Nick Johnson and Alex Van de Sande, the Ethereum Foundation developers, have deployed the updated Ethereum Name Service (ENS). The system serves as a domain name service for wallet addresses, dapps, smart contracts and other services.
ENS was initially opened on March 10, but after two critical bugs popped up, the team disabled the registrar to fix the problems. After the failed first launch, the team identified and documented the issues.
The current version of the system is temporary as the team is planning to replace the initial registrar with a permanent one in the next two years. This period will provide time for the system to mature and will allow developers to observe how it operates.
The ENS names on the eth domain will be distributed via an auction process after the upgraded version of the registrar becomes active on the Ethereum Mainnet. The team uses a soft launch approach this time and not all domain names will be available for bidding at the same time.
The names will be available for more than 8 weeks. You just need to select a name you want to register, enter how much you are bidding for it and wait if someone bids more. The names with less than seven characters won’t be available for two years, until the registrar is updated.
Instead of using long string of letters and numbers that make up public ethereum addresses, the ENS service allows you for instance to send money directly to coinspeaker.eth without the need to copy past long combination of numbers.
Released in 2015, Ethereum has significantly grown over the years and is now getting more popular. The world’s leading banks see the network’s potential to reshape the current finance industry. Earlier this year, JP , CME Group, Banco Santander, Microsoft, and other companies teamed up to form the Enterprise Ethereum Alliance to work on the development of the technology. The partnership is expected to contribute to the growth and adoption of Ethereum.
Last year, JP Morgan used the technology to create its own platform for confidential transactions called Quorum. According to the bank, it is going to replace the current database with one record of all transactions, what will improve maintenance and increase settlement times.
Meantime, the cryptocurrency ethereum has recently reached a record high of $71.90, with its market capitalization exceeding $6 billion. It looks like Ethereum becomes a serious competitor to bitcoin, as only a year ago its market value amounted to $1 billion.