Video - Ethereum Name Service ENS Release

Now Ethereum is doing it’s part in becoming more user friendly by releasing the Ethereum Name Service. This name service is addressing the issue of long and confusing wallet addresses by allowing you to purchase an address in an auction- much like the idea behind DNS, except much more secure.

TRANSCRIPT

I know that it can be awfully overwhelming and difficult to wrap your head around all of the many facets of crypto, I mean, you’ve got to learn how to download wallets, maintain passwords that are hopefully random and when you want to transfer your crypto you’re faced with yet another long string of random letters and numbers, and if you send funds to a wrong address you’re hit with that sense of dread when you realize those coins are long gone.

Suffice to say you’ll soon be like the rest of us who triple check the addresses with acute paranoia every time thereafter.

Cryptocurrency is still new, brand new. The men and women who are innovating this technology are amazing at seeing ways to make it better, faster, more secure, and apply it in many different industries. I see them as the burrowers of the rabbit hole. The hole you can get sucked into if you spend enough time diligently researching and you realize you’ve discovered a whole new dimension of technology mixed with philosophy and of course… money.

The issue that I see with all of crypto in general is the fact that there’s all this life changing potential that is available to most everyone on this planet, but it’s lacking in being user friendly. This is not a surprise for those involved with developing crypto, especially for those who are trying to market it.

Dash has made it a priority to be more user friendly with making transactions and with their wallets, and the social/blogging platform called Steemit is a phenomenal way to motivate new users to earn cryptocurrency and doubles as a great place to learn about it as well.

Now Ethereum is doing it’s part in becoming more user friendly by releasing the Ethereum Name Service. This name service is addressing the issue of long and confusing wallet addresses by allowing you to purchase an address in an auction- much like the idea behind DNS, except much more secure.

Here’s how it works:

Basically you can inquire about a name you’d like to register by going to registrar.ens.domains and see if the name is available for auction.

If it is, you can “start an auction”.

What you’ll need is the name you’d like to purchase, the amount of ether you’re willing to pay for that name, and the address that will ultimately own that name. The auction is set up in such a way that all of the bids are kept secret for the 3 day bidding period.

Because the bids are kept secret this encourages you to bid an amount of money that shows how valuable that name is to you. Once that 3 day period has passed, no new bids will be accepted and there is a 48 hour window to unveil the bids.

The winner of the name will only pay the price of the SECOND highest bidder.

If there are two exact bids, the name will be awarded to whoever bid first.After one year of ownership you are free to release the name and you will receive back the funds you used to reserve it.