Initially, when you wanted to pay for this, you had to use cash, now you can quickly use QR via the standard Indonesian QR code (QRIS) as a payment transaction tool. This is thanks to increasingly dynamic developments, including crypto asset transactions.
Initially, if you are going to send Bitcoin transactions to other parties, you must memorize the wallet address, which consists of a series of letters and numbers, instead of entering a username. The Ethereum Name Service (ENS) is no exception; it is a tool and system that makes Ethereum addresses safer and easier to access for its users.
Like Google Maps in everyday life, ENS also helps users find Ethereum locations easily.
What is Ethereum Name Service (ENS)?
Actually, what is Ethereum Name Service (ENS) and how does it play a role in the Ethereum ecosystem? Let’s explore it in full!
So this definition of ENS is a naming and distributed system based on the Ethereum blockchain network that gives users the opportunity to place a domain name that is easy for humans to remember.
Some examples of the role and benefits of ENS in the Ethereum network:
- Provides security for users’ personal data from potential cyberattacks and fraud.
- Ease of access to the Ethereum network due to easy-to-remember domain addresses
Through ENS, we can help develop decentralized applications (dApps) that are easier to access. If we can look back, when the internet first appeared, users were required to memorize the complete IP address of the site, for example, 192.168.38.
With this combination of numbers, of course, it is a bit difficult for internet users, especially ordinary people who are interacting with the internet for the first time.
Departing from this anxiety about IP numbers, a solution called the Domain Name System (DNS) emerged in 1983 by an American computer researcher named Paul Mockapetris.
With DNS, internet users simply write down the site they are going to without mentioning the IP number, for example, Indodax.com, in the search engine.
In general, the function of ENS is similar to that of the Domain Name System (DNS) on the conventional internet.
ENS provides easy access for users to search for specific site addresses without entering the complete IP address, such as: ??
Get to know the ENS developers
The role of developers is quite vital in developing the ENS system because their contribution can increase convenience for users. Some of the progress made by the developer includes:
- The creation of the ENS application, namely an application for accessing Ethereum services such as wallets for games,
- ENS client development, namely software that allows users to manage domain names and interact with ENS services on various platforms such as mobile phones, desktops, and websites,
- Developers can take part in supporting ENS through donations, reporting bugs, and even participating in protocol development.
How ENS Works
From planning to implementation in the field, the way ENS works involves two main components, namely the registry and the resolver.
The registry is a smart contract that stores all kinds of information regarding all newly created ENS domains.
This information consists of the name of the domain owner, domain name, domain resolver, and time to live (TTL, namely the time period for how long domain records are stored in the resolver cache).
Resolvers are smart contracts whose job it is to translate domain names into Ethereum addresses. The resolver can also store various types of data, such as Ethereum addresses, IP addresses, and access to digital content.
So when a user wants to resolve an ENS domain name, they start by asking the registry for a resolver address that functions for the domain address itself. When the resolver address is known, the user then asks the resolver to return the Ethereum address associated with the domain name.
Difference Between ENS and DNS
For those of you who are still confused, what’s the difference between ENS and DNS in the context of domain name management?”
So you see, ENS and DNS are two different domain name management systems. Like ENS, it is a decentralized (distributed) system on the Ethereum blockchain. While DNS is a centralized system controlled by various parties,
In the table below, it has been explained how the differences between ENS and DNS that we discussed earlier
|Control||Decentralized||There tends to be 1 party that controls|
|Compatibility||Be in a Web3 application||Located in a Web2 application|
Over time, the presence of ENS has also made it easier for users to read various types of crypto wallet addresses:
- In first place, of course, are domain names that are easier to remember, such as “budiman.eth” to arjuna.eth,” compared to addresses that are a combination of letters & numbers.
- Domain names can be used to create websites that contain information about crypto wallets, indirectly helping to build the user’s reputation and sense of belonging in the crypto community.
Uses of ENS
Like today’s workers, who always need an electronic mail address to send material in the world of work. The same thing also applies to Ethereum Name Service addresses, which are quite vital for the continuity of the Ethereum ecosystem itself.
As time goes by, the use of ENS continues to provide various conveniences for its users, such as sending crypto and smart contracts, and is divided into four parts, such as:
1. Make it easier for users to send and receive crypto assets
For example, if Rian wants to send ETH crypto assets to Susi, send them to “Susi.eth”, Of course, this method is faster & easier.
2. View Transactions on ETH Wallet
Users can view Ethereum digital asset transactions simply because they only need to check the latest balance at their fingertips
3. Create a username on Web3
For example, when an artist wants to sell works of art in digital form such as NFTs, they can link their crypto wallet address to ENS. For example, connected to the domain “Ghozali.eth”
4. Create an ENS Subdomain
By creating subdomains for specific purposes, it helps users create more specific services, for example online stores or portfolios.
For example, if you already have a domain address like “adiyani.eth”, then create a new subdomain called “adiyanishop.eth”, so that it is easier to search on related websites3.
Does ENS Have Risks?
When the user has placed some or all of the settings on the Ethereum network, several critical questions arise regarding the security and sustainability of this ENS.
With its decentralized nature and no particular party being responsible for ENS, is it true that it is 100% safe for its users?
Does ENS pose any risks to its users? How is the guarantee of security on this blockchain network? Broadly speaking, security threats that ENS users need to be aware of can be divided into four parts, such as:
Cybersquatting Is the activity of profiteering from domain names associated with brands, parties, or other companies at high prices without permission.
2. Potential Loss of Anonymity
Basically, the address of this crypto wallet is unknown (anonymous); it’s just that with ENS, the crypto wallet is connected to a domain name that is easy to find. This is what makes it easy for certain parties to track cryptographic and public address transaction activities from the user.
For example, when the ENS is called “adiyani.eth”, anyone can access it and find out what crypto transactions have been carried out by Adiyani.
3. ENS Domain Rental Fees Vary
Maybe you ask, How much money do you need to prepare to rent this ENS? Do you have to spend more?
There are several factors that cause differences in ENS domain rental prices, including the length of the ENS domain (in general, shorter domains have more expensive rental prices). Not only that, the ENS rental period also has an effect; the longer the timeframe taken, the cheaper it is, and vice versa.
The next challenge is centralization, where this service is more at risk of interference & attacks by irresponsible parties.
How to Register ENS
Next, we will examine in more depth how to register for Ethereum Name Service (ENS) in a short and simple way. Here’s how:
- You must first have an Ethereum wallet, which functions to store your ENS domain name. Examples include Coinbase Wallet and MetaMask.
- Connect your Ethereum wallet or crypto wallet to the ENS website by clicking the “Connect Wallet” button on the ENS website.
- Create and choose an ENS domain name that is easy to remember. It can be a short or long name, according to your desired taste.
- Don’t forget, you can prepare fees for registration and gas fees. As explained, the price varies depending on the length of the name and the rental period you choose.
- Finally, you can approve payment by confirming registration. You can sign Ethereum transactions with your Ethereum wallet. If you have completed the steps above, you can use the ENS domain for crypto transactions and even create a website.
In simple terms, the Ethereum Name Service (ENS) is a service that gives users a way to connect easy-to-remember domain names with complex Ethereum addresses. Of course, this will add to the convenience of users in the Ethereum ecosystem. Apart from that, another convenience is that ENS can quickly transfer crypto assets, up to creating a website.
For those of you who have a high interest in the world of technology and investment, there’s nothing wrong with trying to get involved in the Ethereum ecosystem. Next, make the Ethereum Name Service one of your instruments for learning new things.
Let’s Buy Ethereum Right Now!
So now you know more about the meaning, benefits, risks, and potential of the Ethereum Name Service (ENS) in more detail and completeness.
It’s perfect for those of you who want to continue to grow and learn new things, especially about investment and technology. Eitss, don’t forget that before diving into crypto investments, such as Ethereum, there’s no harm in always checking the latest developments in Ethereum prices on the Indodax market.
As the saying goes, “don’t put too many eggs in one basket.” In line with investment, the more diversification you have, of course, the more profit opportunities you have!
Talking about Ethereum, you can buy it at Indodax as the first and biggest place to buy and sell crypto assets in Indonesia. So what are you waiting for? If not now, when? Let’s start buying Ethereum right now!