A cryptocurrency name has been what everyone desires because it is very easy to use and doesn’t require the stress of copying a cryptocurrency address when you want to receive crypto from a friend or client.
This process is very easy. Have you ever come across a name like Vitalik.eth? Or any name that ends with .eth on twitter?
That is what we mean by a cryptocurrency name, but nevertheless, this article details everything you need to know about a cryptocurrency name and how you can set up or register your own cryptocurrency name.
What Is A .Eth Name?
Crypto addresses are lengthy strings of numbers and letters that computers can read. These lengthy addresses have caused confusion and even financial loss.
The Ethereum Name Service, or ENS, is a distributed platform based on the Ethereum blockchain that gives an easy solution to long and complicated crypto addresses: one URL that symbolizes a crypto address, exactly like a website name or email address.
ENS substitutes the large public address that crypto users are used to with a simple name that is easy to read and remember. Something complicated like “0xDC25EF3F5B8A186998338A2ADA83795FBA2uD69” is reduced to “John.eth.”
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To make crypto addresses easy to read and publish, ENS uses the same principle as the Domain Name Service (DNS), which maps simple website names to their IP addresses.
The ENS protocol is made up of two Ethereum smart contracts: the ENS registry, which stores domain names, and the Resolver, which converts domain names to machine-readable addresses and vice versa.
Users are hurrying to obtain their ENS domains before they become unavailable, much as they did in the early days of DNS names.
ENS supports the following domain extensions:.com,.org,.io,.app, and more.
Brave, Opera, Status (mobile), MetaMask Mobile (mobile), and Puma are among the browsers that now support ENS. ENS will not function with a browser like Chrome or Safari.
How Do I Register My Ethereum Name?
Here is a step by step guide on how to register a cryptocurrency name or rather Ethereum name.
Launch your Ethereum-enabled web browser.
On the desktop, this might be Chrome with the MetaMask extensions activated, or Brave with its Crypto Wallet enabled. Trust Wallet, Coinbase Wallet, Status, MetaMask Mobile, or any mobile Ethereum browser might be used.
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This instruction assumes you’re using MetaMask in a desktop browser, although other Ethereum-enabled browsers should function similarly.
You must be signed in to your Ethereum browser with the wallet from which you want to own the name (though you can set it to resolve to a different wallet or transfer ownership later), and you must have at least a small amount of ETH in your wallet to cover transaction costs and the first year’s annual fee for your name.
Head Over To Creating An Ethereum Name
In your browser, go to manager.ens.domains.
Enter the .ETH name you want to migrate (including the “.ETH” ending) in the “Search names” field and press the “Search” button.
If the name has already been registered by someone else, you will be sent to a page with information on the name’s ENS records, which will look something like this:
Use the “-” and “+” buttons to specify how many years you want to pay the yearly fee for the first time. When you register a name with our Manager, you must do so for at least a year.
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You can pay an additional fee to register it for an additional year. You can always opt to extend your registration period at a later date.
Please keep in mind that you must have enough ETH in your Ethereum-enabled browser wallet to cover the full cost of registration.
Start Registration
On the bottom right, click the blue “Request To Register” button. MetaMask should provide a popup asking you to confirm the transaction. To confirm, click the “Confirm” button.
Do not close your browser while this is happening! Your transaction must first be verified. This should just take a minute.
Secondly, you must wait another minute to guarantee that no one else is attempting to register your name. The green bar in the center of the screen will gently progress across the screen to indicate the passage of time.
Finish Registration
When your wait period is up, you’ll see orange lettering that says “Click register to move to the 3rd step.” Click the blue button next to it that reads “Register.”
Another MetaMask window will appear, requesting you to complete another transaction that will finalize your name and pay your registration cost. Select the “Confirm” option.
Back on the Manager page, where the “Register” button used to be, you’ll notice “TX PENDING.” Your name will be recorded after the purchase is validated!
Congratulations. You are the latest happy owner of a new .ETH domain name!
How Much Does It Cost To Buy An Eth Name?
The Ethereum Name Service (ENS) initiative began in 2017 and became a full-fledged company in 2018. It is an Ethereum Foundation effort with numerous well-known contributors.
Aside from the Ethereum Foundation, significant contributors to ENS include Protocol Labs, BinanceX, Ethereum Classic Labs, and Chainlink. Simultaneously, with steadily rising corporate investments in Ethereum Name Service domains, there has been an increase in interest in how to acquire ENS domain.
Budweiser, for example, owns the “beer.eth” domain name to promote their NFT collection. Furthermore, celebrities that interact with the web3 areas are more likely to own ENS domain names.
Owing a cryptocurrency name might be somehow too expensive and it’s also similar to DNS domain name that requires renewal. Before proceeding with the purchase, you should consider the ENS domain pricing.
The cost of acquiring unused names would vary depending on the length of the domains. Domains with three characters may cost approximately $640 per year, while domains with four characters may cost almost $160 per year.
Surprisingly, ENS domains with five or more characters may be obtained for as little as $5 per year. However, you should keep in mind that the registration fee does not include gas fee, which might fluctuate from time to time.
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If the domain name expired, it has a grace period. What those this means? This means your domain name will be graced for few months after it expires so no one can own it. But if you fail to renew it after the grace period, the domain name will be available for anyone to own it.
What Is The Most Expensive Eth Name Sold?
“paradigm.eth” was the most expensive crypto domain ever sold, fetching $1.51 million (420 ETH) on October 9, 2021, as ETH reached an all-time high. This makes “paradigm.eth” about five times more costly as “000.eth”, the second most expensive cryptocurrency domain, which sold for $0.32 million.
“000.eth” is also the most expensive crypto domain ever sold in the 999 ENS Domain Club, which symbolizes the first one thousand digits as Ethereum Name Service (ENS) domains, ranging from “000.eth” to “999.eth”.
At $0.25 million, “abc.eth” is the third most expensive crypto domain auctioned. “abc.eth” is the most expensive three-letter crypto domain, with a price tag of $0.14 million, followed by “wei.eth” and “btc.eth” at $0.12 million.
Despite the scarcity of three-character crypto names and their exclusivity, only “000.eth” and “abc.eth” are among the top ten most costly crypto domains. Instead, the majority of the top ten crypto domain purchases were for lengthier crypto names with 5 to 14 characters.
Conclusion
The Ethereum Name Service, or ENS, is a distributed platform based on the Ethereum blockchain that provides a simple solution to long and difficult crypto addresses: a single URL that represents a crypto address, just like a website name or email address.
Buying a cryptocurrency name is now as easy as ABC with this in-depth guide. If you found this article helpful, you can share on social media so your friends will get to benefits from it too.
FAQ
Why do people add eth to their names?
eth is an Ethereum-specific top level domain extension. Simply said, when you see. eth at the end of Twitter account names/usernames, you know the people behind those accounts have the. eth top level domain suffix.
How do I get a .eth name on Coinbase?
Obtaining a cb.id username does not exclude you from obtaining a .eth domain and utilizing it in your Coinbase Wallet. If you liked the ease of cb.id and ENS but want your own .eth, you may get one at https://ens.domains/ and control it using your Coinbase Wallet.
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