What is ENS (Ethereum Name Service)? What are the benefits of address readability?

In the world of the Internet, there is a list of numbers (like an address on a network) called an IP address, such as “1.1.1.1”, to identify each information device (computer, etc.). However, since it is difficult for users to use only the numbers in the IP address, DNS (Domain Name System) improves the readability of the address by associating the IP address with a character string such as ” baas info.net”.

Did you know that DNS-like systems are also available on public chains? That is ENS (Ethereum Name Service). This time, after touching on the outline of ENS, we will introduce what kind of benefits the improved readability of addresses will bring to users who utilize blockchain.table of contents 

  • 1. Overview of ENS (Ethereum Name Service)
  • 2. What are the benefits of improving address readability for blockchain users?
    • 2.1. ENS also used by NFT creators
    • 2.2. ENS auction held at OpenSea
    • 2.3. ENS and US web infrastructure company “Cloudflare” sign partnership
  • 3. summary

Overview of ENS (Ethereum Name Service)

ENS is a naming service launched on May 4, 2017, based on the public chain Ethereum. ENS is a service that can convert the address of a complicated cryptographic asset (crypto currency) consisting only of alphanumerical characters into simple and easy-to-understand characters.

For example, Ethereum addresses are written in alphanumerical characters such as “0xd8dA6BF26964aF9D7eEd9e03E53415D37aA96045”, but using ENS improves the readability of the address, such as “vitalik.eth”. In addition, ENS has the feature that you can use the same domain name as DNS, such as “.xyz”.

What are the benefits of improving address readability for blockchain users?

The main benefit of improving the readability of crypto assets is that it lowers the hurdles for use and reduces the risk of using crypto assets.

Specifically, let’s consider a case where cryptographic assets are remitted through a service such as “MetaMask” that provides a wallet function. The task of sending assets to the remittance destination address by accurately specifying dozens of digits of alphanumericals becomes more troublesome as the number of times increases.

In addition, due to the nature of the blockchain, if you make a mistake in even one letter of the address, you will lose all the assets you plan to transfer, so you must be very careful. When actually using it, it is thought that there are many cases where you copy and paste the remittance destination address, but if you visually check the correctness, it will take some time and effort.

In fact, there is also a discussion article that says, “You may have lost more than 12000 ETH due to an address typo.”

Reference: https://media.consensys.net/over-12-000-ether-are-lost-forever-due-to-typos-f6ccc35432f8

Due to the nature of blockchain, which is “extremely difficult to change after an approved transaction”, there are cases where there are major disadvantages for users.

With respect to the inconvenience and risk peculiar to crypto assets, using ENS can reduce the risk of remittance mistakes as described above. If you enter the address name ( such as baas info.eth) in the wallet when sending money, the address associated with the address name (0x4f …….) Will be searched.

In ENS, not only the address of Ethereum but also the address of major crypto assets such as Bitcoin can be linked. Therefore, with the spread of ENS, the number of cases where the UX (user experience) of services using crypto assets will improve will increase in the future.

ENS also used by NFT creators

There are also scenes where NFT (Non-Fungible Token) creators are actually using ENS. The reason may be that the address name can be the same as the creator name and the readability can be improved. Since the NFT creator name = address name, there is an advantage that it is easy to understand even for purchasers of works that have not touched crypto assets until now.

In addition, Ethereum founder Vitalik wrote “.eth” at the end of his name on his official Twitter account.

vitalik.eth (@VitalikButerin)

In this way, some users are replacing the name obtained by ENS with the Twitter name. Also, according to the ENS official page, more than 200 services have already been announced to be integrated with ENS.

ENS auction held at OpenSea

On September 1, 2019, the ENS short name auction is being held at OpenSea. This auction targeted English names with 3-6 characters (such as bob.eth).

https://opensea.io/collection/ens?locale=ja

The mechanism of the ENS auction is the same as a normal auction. Interested bidders will bid during a certain period of time. And finally, the winning bidder who was betting on the highest amount can get an address on ENS called the ETH name.

By the way, although it is not directly related to the above-mentioned ENS auction, the most expensive ENS so far is “darkmarket.eth”, which is traded at 28,555 ETH (about 660 million yen at the rate as of May 2017). increase. As with DNS, the prices of popular addresses in ENS may be soaring.

ENS and US web infrastructure company “Cloudflare” sign partnership

On January 14, 2021, ENS entered into a partnership with Cloudflare, a US web infrastructure company that provides DNS services and other services.

According to Cloudflare’s official page, both sides’ aim is not just to support services, but to conclude this partnership with a view to bridging the decentralized web and existing technologies that will develop in the future. It seems that it has arrived.

Reference: US web infrastructure company Cloudflare signs partnership with ENS

summary

As introduced in this article, ENS is a service that introduces the merit of improving the readability of addresses resolved by DNS to the public chain. As the frequency of transactions of crypto assets increases, address confirmation at the time of remittance is considered to be a cost, and ENS has the advantage of reducing that cost.

As of June 2021, the public chain is still considered to be insufficient as a basis for accepting a huge number of users including companies due to issues such as remittance speed, fees, and privacy, but such issues are in the future. It is likely to be resolved (introduction of layer 2, cross-chain, privacy enhancement technology, etc.).

If more users are going to use the public chain (and address), it will be essential to lower the usage hurdle. The service ENS can play a major role in improving UX, not just reducing the risk of losing assets due to mistakes.

And as mentioned in this article, the number of ENS-compatible services continues to increase, and the number of usage scenes and users will continue to increase, such as the announcement of partnerships with existing web infrastructure companies such as Cloudflare. prize.

The ecosystem of ENS is still expanding as of June 2021, and it is thought that it will continue to play an important role in supporting new entrants from NFT artists and the industry.

Leave a Reply

Your email address will not be published. Required fields are marked *

Translate »