Ethereum Name Service is likely to complete 2 million registrations -

Ethereum Name Service touched 1.8 million domain name registration milestones by the end of July 2022.

The expansion of the Internet made remarkable changes in users’ lives and brought the world to their fingertips after such a huge advancement rush of registering domain’s nascent networks. Ecommerce giants like Amazon and others were born on the Internet, but other businesses registered their domains.

Names of Domains remain an essential part of the Internet, functioning as the flagpole of the biggest brands, companies, institutions and individuals. But the beginning of Blockchain technology and Web3 has directed a paradigm for domain name hosting.

Top intelligent Tech leaders and operatives realized there was a tangible value in enlisting websites with the name of recognized brands, companies or famous individuals, knowing those same people would ultimately want the same. Thus domain scrunching, as it is now known, was born.

A mind-blowing amount is paid for getting domain names and the global shift towards the Internet. Cars(Dot)com is known for holding the most expensive domain name ever sold, whose website was valued at around $872 million during its high-profile sales in 2015.

The second most expensive domain in history is CarInsurance(Dot)com, valued at $50 million. The list continues, and the prices of other domains differ according to their works. And other Expensively sold domains are internet(Dot)com, sex(Dot)com, beer(Dot)com, and hotels(Dot)com are among the most lucrative DNS addresses sold till now.

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Hike In Ethereum Name Service Domains Registrations

ENS(Ethereum Name Service) received approximately 1.8 million registration for domain names till the end of July 2022. And in the same month, around 378k .eth domains were enlisted, generating monthly revenue of 5400 ETH.

July 2022 stats for ENS
– 378K new .eth registrations (total 1.86m names)
– $6.8m in protocol revenue (all goes to the DAO)
– 5,400 ETH in revenue (highest ever month)
– 48K new eth accounts w/ at least 1 ENS name (total 508k)
– >99% of OpenSea domain vol pic.twitter.com/TdD16FOX2d
— ens.eth (@ensdomains) August 1, 2022

Ethereum Name Service is a “distributed,open and extensible naming system” that works on the Ethereum Blockchain. The primary purpose of it is to map human-readable names like “alice.eth” to machine-readable information like URLs and addresses.

ENS is quite similar to DNS(Domain Name Service), which is used for dot-separated hierarchical names, commonly known as domains within the owners of the domain controlling both it and any subdomains. An ENS domain is an NFTs that works as an ETH wallet that addresses a cryptographic hash or Website URL.

As per The Coin Republic, Anthony Hopkins, a well-known celebrity, has added the .eth domain name to his Twitter account and, in his tweet, suggested other renowned celebrities add the same.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing