Ethereum Name Service gets upgrade; turning existing domains into non-fungible tokens

The Ethereum Name Service has announced an upgrade in an effort to speed up the registering process. It is launching a new registrar and turning all existing domain names into non-fungible tokens (NFTs). Like NFTs, domain names will be collectable and transferrable between users.

This includes more than 300,000 registered .eth domain names as well as .xyz, and .lux domain names. Up until May 4th 2020, .eth domain owners will be able to migrate their domains to the new registrar.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

The new ENS domain registration will be much faster than the current blind auction process. "Registering a name is nearly instant. Users submit two transactions, first committing to registering the name, then actually registering the name. In order to prevent front-running, these two transactions must be mined at least 1 minute apart," ENS lead developer Nick Johnson said. 

While blind auctions were believed to be the fairest way to distribute domains, ENS developer relations coordinator Brantly Milegan says “if there was a valuable domain it’s already been contested through auction.”

A three-step process (including an auction) will still be necessary to acquire domain names shorter than seven characters, but 7+ character .eth domain will be available for an annual fee of $5. Johnson claims the fee “is necessary to limit ‘land grabs.’”