Ethereum Name Service announced that they now support multiple cryptocurrencies. Users are now able to register an Ethereum-based URL, which serves as both a website and a wallet. As a result users can receive multiple cryptocurrencies through a website URL. ENS basically replaces the complex addresses normally associated with cryptocurrency wallets.
Right now the .eth domain is the only one being sold by Ethereum Name Service. In the near future they also want to add the same functionality to DNS domains like .com and .net.
People who own an Ethereum Name Service (ENS) address can use the wallet for multiple currencies. At the moment the user interface only shows bitcoin, ethereum, ethereum classic and litecoin. However, the system supports more tokens based on the ERC20 protocol.
You won’t be able to send cryptocurrencies to ‘yourfriendsname.eth’ from every wallet, because wallets need to make sure they support ENS. At the moment there are fifteen wallets who are working on it. Among them are for example, Coinbase, Metamask, MyCrypto, MyEtherWallet, Bitcoin.com, Opera, TrustWallet, Status, Swarm, Bitfinex, Etherscan and Enjin.
Buying a blockchain domain
Right now the ENS system only works with for .eth domains. Ethereum Name Service will soon also allow existing DNS domains to function in the same way. As long as clients of course register their domain with ENS. Registering a domain is not free. Users need to pay yearly or can pay for multiple years upfront.
Last week Unstoppable Domains announced the launch of .crypto domains. People can buy a .zil domain and get a .crypto domain for free. Just like the service from Ethereum Name Service these .crypto domains can replace existing wallet addresses.
However, Unstoppable Domains just asks a one time fee. They transfer ownership of the domain to the user’s Ethereum or Zilliqa wallet. That’s because the .crypto domains are not ‘managed by a non-profit organization’.
Of course it’s very cool to be able to receive cryptocurrencies on your own web domain. However, the fact that the Ethereum Name Service basically still is the actual owner and we are nothing by renters, now that takes away the fun.
Also published on Medium.