Ethereum News Today – Headlines for October 31

  • Dozens of Wallet Providers Are Showing Interest in Ethereum Naming Service (ENS)
  • List of entities adopting ENS has increased to 35
  • The use cases of the Ethereum Naming Service

Ethereum News Today – Since the launch of the Ethereum Name Service (ENS), many have been wondering if it would ever gain real traction. A few months after the launch, it has become obvious that there is a lot of enthusiasm for the project. A series of wallet providers have signed up for this feature, which means that the Ethereum Name Service is on the verge of making a bigger impact eventually.

Dozens of Wallet Providers Are Showing Interest in Ethereum Naming Service (ENS)

It is pretty strange how a series of different digital currency wallet service providers decided to become part of the ENS al of a sudden. Just a couple of weeks back, 15 different entities supported the Multicoin approach of the project. The list of entities includes prominent names such as Coinbase Wallet, TrustWallet and others.

Ethereum (ETH) Price Today – ETH / USD

#NamePrice24H %
2
ethereum
Ethereum(ETH)
$174.93
-0.62%

Nevertheless, that was just the genesis of it all, as the list of entities incorporating the Ethereum Name Service in one way or the other has grown to 35 different wallet solutions. Among the 35 wallet service providers, not less than 28 of them want to support a multi-coin feature. This shows that there is a strong desire to close the gap between different blockchains and digital currencies in one way or the other.

The other wallet service providers on the list are Ethereum-only providers at this time, but they also play a vital role in the growth of the service. One cannot deny that this project seems to be heading in the right direction, as all entities agree to use the Ethereum Name service as a digital currency wallet naming standard.

The Effectiveness of an Ethereum Name Service (ENS) Name

It might make little sense for many digital currency buffs to use the Ethereum Name Service. While .ETH names are of great value, they are not commonly used in the real world. The creation or even selling of a name is pretty easy. However, finding a use for this new extension has been a daunting task. A decentralized naming project appears great on paper. Nevertheless, if it is not being used, there is little point.

The initial use case of allowing individuals to name their Ethereum addresses has not been really successful. Nonetheless, there are other use cases for the Ethereum Name Service also. Since the introduction of multi-coin support, there has been an exponential increase in the opportunities. Users on the supported networks can create names for their addresses. Users can also store their supported currencies in their ENS records. This means they can create one ENS address to receive a multitude of digital currencies. This might be what the crypto industry needs to become more mainstream-friendly.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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