The Ethereum Name Service (ENS) is a project aimed at building a domain name system on top of the ethereum blockchain network. At present it is being upgraded to speed up the process of registering domain names using .eth, .xyz, and .lux
Interestingly, names registered on the ENS will be treated as non-fungible tokens (NFTs), allowing them to be bought and exchanged like similar kinds of tokens on the ethereum network.
ENS lead developer Nick Johnson wrote on 16th April, that registered domain users have one year from 4th May to migrate their domain to the new register that is replacing the existing one.
The service launched in 2017 allowing users to register .eth domain names and link them to ethereum resources such as smart contracts, wallet addresses, and more. Since its launch, at least 300,000 domain names have been set up using the ethereum domain .eth.
Data from Curious Giraffe shows that people are actually using the network’s native ETH token to participate. Fore example, nearly 800,000 auctions have been started, drawing in 3.2 million ETH worth of bids and a total of about 170,000 ETH locked up (successful bids are locked up in a contract so long as the bidder holds the domain itself).
Changes to improve the system
Speed of registration is most important and this has been reduced from up to five days to minutes. “Registering a name is nearly instant,” according to Johnson. “Users submit two transactions, first committing to registering the name, then actually registering the name. In order to prevent front-running, these two transactions must be mined at least 1 minute apart.”
ENS developer relations coordinator Brantly Milegan also explained how once registered, domain names will be treated as non-fungible tokens (NFTs) that just like any other unique asset on the ethereum blockchain can be easily collected and transferred between users.
Finally, domain names of fewer than seven letters will participate in a three-step blind auction process, whilst those with longer domain names will pay a $5 annual fee to keep ownership of the name.