The advent of Web3 technology has brought in a lot of good for all kinds of users, although there were a few difficulties that existed in the initial days. One of them was the fact that users needed to enter long wallet addresses when transacting or connecting to an application. The 16-digit combination of numerals and alphabets was often challenging to remember, and the irreversible nature of blockchain transactions in case a wrong address was chosen created a pressing need for alternatives. Ethereum Name Services ENS provider came as alternatives as soon as the network created human-readable Ethereum domain names.
Ethereum Name Services: An Introduction
Ethereum Name Services (ENS) is the domain naming mechanism for Ethereum, similar to Web2’s DNS (Domain Name Services). This mechanism allows people to purchase domains with extensions .eth, .test and integrate existing Web2 DNS domains into the Ethereum network. ENS works based on smart contracts that dictate the management of individual domains and subdomains on the Ethereum network.
ENS providers can utilize the power of these services to avail users of their favorite domain names without hassles. Also, since these domains are supported by most major Web3-centric browsers, using them becomes very easy for ventures trying to gain prominence in the decentralized ecosystem.
A Small Instance for You to Understand ENS’s Benefit
For instance, let us imagine that Alice creates a MetaMask account and gets a wallet address that goes in the line, “0xDC25EF3F5B8A186998338A2ADA83795FBA2D695E.” Remembering this address is virtually impossible, not to mention that one has to remember their private keys to conduct transactions.
It will also be tough for people wanting to send or receive crypto or NFTs from Alice, as entering a letter wrong during a transaction can result in an item going to someone else or permanently getting lost (in case the address does not exist). Using ENS, Alice can get a domain “alice.eth” that will be easy to remember for anyone to conduct transactions seamlessly.
The Significance of ENS Domains and Subdomains for Businesses
- For a business to thrive in the Web3 realm, it is necessary to have a unique identity in order not to get lost in the sprawling crowd of aspiring projects. An ENS provider can be more than helpful for such highly-inspired ventures.
- With a provider, you can get an exclusive .eth domain relevant to your business. This serves as your venture’s transaction wallet.
- So, what is the need for ENS subdomains? For businesses with a sizable presence or group, subdomains can be helpful for representing projects using their platform or their employees.
A Few Governance Arms to Remember While Using ENS Domains
- ENS Tokens ($ENS) allow token holders who have ENS domains to submit proposals to improve naming standards on the Ethereum network, whose execution will be decided on voting by fellow token holders.
- ENS DAO is a decentralized autonomous organization consisting of ENS token holders. They run the community and govern changes by voting for proposals put forward by other members.
- ENS Foundation is a central foundation that oversees the ENS DAO by assisting it on various fronts, including compliance with taxation requirements, forming commercial alliances with other businesses, and taking some degree of liability for the actions of the DAO.
Final Thoughts on Utilizing ENS’s Speciality for Your Venture
Therefore, we can say that using ENS domains for businesses has a big say in the success of small-scale enterprises. We have already seen the scope for ventures using these domains. If you are an entrepreneur with a platform on the Ethereum network, it is high time you get a relevant .eth domain to kick off a new inning among the community.
This way, you can also spread brand awareness quickly. If you need, Blockchain App Factory’s ENS provider services can offer valuable assistance to get your Ethereum domain seamlessly. Fill out the below inquiry form to contact our professionals to know the ideal domain you can get for your Web3 business.