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.
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.
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.