Every website on the internet has an IP address. It is difficult for humans to memorize the IP addresses of websites every time they want to access those websites. And there are millions of them. DNS also known as Domain Name System, solves this issue. DNS translates human-readable domain names(like www.thecryptoinsight.com) to an IP address so that a web browser can fetch them for you.
What is ENS?
ENS means Ethereum Name Service. ENS is similar to DNS. An Ethereum address looks like 0x0943368C3133B622F1F3A3f6FdD644cAd04d3ec5. An Ethereum address is required to send and receive Ether(ETH) and other tokens. ENS domains are mapped to Ethereum addresses. ENS translates human-readable names to crypto addresses, hashes, and metadata. So you can send or receive ETH using our ENS domain. As of now, only a few dapps support ENS. ENS domains have the .eth suffix. The address above is connected to thecryptoinsight.eth ENS name.
You can search the transaction history and balance of any address using ENS on Etherscan. You can also connect your ENS name to IPFS(Interplanetary File System), a distributed file storage system and anyone can access the files as a web page. However, the web browsers don't resolve the .eth domains yet.
ENS domains are non-fungible. Every domain is tokenized and they can be traded on NFT marketplaces like Opensea, Looksrare, etc. Every ENS domain has a different value based on the market perception just like the regular domains. paradigm.eth is the highest sold ENS domain on Opensea for about 420 ETH which was $673,432 at the time of sale. Some users also put their .eth names on their Twitter profiles.
How to Buy a .eth Domain?
Here is the step-by-step guide on how one can register a .eth domain.
1. Create an Ethereum/Metamask wallet
2. Ether(ETH) is used to make the purchase of the domain and to pay some gas fees. Load it with some ETH from any centralized exchange like Binance, Coinbase, or FTX. Or you can buy directly from Metamask using various payment options
3. Go to app.ens.domains or search 'ens domains' on Google
4. Search for the ENS domain you want to purchase. If it shows, 'This name is already registered', then it is not available for you to mint. You can purchase it from the secondary market
5. If the domain name is available, then you can proceed to register. Select the number of years you want to own the domain name. You can always renew on the expiry date. Renewal also costs you some gas fee
6. Now, click on 'Request to Register'. Confirm the transaction. Now you have to wait for a minute
7. Click on 'Register' again and confirm the second transaction
You have successfully registered your own ENS domain name.
You can set it as the primary ENS name. If you set the domain as your Primary ENS name, then it will be associated with your Ethereum address across various Web3 platforms. If you register more than one ENS name from the same Ethereum address, you can set any one of that ENS names as the Primary ENS name. So that it will act as a username for your Ethereum account. It will cost you some gas fees to set your Primary ENS name.
I have completed the whole process of with just 0.01 ETH(<$16). The gas fee was 10 Gwei during the process. Gas fees may vary depending on the network condition. You can also check the transaction on Etherscan at my address thecryptoinsight.eth. The cost of an ENS domain is less than $20 and it depends on the gas fees.
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