- Ethereum Network Services launches an auction for short .eth domain names
- Three to six-character-long domain names are now up for grabs
- The auction will last for four to six weeks
Ethereum News Today – Ethereum has been an outstanding blockchain project in the crypto industry since its emergence. Ethereum provides a blockchain platform for other developers and startup to come into the blockchain space without having to build theirs from scratch. The majority of crypto projects in the industry had their roots in the Ethereum network. Ethereum also boasts of a lot of developers on its network and they are continually working to improve the network.
Recently, the Ethereum Name Service (ENS) just made a smart move that could significantly boost the global adoption of cryptos. The Ethereum Name Services believes cumbersome, long digital currency addresses are holding the industry back from mainstream adoption. As such, the ENS has made a fascinating move on its mission to eventually make cumbersome crypto addresses obsolete.
Ethereum Network Services Launches an Auction for Short .eth Domain Names
To solve this issue, the ENS just launched an auction for short .eth domain names. The ENS launched the auction on the OpenSea decentralized marketplace over the weekend. All domain names that are three to six character-long (those that were not among the 194 during the reservation period in August) are now available. Interested buyers can bid upon the domain names using Ether or ETH – the native currency of Ethereum.
With this innovation, the ENS aims to facilitate greater consumer adoption by allowing the use of domain names that can be recognized easily. Domain names such as satoshi.eth are very easy to recognize and it is currently auctioned at 1,500 ETH. Ethereum Network Services is an open naming system. The aim of ENS is to make the use of blockchain easier by implementing these human-readable, memorable names rather than the 42-character long, robotic digital currency addresses.
Rather than the old-fashioned DNS system for managing domains, these domains are created on smart contracts on the blockchain of Ethereum. Also, the Ethereum Network Services is created to be decentralized in its governance and infrastructure.
According to Brantly Millegan, the Ethereum Network Services auction for short .eth domains will last for a period of 4 to 6 weeks. Millegan is the head of Developer Relations and Communications for ENS. After the auction period is over, the firm plans to extend support to wallet addresses of other digital currencies beyond Ethereum (ETH).
Ethereum (ETH) Price Today – ETH / USD
Will This Development Have an Impact on Ethereum (ETH) Price?
Altcoins have been trading in a tight area over the past weeks. ETH to USD price is also among the suffering coins. However, the digital currency is gradually recovering. Many analysts believe that with more developments like this, Ethereum to USD price will recovery significantly in the near future.