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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.

#Ethereum

Ethereum 2.0 Serenity: All you need to know

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According to Ethereum Founder Vitalik Buterin, the Ethereum 2.0 Senerity is a realization of the research that ethereum is spending time on from 4 years.

Main Features of Ethereum 2.0

– Proof of Stake (Casper)
– Scalability (Sharding)
– VM Improvements (EWASM)
– Improvements to cross-contract logic
– Improvements to protocol economics

 

Serenity Begins

What is Serenity?

According to Ethereum Founder Vitalik Buterin, the Senerity is a realization of the research that ethereum is spending time on, over the last 4 years. Serenity is a new blockchain in the sense of being a data structure which will have to link to the existing proof of work chain. So the proof of stake chain will be aware of the block hashes over the proof to work chain and the users will be able to move ETH from the proof of work chain into the proof of stake chain.

 

Expected Phases of Ethereum 2.0

Phase 0: Beacon Chain Proof of Stake
Phase 1: Shards as data chains
Phase 2: Enabling state transitions
Phase 3: iterate, improve and adding technology

 

Expected Feature of Ethereum 2.0

– Pure proof of stake consensus
– Faster time to synchronous confirmation )only 8-16 seconds)
– Economic finality
– Fast Virtual Machine execution via EWASM
– 1000X higher scalability

 

Ethereum 2.0 Post Serenity Innovation

– Layer 2 execution engines
– Privacy
– Cross-shard transactions
– Semi-private chains
– Proof of stake improvements

 

However, Vitalik Buterin did not define the timeline as to when the Ethereum 2.0 will be released and the users will be able to see all these improvements.

One of the lead developers and researchers with the ethereum foundation Justin Drake said in an interview with CNBC that there have been mistakes by the ethereum community for overpromising which is mostly because of miscommunication and underestimating the complexity of things. In reality, the research on moving ethereum to a proof of stake consensus has been moving really fast in accordance to the blockchain space. He also told that the Ethereum 2.0 Phase 0 that is between the mainnet and the testnet will be released in 2019, the Phase 1 that is Sharding will be seen in 2020, the Phase 2 will be live in 2021.

Erik Voorhees, the CEO of Shapeshift wallet and exchange said in the Ethereum Devcon that he believes that Ethereum will be one of the main chains as it has the network effect and more developers than any other blockchain in the world. He also said that Vitalik does not personally control Ethereum and if Vitalik disappeared someday, the ethereum blockchain will still prevail forever despite that fact that the ETH market might crash for a month or so.

 

What is your take on Ethereum 2.0? Will it boost the price of ETH back to four figures? Tell us in the comments section below.

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Ethereum Updates: Proof of Stake, Zero Proof Prototype, JP Morgan and more

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The Ethereum Dev Con in Prague has just wrapped up in a flurry of news and announcements. Vitalik has made some tantalizing announcements about ethereum.

The Ethereum Devcon in Prague has just wrapped up in a flurry of news and announcements. Vitalik Buterin has made some tantalizing announcements about ethereum stating that Proof of Stake is not far away. The serenity updates will see Ethereum moving from a Proof of Work to a Proof of Stake system which will be exciting.

Estimates predict a possible 1000X increase in ethereum speed brings it up to 15000 transactions per second. The updates will also include improvements to the ethereum virtual machine, cross chain contract logic and much more.

 

Ernst & Young ETH Zero-Proof Prototype

Ernst & Young made an announcement on 30th October about the launch of EY Ops Chain Public Edition Prototype which is the first ZERO Knowledge Proof Technology on Ethereum Blockchain. According to sources, the prototype aims to improve the current barriers that prevail in the transactions.

– Company’s ability to conduct transactions on the Public Blockchain securely.
– Improving Blockchain Adoption
– Enabling a traceability trail of the private transactions.

The prototype is set to launch in 2019 and could prove to be highly significant for the upcoming security token industry.

 

JP Morgan ‘big believers’ in Ethereum

Jamie Dimon, the CEO and Chairman of JP Morgan who had earlier said that he did not give a s**t about Bitcoin has recently endorsed Ethereum of having the abilities to provide practical applications to the financial world.
The JP Morgan team is developing a product named as ‘Quorum’ which is defined as an enterprise-focused version of Ethereum. A significant use of the product will be the tokenization of gold bars.

 

Bancor: Ethereum and EOS Cross-Chain DEX

BancorX, a new platform by the Bancor decentralized exchange is now live and enables the conversion between ethereum and EOS based tokens on the blockchain. Currently, it allows the conversion of more than 110 tokens on both Ethereum and EOS blockchain. The BancorX project was established in collaboration with LiquidEOS, an EOS block producer. The project uses BNT tokens (Bancor Tokens) for the transactions. The BNT Token works on both EOS and Ethereum blockchain.

The working: When you convert an Ethereum token into an EOS token, it is first converted into BNT Token. After this, the BNT Token is transfered to the EOS blockchain and gets converted into an EOS Token.

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#Ethereum Price Analysis

Ethereum Price Analysis: Can ETH recover back?

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Ethereum Price Key Features

  • Ethereum price rectified lower strongly in the wake of exchanging over the $222 level against the US Dollar.
  • There is a key bullish pattern line set up with support at $208 on the 4-hours outline of ETH/USD.
  • The pair is probably going to move higher as long for what it’s worth over the $208 and $206 support levels.

Ethereum price is merging late misfortunes versus the US Dollar and Bitcoin. ETH/USD may maybe move higher above $220 on the off chance that it remains over the $206 support.

 

Ethereum Price Analysis

This previous week, we saw a strong bullish wave over the $202 and $210 resistances in ETH price against the US Dollar. The ETH/USD pair picked up pace over the $220 level and settled over the 100 straightforward moving normal (4-hours). The pair exchanged as high as $223 and later began a drawback remedy. It declined underneath the $220 and $210 support levels, however, purchasers showed up close to the $206 support.

All the more essential, there is a key bullish pattern line set up with support at $208 on the 4-hours diagram of ETH/USD. The pattern line support, $206, and the 100 straightforward moving normal (4-hours) are imperative. The price is as of now merging above $206 and it as of late moved over the $210 resistance. There was a break over the 23.6% Lie retracement level of the ongoing drop from the $223 high to $206 low. Also, there was a push over the 23.6% Lie retracement level of the ongoing decay from the $223 high to $206 low. Be that as it may, purchasers attempted to pick up force over the $212-214 resistance.

 

ETHUSD 5 day chart 11 November

ETH/USD 5 day chart

 

The above outline demonstrates that Ethereum price is as of now exchanging pleasantly over the $206 support and the 100 SMA. For whatever length of time that there is no nearby underneath $206, the price could skip back above $215 and $220.

4-hours MACD – The MACD is going to move into the bullish zone.

4-hours RSI – The RSI is right now level close to the 50 level.

Real Support Level – $206

Real Resistance Level – $220

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