Ethereum Name Service Will Turn 300,000 .Eth Domains Into NFTs
The Ethereum Naming Service (ENS) has been making a continuous effort to provide the best services for its clients who want to start domains based on the Ethereum blockchain. Now, the next update to be made by the company is projected to change the situation even more.
This service is used in order to help with the process of registering sites on the .eth, .xyz and .lux domains. Now, however, the users will be also able to use their ENS addresses as non-fungible tokens (NFTs). This way, the users will be able to treat their domains as tokens.
What does this mean? It means that they will be able to trade them easily on exchanges, which makes the domains easier to trade whenever the owner wants it. The lead of the ENS, the developer Nick Johnson, has affirmed that all the current users of the program will have until May 4 to migrate their addresses.
Ethereum Naming Service was first launched in May 2017 and users who created their sites related to the Ethereum blockchain were able to use the .eth domain for the first time. These domains could be linked to wallet addresses, smart contracts, and other blockchain-based systems. So far, over 300,000 domain names have been registered with the company.
While most of the activity in the project was near its beginning, it is fair to say that the project was fairly successful. Now, by upgrading the system, the team hopes to draw more people in and to offer a better service.
What Will Change With The Upgrade
One of the major changes is that now people will not need to wait days for their domains to be registered. They can simply wait some minutes after the order and the product will be ready. Registering a domain will become something almost instantaneous.
You will only need two transactions to do it: the first one to commit to the name and the other one to register it. Brantly Milegan, a ENS developer, affirmed that the reason for the change was to speed up the process and make it simpler than it currently is.
The NFT tokens created by the domains will be just like the other ones from the Ethereum blockchain and will be as easy to use as CryptoKitties.
Finally, the last important change is that any domain with over seven letters will have to pay a yearly fee in order to avoid “land grabs”. The money will start to flow in 2020 when people start paying the domains and around $250,000 USD will be collected per year. All the cash will be sent to the ENS root mulsig wallet and the key holders will decide how to spend it later.
There are seven holders in this specific wallet. Whatever they determine will be how the funds will end up being used in the long term. These are the people that manage the program. They include Johnson, two people from the Ethereum Foundation, the CEO of MyCrypto wallet, the founder of Status, a software developer at ConsenSys and the lead engineer of Colony.
It was affirmed that the keyholders will receive feedback from the community in order to determine what will be the best way to spend the funds.