An effort to build a domain name system on top of the ethereum blockchain network is gearing up for a major upgrade early next month — and the project’s developers are urging stakeholders to prepare.
At the heart of the upgrade is the replacement of the Ethereum Name Service’s registrar, with the goal of vastly speeding up the process of registering .eth, .xyz, and .lux domain names. What’s more, names registered on the ENS will be treated as non-fungible tokens (NFTs), allowing them to be bought and exchanged like similar kinds of tokens on the ethereum network.
During an April 16 blog post, Ethereum Name Service (ENS) lead developer Nick Johnson wrote that registered domain users have one year after May 4 to migrate their domain to a new registar that is replacing the existing one.
The service first launched back in May 2017, allowing users to register .eth domain names and link them to ethereum resources such as smart contracts, wallet addresses, and more. This is a particularly useful application given the complex naming system attached to such resources.
Since inception, at least 300,000 domain names have been set up using the ethereum domain .eth, according to Brantly Milegan. the developer coordinator for ENS.
And data from Curious Giraffe shows the economic impact — that is, how people are actually using the network’s native ETH token to participate. To wit: nearly 800,000 auctions have been started, drawing in 3.2 million ETH worth of bids and a total of about 170,000 ETH locked up (successful bids are locked up in a contract so long as the bidder holds the domain itself).