Ethereum Name Service

Part 2 of Meet Web3 Series. Read Part 1 here!

Well, hello 0x3c6….c100, I’m 0x1b4…17e0. How do you do?

Hmmmm, that just doesnt seem right. Oh, and I shortened it! Really it would be, “Well, 0x3C667efF9A9E987288A4BF3Ef274bD17e076C100, I’m-” well, you get the idea. We are humans; not computers, nor robots. We do not reference entities with long incomprehensible strings, nor do we use them as our Identity. It feels cold, strange, impersonal. We would never befriend twitter user @tuser1b76sc8ad, right? No, but its easy to know and remember who @jack [Jack Dorsey] is.

Name, meet web3. ENS, or Ethereum Naming Service, is a public service started back in early 2017 by the Ethereum Foundation. The idea was to create a service for users and contracts to have human legible names. Since then, it has also grown to allow ipfs websites, twitter handles, avatars — yes, they can be set to your favorite NFT! — and more, all stored on-chain in your ENS record. Magnificent!

Now, instead of worrying about a typo losing one’s funds, or clipboard malware replacing long incomprehensible strings and robbing the funds, one may simply type the name of their target followed by .eth — assuming, of course, said target has registered a name using Ethereum Naming Service.

Q: So, whats in a name?A: Everything.
Q: Do I really need one?A: Yes.
Q: I’ve used ethereum for years and never had one.A: Power users such as yourself definitely need one!

Well, hello reader.eth (sadly, that is already taken), I’m grasponcrypto.eth. How do you do?

Ahhhh, so much better!

Oh, and since we are currently in NFT craze phase, did you know that your .eth name is also an NFT? Thats right! Like it or not, you are now part of the NFT buzz.

What Does The Future Behold?

So where is ENS + web 3 heading? I’m glad you asked. ENS has the potential, and they’re utilizing it, to become every user’s decentralized SSO provider. No more registering for websites, no more remembering passwords or usernames. Simply sign into your favorite website using your web3 account and have your username (grasponcrypto.eth, for example), avatar, website as well as web2 social media accounts, etc. Go ahead and try it out now at login.xyz. It will ask you for a signature, but dont worry, its just to prove you have ownership of that private key, there will not be any tx or tx fees. All of this is to be secured by your ethereum private key — just sign a message proving you possess the private key, and voilá, you’re signed in with YOUR profile!

But wait! There’s more! Below is a screenshot as an example of what dApps and websites can extract. You can see my avatar is an actual ethereum NFT token address! I pointed to an NFT I choose to use as my avatar, and its all on chain — ahem, lets not talk fees. Yes, its on chain. Yes, its expensive. No, I will not go into more detail, that is a post all on its own. Lets just say I think its worth it for an online profile which will be used for most, if not all, dApps moving forward.

Further, it is also possible to set a URL using a .onion address(such as Duck Duck Go has) or ipfs address (such as RandomPlanetFacts) for a truly unstoppable internet! The url will be set directly on Ethereum Mainnet, and resolve to ipfs or onion address, none of which can currently be censored or shutdown! That’s already possible today.

I imagine in the coming years that whisper style messages using ipfs and encryption techniques utilizing a user’s private key to decrypt will create unstoppable, censorship-resistant and secure communication methods. And ENS will likely be the source of those usernames and routing methods. Neat!

$ENS — The ENS DAO Token

Now many of you have made it this far and I am sure you are wondering, what about $ENS? I hear you, I hear you! $ENS is the hot topic. Just released. Fresh off the press. The bees knees.

$ENS is the token for the ENS DAO, or decentralized automated organization. It gives control over the ENS protocol to the token holders. ENS just airdropped 25% of the total supply of $ENS retroactively to .eth holders! So if you own a .eth address, make sure you head over to https://claim.ens.domains/?delegate=grasponcrypto.eth to claim. (NOTE: clicking that link will allow you to claim and delegate your ENS to me. PSST, more on that below).

Now when you claim your tokens, it will ask you to agree to the ENS constitution in order to accept your responsibility of controlling ENS Protocol, aka accepting your token drop. It will also ask you to delegate your votes. This does not mean you give them your token, just that you delegate them to vote in your stead — the tokens are yours! If you wish to follow the community news and updates to vote for yourself, you may delegate them to yourself! Many, however, will prefer to delegate to someone they trust in order to not be burdened themselves.

Moving forward, ENS holders will be able to make and vote on proposals for changes to the protocol. For example, one proposal is to setup a 2.5% fee for market sells of .eth NFTs to go back into the DAO fund, proposed by @boredape93 on twitter. Another such proposal is one presented by RicMoo, again on twitter, to allow gas fees to count as the $5 (for names 5 characters or longer) as a type of gas subsidy to help alleviate “gas pains” (hehe). You can see that proposal idea here (NOTE: thats not the official ENS github page, just a mock up for now).

Now that you know more about ENS and .eth, you can go get your own .eth address at https://app.ens.domains and join the movement!

So, you want a name but it is already taken? Fear not, there are 3rd party marketplaces where you can buy and sell NFTs on. Remember how I said ENS is an NFT? Thats right, so you can use NFT marketplaces such as Rarible, OpenSea, or ….

NameBazaar.io

Name Bazaar.io is a trustless, peer-to-peer marketplace for ENS domains. It is fully decentralized and fully non-custodial. The platform enhances the ENS domain ownership use case by monetizing its potential. Not only can you obtain an ENS address via Name Bazaar, you can trustlessly transfer its ownership via smart contracts, creating a much needed secondary market for ENS names that are already taken.

Since 2017, district0x.io is on a mission to rebuild ordinary centralized internet applications into their decentralized versions, creating a network of decentralized communities and marketplaces, also referred to as ‘districts’. Name Bazaar is one of those districts, and it’s relaunch is imminent.

A lot has changed since the platform’s initial launch in 2017: NFTs got global attention, gas prices went through the roof, and Layer 2 blockchains are appearing everywhere. The district0x team has been working on new features for Name Bazaar, and are now planning an exciting relaunch in the coming weeks, with game changing features such as multi-platform listing, and integrations like Wyvern Protocol, which will help alleviate high gas fees. But what’s most exciting about Name Bazaar, being part of the district0x network, is that it’s a fully decentralized platform, with a community governance setup, meaning that holders of the district0x Network Token (DNT) can partake in Name Bazaar’s decision-making processes, giving the community members complete control of their district and it’s future.

Stay tuned on the district0x blog for more announcements and official release dates coming soon!

PS — Congratulations on getting this far, please DM on Twitter to receive the POAP below. (I know, I know, how archaic! Unfortunately POAP has become so popular, farmers have been sweeping automated distribution mechanisms clean of all available POAPs — so please forgive me and the POAP team while they navigate these rough waters). Oh, and the POAP isnt “free” … be prepared to pay via conversation about ENS to earn it!