The cryptocurrency and blockchain world develops so rapidly that it seems to have new terms emerging almost every day. Thus, it becomes harder for non-tech-savvy-persons and newbies in the cryptocurrency world to keep up with the newer terms. Even a cryptocurrency expert might sometimes find it difficult to understand these newly emerging terms and facilities.
One such buzz in the blockchain market is the ENS wallet now. If you are on the internet and browsing about cryptocurrency and Ethereum, you might have heard about ENS and a recent airdrop of tokens for the newly established wallet system. But what is an ENS wallet? Why is it important to get your new ENS wallet, and from where?
These are the questions that are flooding internet enthusiasts these days. So, here’s the short answer for you.
ENS refers to Ethereum Name Service. It is a way to find the Ethereum address you use for different transactions in the Ethereum blockchain system. When you search for the Ethereum profile, you need to input a long address on the search bar. ENS will allow you to connect your name during the search, and so it becomes easy to find a specific profile.
ENS wallet lets you associate your name with the Ethereum address. Also, it makes the use of the Ethereum address simple and convenient. Plus, you will love that you can now associate ENS with the standard DNS (Domain name System) that further boosts your convenience in blockchain and Ethereum system for transferring your cryptocurrency and digital assets.
Henceforth, we will examine the definition, application, importance, benefits, and ways of getting your first ENS wallet in today’s article. We will also mention the top websites to know the changing price of ENS since it is highly volatile.
So, blockchain enthusiasts, stick with us for a one-of-a-kind experience on ENS and make it count for your time.
What Is ENS Wallet?
The ENS stands for the Ethereum Name Service. It is an advanced and simplified naming service for the virtual and digital wallets addresses in the Ethereum and blockchain marketplace. It also includes the standard, machine-readable identifiers and hashes you use associated with the Ethereum wallet addresses.
In the blockchain sector, as we know, every piece of information comes as a string of data, including the associated address for each Ethereum wallet and transaction. So, it becomes difficult and challenging for many users to read the data string.
The ENS comes with flying colors in this regard. It turns these complex data into easily readable information. So, anyone can understand the readable address in Ethereum. The aim is to make your presence in the blockchain market as convenient as possible.
The ENS works similarly to the DNS (Domain Name System), which we use for different websites. But, both ENS and DNS have striking differences too. We will discuss it in the latter part of this article.
However, this definition of ENS and associating it with DNS may seem an oversimplified statement. So, let’s break I down.
Imagine searching for a specific website in your Google Chrome search bar. What will you do? You will input the website’s name you want to go to promptly. Isn’t it right?
But, an internet search bar is way more complicated than you imagine. When you input a website name in the search bar, the search engine uses its real IP address to identify the website address and directs you to it.
However, the IP address is a long list of numbers and dots that is hard to read and understand. Also, it is highly challenging to remember it for future use. On the contrary, the website name is easily readable and understandable. You may also remember it easily.
But what doe transform the IP address to a readable name in your search bar? Well, it’s the DNS we talk about often. DNS identifies its actual IP address associated with the domain name and directs you to the website when you type any website name.
The ENS for Ethereum works the same way a DNS does for website domain and address. The ENS lets you associate your name with the Ethereum wallet address. So, the process of finding a specific ETH wallet becomes simple, convenient, and fast.
As DNS is for website name and address, ENS is for blockchain and its wallet address, specifically for Ethereum. When you are in blockchain and have your cryptocurrency wallet, the authority provides you with a number string. It is your address in the blockchain world, and you need it for using your wallet for any transaction.
However, this string of numbers used for the address is extremely difficult to understand and even harder to remember. But, your computer needs the string of letters and numbers to translate it into a detectible wallet address for blockchain and Ethereum.
And that’s where ENS plays its part.
Likewise, DNS, your ENS, will transform your blockchain wallet address’s long string of numbers and letters into a readable name. So, you can remember and use it with ease. Once you type the specific word or name associated with a particular wallet address, ENS will translate it into original letters and numbers so that your computer understands it.
Long story short, the ENS is an advanced system for Ethereum and blockchain wallet addresses to shorten it into readable and memorable data so you can remember it without any difficulty for future use. Also, it translates your input address name for the ETH wallet to machine-readable information for the computer to take you to the right wallet address.
One of the key advantages of ENS is it isn’t associated with wallet addresses. It is applicable for representing:
- Transaction ID
So, ENS does much more than we imagine. We will discuss its importance in the following part. But, let’s first see its difference with the DNS for a deeper understanding of their functions and applications.
Difference Between DNS And ENS:
There’s no doubt that the discussion above truly showcases the striking resemblance of the ENS with DNS. Of course, both systems have shocking similarities. But they have some differences as well. You need to know them to understand how ENS works deeply.
So, here’re our findings between ENS. vs. DNS.
DNS often has issues with its security system. That’s why many websites are being hacked rather easily via DNS applications. Also, DNS has a pretty simple way of working. On the contrary, ENS is free from security problems, unlike DNS. On top of it, ENS is only applicable for Ethereum smart contracts. So, it is highly limited to functioning in a specific platform.
But, you may use DNS for every website out there in the internet world. So, it has widespread uses, and also, most people are familiar with it. Nonetheless, you need to buy your ENS from the service provider just you will do with the DNS. So, it is another similarity between the two platforms.
The Importance and Benefits of ENS:
When you use blockchain and Ethereum and want to make any transaction to any wallet, you will need to input the long hexadecimal address in your browser’s search bar to find the wallet address. It feels tiresome. Also, it is nearly impossible to memorize and remember that long hexadecimal address and type it each time you visit an ETH wallet.
Easy Access to ETH Wallet:
The ENS simplifies the job for you. You need to remember and type the associated name or word with the particular ETH wallet address with ENS. Therefore, the entire ETH wallet and transaction system gets simpler. Also, it is a great relief for non-tech-savvy persons.
Acquire Your Smart Contract:
Since the ENS will associate the wallet address to an ETH wallet domain name, you can quickly send funds to the domain name directly. It makes every fund transfer easy and quick. Also, it offers you two unique benefits that follow as:
- You can quickly acquire your ‘mycontract.eth’ as your smart contract address or domain name.
- Once you have set up your ETH wallet domain address, you can check at swarmsite.eth for checking and understanding the swarm-hosted sites. It improves your ETH wallet security superbly.
When you acquire an ENS domain, you can use it for multiple applications. Firstly, you can create a subdomain address under your main ENS domain just like you will do with your website. Secondly, you can point and redirect the ENS domain for fund transfer to any ETH and blockchain fund and wallet you choose for the transaction.
Next up, you will be glad to know that the ENS, nowadays, supports DNS. Yes, it now makes it possible to use the website address of web2domain as your ETH address. Therefore, you can import your original web.2 domain address, such as .com, .info, .net, etc., to the ENS server from the original DNS server.
The importing function is highly adaptive and convenient. So, you won’t find it easy. What’s more, you can use your original web.2 address for transferring your ETH wallet and cryptocurrencies, thanks to the ENS support for the DNS. It just makes your presence in the blockchain and cryptocurrency world easy and fun.
Thus, ENS is working to close the gap between web.2 and web.3 and even marge them in the future for a complete internet user experience. If you want to know more about the importing process of your DNS to ENS, you can read this importing guideline.
A Decentralized System:
Another notable benefit of ENS is its decentralized system. So, you can conveniently create your ENS domain under the main server “eth,” which works as the top-level domain. For instance, if you choose the domain name as ‘SAH,’ your ENS domain address will be “sah.eth.”
What’s more, you can actually do your own business by bidding for the ENS domain and selling it. It is pretty early, but you can truly profit by buying and selling the ENS domain names in blockchain and the Ethereum platform.
Of course, the chance to get your favorite ENS wallet domain address depends upon availability. Thus, there’s an auction system to get your preferred ‘eth; domain name.
But, how does the name auction process works?
We will answer it in the following section:
The Auction Process of ENS:
The auction process for any specific ENS domain follows the Vickery Auction system. It has three different stages. Thankfully, the auction process is pretty simple.
When you want to acquire an ENS name for your Ethereum wallet, you will need to open an auction for the procurement. After that, you will have to bid for your preferred domain name. As soon as you place the 1st bidding, the main server will open a 3-day timer. During this period, others can bid for the domain title.
However, all the information about the bid is hidden at this stage. So, no one will know the bidding title and price. Thus, the chance of getting the domain name is pretty dependent on guesswork.
When the 3-day bidding period is over, it will immediately initiate the next 2-day “reveal” period. It is called the reveal period, as bidders can now open their bidding information at this period. If any bidder fails to reveal his bidding information at this time, he will lose his auction and bidding access.
If you aren’t the highest bidder for the specific domain name, the authority will refund you the bidding price. Nonetheless, they will deduct 0.5% of your bidding price as a transaction fee. As the authority says, it is burned to provide gasses for blockchain processing.
The authority will announce the winner for the highest bidding price once the 2-day reveal period gets over. But there’s a catch. The winner will also need to pay the amount of the second-highest bidder to get access to the domain title.
You will find that the price you pay for the second-highest bidder is mentioned in the smart contract paper. As the highest bidder, when the process completes, you will have a mandate for the final transaction process. It lets you get the refund or if there’s any added fund back in your wallet.
After that, you will get access to the domain title you bid for in the auction. Thus, you can now associate it with the ENS domain. When the bidding process is over, and you access the ENS domain, you can own it for the initial period.
If you wish, you can also release the domain name anytime you want. Finally, you are granted a refund of the initial deposit after one year of owning the domain name. As you claim the refund, the refunding process will initiate immediately. Usually, it takes 1 to 2 working days to complete the refunding process.
An Important Note:
You can’s bid for all ENS domain names immediately. The authority will release ENS domain names for the auction every 8 weeks after someone asks to bid for it. The authority takes the time to find and fix the bugs for the possible domain name. It offers the bidders and ETH users a smooth and uninterrupted blockchain and Ethereum experience.
Also, the authority requires time to scale up the bidding process. As you know about the auction process and the benefits of using an ENS wallet, it’s time to know how to get an ENS domain name for your ETH wallet.
How to Get A New ENS: 4 Easy Steps
As you see, the use of the ENS domain makes your ETH wallet application and presence in the Ethereum platform easy and convenient. Also, it secures your fund transfers without the hassle of memorizing the tough decimal address.
Thus, you might be tempted to get your ENS address for your Ethereum wallet. But how do you get your ENS domain name? We will describe the process in the following step-by-step guideline.
Step 1: Own Your Ethereum Wallet
Just like any blockchain transaction, you will need an Ethereum wallet to pay for the price of your bidden ENS domain name. For this, you will need to get your 1st ETH wallet. Also, ensure that it has enough ETH gasses that you will need to pay as a “gas fee” for the fund transfer in the auction.
So, first, get your Ethereum wallet. Then, put enough funds and gas in it to pay for the auction and the associated gas fee. You can use Metamask to browse your blockchain and Ethereum platform. It is required because you need to have the wallet on Web.3 platform.
Step 2: Access Your Browser
You need to open a compatible browser for Ethereum and ETH wallets. Usually, Google Chrome, Mozilla Firefox, or Microsft Edge is completely compatible with the Ethereum platform. So, choose the browser you find most convenient to browse your Ethereum platform.
Also, check if you have multiple ETH wallets. You need to choose and use the ETH wallet to get the ENS domain name associated with for use. So, carefully browse between the multiple wallets and choose the one you need. It should also contain enough ETH for the auction and gas fees.
The best way to browse the site is through MetaMask. Also, you must connect your preferred wallet with the site when you land on it appropriately.
Step 3: Choose Your Preferred ENS Domain Name
To choose your preferred ENS name, you must visit the ENS App. On the search bar, you can input the domain name you want for your ENS wallet. When you input the name, ensure that it is at least 7 characters long.
When you input the name and press the search bar, it will show the results. If another Ethereum wallet user already takes the name, it will show “Unavailable.” So, you will need to continue the search process until you find your desired domain address, aka, name.
You can initiate the next step when you have found your preferred ENS address. But before you proceed, make sure that you have linked your Ethereum wallet with the site to pay for the bidding price. Or you can visit it through MetaMask for the best convenience.
Step 4: Register the ENS Domain Name
When you find your desired domain name for the ENS, you should register it ASAP. When you have found the available domain address and click on it, the ENS app will guide you through the registration and fund transfer process.
Thus, we suggest you follow the steps as described on the ENS App or website. You need to fix the number of years you want to purchase the domain name. Then, the app will suggest the price you need to pay and the associated gas fees for it.
Wait for a few minutes and verify your transaction. When the verification message comes, you will have full access to the ENS domain name. Congrats!
You can then redirect your DNS address to the ENS address. We have mentioned the transfer process in the above section.
Price Chart of Ethereum Name Service (ENS):
The pricing for the ENS varies frequently. It depends on the demand for the specific ENS address, associated gas fee, and the period you want to own the ENS address. Also, it is linked with Ethereum demand in a given period.
Thankfully, a few websites come with the most updated price chart for the ENS. We have enlisted the top three websites for this purpose. These are:
You may conveniently browse through these websites to know about the current price of the ENS and prepare better for the auction.
ENS wallet has simplified the process of using your Ethereum wallet. To test your memory, you don’t need to remember the scientific hexadecimal address anymore. The simple 7-character long ENS domain address allows you to associate and remember the wallet address easily. Thus, you will love using an ENS wallet.
Long story short, we will strongly suggest you get your ENS and link it with your Ethereum wallet to enjoy a better user experience and secure your wallet too. You will appreciate its function.