as there is so much of ambiguity in its every aspect.

 

What is Ethereum?

Ethereum is also a digital ledger like bitcoin but it is slightly different as it has a different approach and acts as a platform through which tokens can be created and creation of smart contracts and then directly uploaded onto the blockchain. Smart contracts is the digital code once the delivery of an agreed amount of currency takes place the system automatically transmits the key to unlock. These days our information is not at all 100% concealed. Most of our data is saved on the online accounts even after adding multiple passwords and locks. Still, there are blind spots where someone has the access to your information. The aim of Bitcoin technology is to replace the actual money and money transfer websites like online banking, Paytm and Paypal ethereum seeks to replace all the other third parties of the internet through blockchain. Ether is a form of cryptocurrency whose blockchain is formed by the ethereum platform. Ethereum is the kind of Decentralizing computing machine. Ethereum is divided into divided into two separate blockchains.  Ethereum with the theft reversed (ETH), and the original one being Ethereum classic (ETC). Ethereum prevents the third party from accessing or altering the data in any manner. It provides security to the information. Ethereum also makes the censorship virtually possible. In layman’s language, Ethereum is the best alternative provided for the strict digital base.

 

Is Polkadot a threat to ethereum?

Parity is one of the main clients of Ethereum. Polkadot is somewhat the direct competitor of Ethereumm. Ethereum itself has a potential of being the parachain but it would need a connection through the bridge but the working of a bridge is not clear yet. As ethereum  is an open source system that features smart contract functionality, the Polkadot has come up with the one of its advanced kinds. Even though Etherum is a potential parachain but polkatot is the connection of multiple parachains. As all the parachains cannot be connected to the scope of ethereum in the longer run stays limited. Ethereum is also founded by the Gavin Wood but he left it and founded Polkadot blockchain. Polkadot blockchain is more advanced technology as it is focusing on the transfer of data.

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#Ethereum Price Analysis

Ethereum Price Analysis: ETH going to correct downwards?

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Ethereum price showed strong increases. ETH tested the $150 resistance level which was quite strong so the price may correct downwards.

Technical Indicators

Support Level – $140

Resistance Level – $150

  • Ethereum price broadened the ongoing rally and moved over the $144 and $148 resistances against the US Dollar.
  • There is a bullish pattern line formed with support at $142 on the hourly chart of ETH/USD.
  • There could be a downward correction for the short term. However, a lot of buyers are placed around $140 to push the price upwards again.

Ethereum price showed strong increases against the US Dollar as well as bitcoin. ETH tested the $150 resistance level which was quite strong so the price may correct downwards for a short term before starting a bull run again.

 

Ethereum Price Analysis

Recently, we saw an awful upward move from the $125 swing low in ETH price against the US Dollar. The ETH/USD pair revitalized over the $130 and $136 resistance levels to move into a bullish zone. Afterward, buyers drove the price over the $140 and $142 resistance levels. There was a bearish response noted close to the $148 level and the price plunged towards the $140 support. Sellers could not push the price downwards resulting in a new upward move over the $145 and $148 resistance levels. Ethereum price moved near the $150 resistance and settled well over the 100 hourly SMA.

At present, the price is uniting increases above $145, with a couple of bearish moves. There are numerous supports on the drawback close to the $145, $142 and $140 levels. All the more vitally, there is a bullish pattern line formed with support at $142 on the hourly chart of ETH/USD.

In the event that there is a break underneath the pattern line, the price could test the $140 support territory. Any further misfortunes could start an all-inclusive drawback amendment beneath $138 and $136. To the topside, the $148 and $150 levels are solid obstructions for buyers in the short term.

ETHUSD Price Chart

ETHUSD Price Chart

Taking a look at the chart, Ethereum price is by all accounts confronting a large number of sellers around $150. In this way, there could be several swing moves above $140 before a crisp upward move. Above $150, the next resistance is around $155.

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#Ethereum Price Analysis

Ethereum Price Analysis: ETH strong enough for $200?

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Ethereum price is picking up strength after breaking the major resistance. ETH could soon move towards $145 in the short term.

Technical Indicators

Support Level – $130

Resistance Level – $140

  • Ethereum price picked up strength over the $125 and $130 resistance levels against the US Dollar.
  • There was an appropriate close over the $130 resistance level and the 100 hourly SMA.
  • There is a bullish pattern line formed with support around $129 on the hourly chart of ETH/USD.
  • Ethereum price is probably going to proceed higher towards $140 and $145.

Ethereum price is picking up strength after breaking the major resistance against the US Dollar and bitcoin. ETH is trading above $130 support level and it could soon move towards $145 in the short term.

 

Ethereum Price Analysis

Ethereum price picked up strength and broke numerous resistances between $125 and $130. There was a legitimate close over the $130 resistance level and the 100 hourly SMA. There was a little bearish response from the $130 resistance, yet the $124 level went about as strong support. The price revived and broke the $130 and $132 resistances.

Ethereum price tested the $135 resistance, and later there was a minor drawback adjustment. ETH plunged underneath the $133 level, yet the $132 level went about as good support. There appears to be a lot of supports shaping around $130. There is a key bullish pattern line formed with support at $129 on the hourly chart of ETH/USD.

ETHUSD Price Chart

ETHUSD Price Chart

Taking a look at the chart, Ethereum price is picking up strength over the $132 resistance levels. It will in all probability break the $135 level and expand gains in the coming sessions towards $140 and $145 levels. The major support is around $130, beneath which the price may test the $125 support zone.

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