• About
  • Contact
  • Privacy Policy
  • bitcoinBitcoin$7,361.010.85%
  • ethereumEthereum$147.561.34%
  • xrpXRP$0.2204082.94%
  • bitcoin cashBitcoin Cash$211.811.41%
Cryptovibes.com - Daily Cryptocurrency and FX News
  • Home
  • News
  • Analysis

    Ghana Considers Launching a CBDC, Still Sees Crypto As A Threat

    Brave Blockchain Browser Thrives in 2019 Doubling Monthly Active Users

    Libra Is Unmoved By Hiccups, Maintains 2020 Approval Target

    EURJPY Price Is Ranging Within $120 and $119 Price Level, Awaiting a Breakout

    GBPUSD Price Approaches the Supply Level of $1.31, a Potential Reversal Zone

  • FX Industry
    Frankfurt Closes Enquiry into Deutsche Bank Employees

    Frankfurt Regulator Closes Enquiry into Deutsche Bank Employees

    Minor Fall Reported CLS Group in October Transactions

    Italy’s Consob Blocks 4 Online Trading Sites, Now Totalling in 98 Blocks

    Interactive Brokers Loses $5M Worth of Forex Deposits

    Interactive Brokers Loses $5M Worth of Forex Deposits

    Forex-3D Scam Continues To plague Thailand As Thai Authorities Seize $500,000 from Associates

    Forex-3D Scam Continues To plague Thailand As Thai Authorities Seize $500,000 from Associates

    EURJPY Price Is Ranging Within $120 and $119 Price Level, Awaiting a Breakout

    GBPUSD Price Approaches the Supply Level of $1.31, a Potential Reversal Zone

  • Though Leadership
    TRXUSD - Daily Chart

    Tron Price Analysis: TRX/USD Ranges as the Price May Further Drop

    LTCUSD - Daily Chart

    Litecoin Price Analysis: LTC/USD Bears Are Still in Play; Price May Continue to Plunges

    What Must Happen for Ether to Explode to $170 This Black Friday?

    A ‘Black Hole’ May Swallow Cash-Settled Bitcoin Futures Traders’ Investments, Says Antonopoulos

    Africa Has the Future of Bitcoin in Its Hands, Jack Dorsey Says

  • Crypto

    Paxos and Sibex Team Up for P2P OTC Trading for Its Gold-Backed Coin

    Ghana Considers Launching a CBDC, Still Sees Crypto As A Threat

    TradeBlock Teams Up with LMAX Digital to Provide Real-Time Trading Volumes

    TradeBlock Teams Up with LMAX Digital to Provide Real-Time Trading Volumes

    Brave Blockchain Browser Thrives in 2019 Doubling Monthly Active Users

    Libra Is Unmoved By Hiccups, Maintains 2020 Approval Target

    Bakkt CEO Kelly Loeffler Steps Down to Become a Georgia Senator

    Bakkt CEO Kelly Loeffler Steps Down to Become a Georgia Senator

  • Autotrading
    • Bitcoin Billionaire
    • Bitcoin Circuit
    • Bitcoin Era
    • Bitcoin Evolution
    • Bitcoin Future
    • Bitcoin Lifestyle
    • Bitcoin Loophole
    • Bitcoin Profit
    • Bitcoin Revolution
    • Bitcoin Rush
    • Bitcoin Trader
    • Immediate Edge
      • Celebrities
      • Kate Winslet Bitcoin
      • Holly Willoughby Bitcoin
      • Ant McPartlin Bitcoin
      • Nicole Kidman Bitcoin
      • Jim Davidson Bitcoin
      • Peter Lim Bitcoin
      • Mike Hosking Bitcoin
  • PR

    BitcoinCasino.io Adds Games Powered by No Limit City

    Gold Fields Limited’s Two New Bonds Raise a Staggering $1bn

    Todaytrader.com Makes It Premium Courses Available for Free

    Zilliqa Launches Education Initiative in Partnership with Award-Winning King’s College London Blockchain Society

    Block Society

    Block Society, the First Cryptocurrency Advising Firm Registered with the SEC

  • Dislaimer
No Result
View All Result
Cryptovibes.com - Daily Cryptocurrency and FX News
No Result
View All Result

What is Ethereum Name Service (ENS)?

John Wanguba by John Wanguba
April 27, 2019
in Blockchain, Education
7 min read
Share on FacebookShare on Twitter

The Ethereum Name Service (ENS) is a type of an Ethereum-based decentralized application (dApp). Smart contracts are the underlying features that build ENS. It lets users get a domain name to use for their wallet addresses. Thus, users can then transfer their funds directly to a name instead of searching for an address. However, that feature is still under development.

The ENS can be used for IPFS and Swarm content hashes together with many other identifying processes. It enables users to easily browse and gain access to files on these networks. They can do all that while simultaneously supplying metadata-concerning names like Whois-like info for users and ABIs for contracts.

Difference between DNS and ENS

ENS somehow does a similar job to the Internet’s Domain Name Service (DNS). However, ENS has an entirely different structural design due to the limitations and abilities provided by the Ethereum Blockchain. The same security concerns that affect DNS do not affect ENS in any way because it runs on Ethereum smart contracts.

Why is an ENS Name Important?

ENS eliminates the need to copy or type long hexadecimal addresses. With ENS, users can send funds directly to domain names instead of the long addresses. Also, it enables users to interact with their smart contract at mycontract.eth and also check out swarm-hosted sites listed at swarmsite.eth.

After a user gets an ENS domain, they can point it to any type of funds that they want. Also, they can create sub-domains and assign them as they deem fit. ENS is a wholly decentralized system. The creation of new domains under the “.eth” top-level domain is achievable through an auction process hosted on the Ethereum blockchain. Furthermore, anybody can procure a domain for themselves by participating.

How Name Auctions Work

Brand new identities are assigned using an auction process that is wholly based on a Vickery auction model. Auctions feature three stages:

  1. A user opens an auction targeting a name that they wish to buy and places a bid. A three-day timer starts. During that period, other users can bid on that same name. However, the details of the bids remain hidden in this stage. Nobody gets to know how much users bid, or even the name that they choose to bid for.
  2. Once the three-day period elapses, a two-day “reveal” period launches. During this step, all bidders must disclose the details of their bids. Anybody who fails to disclose the required information loses the entire bid. If one’s bid does not rank as the highest, the system refunds their money without a 0.5% fee that gets ‘burned.’
  3. Once the ‘reveal’ period is over, the individual with the highest bid automatically becomes the winner. Nonetheless, they pay the amount of the second-highest bidder. That amount gets included in a contract and remains constant provided that the winner has control over the particular name. It is mandatory for the winner to send a ‘finalize’ transaction to get a refund of any extra funds and also get the ENS name.

After the ENS auction is won, the winner takes the name with the interval of the chief registrar. Nonetheless, the winner may release the name after a year and recuperate the entire sum of the original deposit.

Please note that not every ENS name is available for bidding. Some of the names get released for auction on a steady basis over an eight-week period. They undergo this release style since the system requires scaling up and bugs need proper identification. All identified bugs should be fixed within this time.

How to Acquire a Name

Currently, several user-friendly interfaces enable you to buy ENS domains:

  • My Ether Wallet – the open-source solution runs wholly in a user’s wallet. It needs the user to use their wallet’s credentials in the case that they want to use it.
  • Code connoisseurs – the interface helps users to bid using the command line in a JavaScript console and web3.js.
  • ens.domains – This one is known as the “official” dApp. It needs a blockchain-enabled browser (Parity with the browser plugin, Chrome with the MetaMask extension, or Mist).
  • ETHTools’ ENS integration – the closed-source solution guides users through the entire buying process.

Users should always note that whenever they place a bid, they must reveal it in the set forty-eight-hour reveal period. Should they fail to reveal their bid during that time for any reason whatsoever, they are liable to losing the entire amount of their bid. Disclosing involves offering access to their private key/account together with other important supplementary information.

It is also quite important for interested parties to back up their bid details in the case that their solution of choice demands it. Failure to back up, users may not have the ability to reveal their bid when needed consequently resulting in the loss of the entire bid.

Like what you're reading? Subscribe to our top stories
Tags: BlockchainDAppDNSENSETHEthereumEthereum Name ServiceSmart ContractsVickery auction model

Related Posts

Analysis

Ghana Considers Launching a CBDC, Still Sees Crypto As A Threat

December 7, 2019
Blockchain

Blockchain Will Help Prevent Resume Fraud in Japan

December 3, 2019
Blockchain

SoftBank Unveils Debit Cards Featuring Built-In Blockchain Wallet

December 2, 2019

Comments 7

  1. Pingback: What is Ethereum Name Service (ENS)?
  2. Pingback: What is Ethereum Name Service (ENS)? | | CryptoChainDesk
  3. Pingback: What is Ethereum Name Service (ENS)? | - CryptoChainZone
  4. Pingback: What is Ethereum Name Service (ENS)? – BitcoinGuide.com News
  5. Pingback: What is Ethereum Name Service (ENS)? – BTC.com.ph News
  6. Pingback: What is Ethereum Name Service (ENS)? – BitcoinLifestyle.com News
  7. Pingback: What is Ethereum Name Service (ENS)? |

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

About CryptoVibes

CryptoVibes (formerly FXTimes) is a daily Cryptocurrency and Forex industry news website that has covered the latest news in the industry since 2017. Our goal is to drive transparency in the finance industry and provide news for our users on blockchain, exchanges, business and industry regulation.

Trending Topics

  • 5 Quick Ways to Buy Bitcoin With PayPal
  • Bitcoin Revolution Review 2019 : Comprehensive Sign Up Guide
  • Bitcoin Loophole Review 2019 » Comprehensive Sign Up Guide
  • Bitcoin System Review 2019 » Complete The Bitcoin System App Guide
John Wanguba

John Wanguba

John is a content crafter and has experience in writing Forex and Crypto news for FXTimes for over a year. He is also an experienced creative and technical writer, and is usually one of the first ones to publish, discover or cover a scoop. e-mail: john@fxtimes.com

Facebook Twitter Instagram Telegram RSS Youtube

Information

  • About
  • Contact
  • Privacy Policy

Registered UK company no. 11705811. For advertising inquiries please reach us via email hello@fxtimes.com

Note that the content on this site should not be considered investment advice. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site.

Newsletter

Like what you're reading? Subscribe to our top stories
Main Bandar Poker Online Merangsangkan Taruhan Untuk Menang Penuh

Kalau Anda mengerti beberapa Main dengan referensi dibawah berikut ini, Anda akan membuat instruksi bikin Dikau buat dapat mainkan bagian pandang pada musuh. Kesudahannya pada saat Anda punya satu kartu yg sedikit untung, tentu saja Kamu dapat mainkan bagian ranggul itu.

Sampai bikin sampar memahami kemenangan Anda tandus langkah mutlak. Tetapi pra Anda mengerti bagaimana mainkan bagian pandang, tentu aja Anda lalu harus bisa terima bagian pandang dari musuh dengan sesuai beserta. Oleh karenanya Anda siap memahami jika pekerjaan ini demikian dapat diuntungkan jika dilihat dari sisi renung yg sesuai dengan. Oleh karena itu, beberapa orang pada Kamu tentu saja sadar jika pekerjaan main poker online demikian dapat digunakan bikin memicu keuntungan lewat langkah kusut. Tetapi sebenarnya pekerjaan ini harus Anda sadari ada sangat banyak strategi didalamnya yg harus Anda dapat aplikasikan.

Beberapa dari Anda pasti saja memahami jika ada keuntungan pada saat tiket besar bandar Poker Online terlihat. Barisan 5 tiket yg terlihat tentu aja ada salah satunya yg besar serta dapat bikin Anda dapat memakai bikin membuahkan keuntungan. Oleh sebab Main Bandar Poker Online itu permainan itu bisa berikan suport Anda memicu keuntungan yg subtansial jika diproses melalui langkah yang sesuai.

Beberapa dari Anda yang tentu memahami permainan ini antara satu yang dapat bawa serta Dikau membuahkan keuntungan. Dimana di saat Anda dapat mainkan bagian pandang dari sampar jika Anda menggenggam tiket yg sama besarnya. Karenanya pada saat kartu As yg terlihat tentu aja akan bikin Anda kian baik bikin kerjakan all in saja. Meski demikian mungkin masih musuh Dikau terlihat namun sebenarnya Kamu dapat membuahkan keuntungan yang semakin besar dengan menggetarkan beberapa musuh.

Trick Berjalan Bandar Poker Online Yang Jarang-jarang Terlihat
Kalau Dikau adalah orang yg seringkali main judi online, tetap saja Anda mengerti Permainan Bandar Poker Online dapat mendatangkan keuntungan yg subtansial. Permainan ini demikian dapat dimenangi pada saat Dikau dapatkan gabungan kartu mengelokkan tinggi bikin dapat mengakibatkan keuntungan yg subtansial. Per judian online dengan menggunakan sajian Poker Online antara wahid yg demikian menarik dalam dunia. Banyak sebagian orang2 yg membuahkan keuntungan daripada permainan ini pada beserta sisi yg dapat beralih jadi seseorang profesional kuat.

Agar Anda dapat memicu keuntungan lewat langkah ruwet. Antara dari Anda seharusnya pahami jika permainan Poker Online dapat berikan suport membuahkan keuntungan kalau diproses dengan strategi yg serasi. Sebenarnya begitu banyak kurang lebih macam yg tidak terlihat oleh banyak sebagian orang2 namun seringkali Anda dapatkan pada permainan ini.

Tata Menang Mainkan Kesempatan Flush
Anda harus memahami jika 5 kartu dengan sekar yg sama tipenya siap membuahkan flush. Oleh kesudahannya Anda harus pahami dan kemudian jika pekerjaan ini siap membuahkan keuntungan yg subtansial kalau diproses dengan pantas dengan. Pada saat ada 3-4 kartu yg demikian dapat termasuk bikin sampaikan suport Anda buat memicu flush, jadi Anda bisa membuahkan keuntungan besar.

Copyright © 2017-2019 Cryptovibes.com. Price data provided by our official partner CoinGecko.

No Result
View All Result
  • Home
  • Crypto news
  • Analysis
  • Editors’ Choice
  • Entertainment
  • Press Releases
  • ICO
  • Wisdom
  • Coins List
  • Advertising
  • About FXTimes
    • Privacy Policy
    • Terms of Use
    • Donate

Copyright © 2017-2019 Cryptovibes.com. Price data provided by our official partner CoinGecko.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.