(Financial News) If you’ve been on Twitter recently, specifically hanging around the Crypto area, there’s a chance you’ve come across some Ethereum developers, entrepreneurs, supporters, and more with a “.ETH” in their name. Vitalik Buterin, co-founder of Ethereum and a well-known figure in the blockchain community, has one himself.
So what exactly is this and why are people adding it to the end of their Twitter usernames?
Ethereum Naming Service (ENS) is a blockchain innovation that will help simplify finding and accessing the products and / or services of decentralised applications. In the service’s own words, ENS can be described as “a service to address resources both on and off the blockchain using simple, human readable names”. This means, for example, turning an Ethereum address such as “0x4o20fGy57m06bHn…” into “financialnews.wallet.eth”. Far more convenient and readable compared to before, with less of a chance for making an error when typing in the address and gifting a random person your ETH.
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To summarise it briefly:
The ENS is built on the Ethereum protocol using smart contracts. Since it is hosted on Ethereum, the user can rest assured the security and immutability of the blockchain will ensure it works as intended.
Anyone can register a .eth name for themselves after participating in an auction process that is mediated by the blockchain. ENS operates in a distributed fashion with both its infrastructure and governance, becoming the definition of truly distributed. There are a ton of blockchain wallets, both mobile and desktop, that already support ENS with more guaranteed to hop on board in the future!
Why is this significant?
With the ENS system, Ethereum dapps and users will now be able to far more easily and efficiently communicate resources with each other. As mentioned before, ENS can help long and complex addresses be shortened to human readable formats (e.g. JohnSmith.mywallet.eth). This can be done for a smart contract’s address too, allowing users to easily communicate with a specific dapp making the overall user experience more friendly.
It is small foundational changes in the blockchain space that show even throughout the highs and lows of the crypto markets, real progress is being made by real projects.
For more information on ENS feel free to visit their site at: https://ens.domains to read what they offer along with their documentation to understand how it all works!