Ethereum Name Service (ENS) - Explained

By DiFiCrypto | DeFi Crypto | 10 Feb 2020


Ethereum Name Service (ENS)

 

The Ethereum Name Service makes Ethereum transactions even simpler. Simply put, it allows you to register a very short unique.eth address, and map it to your full 42 character ETH address.

The ENS, or Ethereum Name Service works very similar to how regular internet domains names work. They take long, hard to remember alphanumeric address, and map it to a simple to remember short address. For example, if I wanted to send a payment from my Ethereum wallet, to my friend’s Ethereum wallet, I would need to input the address:

0x0D8775F648430679A709E98d2b0Cb6250d2886EF

But if he had registered that address using the ENS, I could then simply send it to roger.eth and it would arrive in his wallet just the same. 

This makes dealing with Ethereum payments, or even sending ERC-20 tokens to another Ethereum address that much simpler. The name roger.eth is easy to remember, put on a business card, or say over the phone, and yes this works for all Ethereum ERC-20 tokens as well. 

As for a real life example, a few days back I was playing a game of blackjack at one of my favorite online casinos for a few hours off and on. I had deposited at the casino using Bitcoin, but after playing I wanted to withdraw my winnings to my Ethereum wallet. I almost always use my phone when gambling online, usually while waiting on my wife. Meanwhile I use my PC for my crypto hot wallets, and an unplugged hard drive for my cold storage.

Normally I would have to wait until I got back to my PC to grab the ETH address to make the withdrawal, but since I knew my ENS (myname.eth), I am able to withdrawal from the online casino by simply sending the funds there, knowing they would safely arrive at the ETH long address.

Leading the way in tech adoption, online casinos are just some of the first merchants to accept ETH as money (ETH is money). This is just one simple use case, and as crypto becomes more popular in the coming years, I am sure the ENS will grow rapidly. 

One of my biggest issues with using cryptocurrency is the addresses, I mean.. 42 characters is a bit excessive, and can’t be remembered by most people. The ethereum name service now makes this easy! Instead of a 42 character address, you’ll map your own custom domain to the 42 character address. For example, if you choose your first name, we’ll say Sarahi - your Ethereum contract address would translate to; sarahi.eth. This allows you to receive Ethereum coins, or any ERC-20 token, by using sarahi.eth in place of your wallet address.

When registering your name.eth ENS address, there is no third party involvement, like with most things Ethereum related, the entire process is done by using smart-contracts. In short this means you won’t have to deal with the insecurities of a third party company. Anyone can sign up for this service in a matter of moments, as the available names are given on a first come, first serve basis! 

Some Common Questions:

Can I Create Subdomains once I own a domain name?

Yes, you can create however many subdomains you wish once you own your domain. 

Can I change the wallet address that my ENS domain points to?

Yes, you can change the contract address that your domain points to at anytime! 

As you can see, this is a pretty simple process. Names are given on a first come, first served basis, so be sure to head over to ens.domains and reserve yours!

 

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