Ethereum Name Service
ENS (Ethereum Name Service) is an entirely decentralized system. Launching new domains with the “.eth” (e.g., “notesnewtech.eth”) is handled by an auction process that runs on the Ethereum blockchain and anyone can participate in the auction process to reserve a domain for themselves. ENS which allows Ethereum users to replace long addresses0x44ef629E2f83D64a9b25E519bc84C0e7a8726F98 with human-readable names attached to a .eth domain.
The process of buying and using a .eth domain is similar to buying and using a domain for a website. The difference is that instead of using the domain to host a website, you use it to receive Ethereum.
Benefits of Owning an ENS domain:
- The owner of an ENS domain can point it to whatever resource he chooses. Eg, wallet address. Or another ENS domain.
- One can also create a subdomain of the main domain and assign them to different addresses. E.g., <blog.notesnewtech.eth>,Here is the future of Subdomain market.
- Ens domains and Subdomains can be resold in marketplaces such as enslisting.com, namebazaar.io.
Most Valuable Domain Names
Here are the top 10 domain name and its value:
Source – https://etherscan.io/ens?filter=mostexpensive
Smart Contract Functionality:
Smart contracts are written in a solidity programming language which can use the domain directly to replace complex numerical codes. Imagine a contract that needs 10 different wallet addresses. It is definitely simpler addressing using the .eth domain. ENS registry consists of a single central contract that maintains a list of all domains and subdomains, The owner of a domain may be either an external user or a smart contract.
A registrar is solely a smart contract that owns a domain, and issues subdomains of that domain to users that follow some set of rules outlined within the contract.
Owners of domains in the ENS registry can :
- Set the Resolver for the domain
- They can transfer the ownership of their domains
- They can assign new ownership to subdomains.