Do you know what Ethereum name service is? If not, this article is for you. Today we will talk about what is a Ethereum name service and Ethereum Name Service Skyrocket By 2 Million ENS In 2022. Let’s find out by reading the article below.
What is a Ethereum name service?
The Ethereum Name Service (ENS) takes the exact same concept as the Domain Name Service (DNS), but adapts it to the needs of Ethereum users. At its core, the Ethereum Name Service is a distributed, open and scalable naming system that runs on the Ethereum blockchain.
It aims to map human-readable names to machine-readable identifiers. In this case, the human-readable name could be something like "cactus.eth", while the machine-readable identifier could be an Ethereum address (or other cryptocurrency address).
Ethereum Name Service Skyrocket By 2 Million ENS In 2022
The Ethereum Name Service (ENS) has had a very successful year in 2022, with more than 80% of the total number of ENS domains created since its inception being registered during the year despite challenging market conditions for cryptocurrencies. As of January 2, ENS had approximately 2.82 million registered domain names and 631,393 ENS domain owners. It also saw the most ENS registrations of the year, with 459,054 domains registered.
Additionally, May 2022 has been a successful month for ENS, with many .eth domain registrations likely affected by the low gas fees on the Ethereum network at the time. It recorded about 64,594 new addresses in May, the data showed.
I hope now you will know what is a Ethereum name service and Ethereum Name Service Skyrocket By 2 Million ENS In 2022. Tokens are used to transfer ownership of these domains and to make payments when registering and managing domain names.
