Ethereum Naming Services (ENS)Analogous to Web2’s DNS, it is Ethereum’s domain name mechanism (Domain Name Services).

While the blockchain-powered ecosystem (known as Web3) has been spewing out technical advancements from time to time, many elements (including some crucial ones) have not been sufficiently addressed, making life difficult for the community. So why are we talking about the role of an ENS provider here? It’s a no-brainer as these help the community immensely who would otherwise have trouble remembering additional details than the current era human brain can comprehend. The arrival of ENS did more good than harm for users of all backgrounds in the Web3 space, and here, we further illustrate its importance in the next-generation digital space.

Ethereum Naming Services (ENS), analogous to Web2’s DNS, is Ethereum’s domain name mechanism (Domain Name Services). This system allows customers to purchase domain names with .eth and .test extensions and the integration of pre-existing Web2 DNS domains into the Ethereum network. The individual domains and subdomains of the Ethereum network are managed according to the terms of the smart contracts, which are the basis of ENS.

An ENS provider can use the strength of these services to give users access to their preferred domain names easily. Also, using them becomes quite simple for companies trying to establish themselves in the decentralized ecosystem because most of the popular Web3-centric browsers allow these domains.

• On May 2, 2022, just as Ethereum Name Services reached its fifth year, the number of domains created in the app reached 1 million.
• The day was also notable in another way for the ENS app as it pulled in US$1.95 million in revenue, the highest yet in its history, fueled by more than 63,000 signups. As of this writing, ENS has already earned more than $54 million in revenue for the year.
• The trends also reveal that ENS domains with four digits or less are preferred among Web3 users, as they sell for high prices in the primary and secondary markets. Below are some of the sale values* posted by the ENS bot on Twitter in early May.

abc.eth 90Ξ (~$255,000)

555.eth 55.5Ξ (~$162,000)

005.eth 50Ξ (~$146,000)

006.eth 32Ξ (~$93,000)

0x8.eth 25Ξ (~$73,000)

ttt.eth 25Ξ (~$73,000)

025.eth 25Ξ (~$73,000)

008.eth 20Ξ (~$58,000)

2000.eth 20Ξ (~$58,000)

• Listed sales values ​​in US dollars are based on the value of Ether when the original tweet was posted. Still, the values ​​are high, which shows how much interest is flowing around ENS.

To understand the meaning of how the ENS has turned the tables, let’s show an example. Let’s say Patrick signs up for a MetaMask account and receives a wallet address like “0xDC25EF3F5B8A104988378A2APA84795FBA2D615F”. It is almost impossible to remember this address, let alone the private keys, which are also required to complete transactions.

Also, it will be challenging for those who want to send or receive cryptocurrencies or NFTs from Patrick because typing a letter incorrectly during a transaction could cause an item to travel to the wrong recipient or be permanently lost (in case the address doesn’t exist). . Patrick can obtain the domain “patrick.eth” using ENS, which will allow anyone to easily transact.

In order to stand out in the ocean of aspiring companies and succeed in the Web3 sphere, a company must have a distinctive brand. Such highly inspired business visionaries can greatly benefit from the assistance of an ENS provider.

You can get a unique .eth domain related to your business from a provider. This acts as the transaction wallet for your business. So why are ENS subdomains necessary? Subdomains can be useful for representing projects that use a platform or its staff for companies with a substantial presence or team.

• ENS domain owners can submit recommendations to improve naming conventions on the Ethereum network using ENS tokens ($ENS), and other token owners will vote on whether or not to implement those proposals.
• A decentralized autonomous organization made up of ENS token owners is known as the ENS DAO. By supporting the plans submitted by other members, he monitors the ecosystem and monitors improvements.
• To help the ENS DAO comply with tax regulations, develop business relationships with other companies, and assume some responsibility for the DAO’s actions, the ENS Foundation (a centralized group) controls the ENS DAO.

I think the blog gave you some much needed information about the ENS ecosystem with some statistics to back it up that it is indeed gaining ground in the Web3 space. However, for a Web3 entrepreneur who wants to base his business on the ever-advancing Ethereum blockchain, getting an ENS domain becomes easy as there are several companies that have an exclusive wing that offers ENS registration facilities. working with a ENS provider that matches your preferences will be ideal for you to navigate the Web3 commercial space without problems in the long run.

“Make hay while the sun is still shining! Get your preferred .eth domain before it goes to someone else!”