Ethereum News – Speculators Intending To Hit New Gold Rush, Ethereum Name Service
October 29, 2017 12:10 pm
Ethereum News – ENS (Ethereum Name Service) was being initiated on mainnet on May 4, 2017. At the time of launch, ENS revealed an automated registrar process offering anyone to conveniently and inexpensively register names ending in “.eth” via an auction process.
The auction system started for anyone to buy .eth addresses of minimum seven characters in length. After its launch, more than 618,000 auctions have been initiated, and 3,298,707 ETH have been transferred for bids. The ENS is improving, and in the next two years, a planned upgrade will offer for auctions having shorter names less than seven characters.
What is ENS?
The Ethereum Name Service introduces readable Ether addresses to the public. This is the primary step leading to cryptocurrency mass adoption. Usually, Ether addresses are kept 42 digits long and may be very confusing for newbies. ENS comforts anyone to generate a more user-friendly address.
ENS domains functioning as asset
Though a lot of Ethereum names are being bought at ENS auction, new owners of .eth names have been asking for efficient tools letting them to transfer ownership of their newly accepted .eth names to second-hand buyers.
As some Ethereum names are precious, an escrow service for transferring of title to these names has been necessary, but no such service has been present. Purchasers and sellers looking to move ownership have been needed to rely on trust, custom smart contracts, or legal contracts availed by attorneys.
Many of the .eth address bought, are made with the intention to resell them to get profit from its resale at a considerably higher price to subsequent buyers in what many speculators anticipate will be a needful second-hand market for .eth addresses. There has been some criticism stated that the ENS system in its recent form promotes .eth address name squatting.
ENS domain based marketplaces
Name Bazaar, the very first public ENS marketplace currently launched its service and applications. This platform gives an option to transfer ownership of .eth addresses, letting Ethereum address holders to conveniently transfer ownership of Ethereum names through a fully trustless smart contract dependent interface.
Other than that, ENS domains can also be traded using the /r/ENSMarket subreddit. The subscribers for ENS domains are increasing day by day.
Recently, there are more than 2900 DNS domain registrars throughout the world. As the Ethereum acceptance rate keeps growing, there will very soon exist a much more significant pool of ENS domain registrars.