Crypto domains, specifically Ethereum Name Service (ENS), have been blowing up. According to an article published last October, there has been a surge in the popularity of ENS domain names. ENS domains are decentralized blockchain-based names that simplify Ethereum addresses. Registrations have doubled since May, reaching 2.6 million.
OpenSea is the leading marketplace for ENS domain trading, generating $5.5 million in revenue. The top five sales include “paradigm.eth”, which sold for $2 million. Factors contributing to the interest are blockchain adoption, recognizable names, and investment potential. Prominent individuals and companies also contribute to the trend.
In the fast-paced world of cryptocurrency, simplicity and identity are paramount. Elastos Name Service introduces a solution that replaces complex crypto addresses with unique domain names, making transactions more convenient and error-free. With Elast os Name Service, you can bid farewell to the days of copying and pasting lengthy cryptographic addresses.
One time Registration Fee
The Elastos-based domain name service utilizes ERC721 technology, enabling users to register their unique NFT domains through a straightforward one-time registration fee. Once registered, these domains are stored securely in your wallet. Say goodbye to recurring renewal fees – your .ela domain is yours forever.
DID tied with Elastos Name Service
Decentralized identity (DID) is another benefit offered by Elastos Name Service. By leveraging the power of blockchain technology, Elastos Name Service provides users with a secure and self-sovereign identity solution. DID enables individuals to have full control over their personal information and digital identity, eliminating the need for intermediaries or centralized authorities. With Elastos Name Service, users can associate their decentralized identity with their domain name, creating a seamless integration between their online presence and their unique digital identity.
This integration opens up exciting possibilities for trust, privacy, and security across various applications and services. Elastos Name Service is at the forefront of making decentralized identity popular, paving the way for the launch of value-added services that are tightly integrated with DID, offering users a comprehensive and holistic digital experience.
ELA Domain names seamlessly integrate with decentralized identity, offering a multitude of benefits and use cases. With user-friendly identifiers, Elastos Name Service makes it easy for individuals to interact with decentralized applications and remember their unique identifier. The trusted resolution system adds an extra layer of trust and authentication to decentralized identity implementations, enhancing security and reliability. Through Elastos Name Service, users can engage in name-based identity interactions, associating their domain names with social media profiles, decentralized websites, or other decentralized applications. This fosters seamless and personalized interactions within the decentralized ecosystem.
Simplified address sharing is facilitated by Elastos Name Service, allowing users to associate their decentralized identity with a user-friendly domain name. This simplifies the process of sharing one’s identity, making it more convenient and efficient.
One of the key advantages of Elastos Naming is identity portability. By linking decentralized identities to Elastos Name Service domains, users ensure a consistent and permanent identity, even when switching between different decentralized identity systems or DID methods. This feature enhances the flexibility and adaptability of decentralized identity solutions. Elastos Name Service ensures transaction verification by leveraging domain names to verify recipients’ identities. This reduces the risk of human error or phishing attacks, enhancing trust within the decentralized ecosystem.
Simplifying Transactions
Gone are the days of memorizing or reading out a lengthy 42-character code. With Elastos Name Service, you can send and receive crypto by sharing your .ela domain. Instead of struggling with intricate addresses, your recipient can now say, “Send it to hello.ela.” This simplicity streamlines transactions and eliminates the risk of sending funds to the wrong address.
Web3 Domain Alliance Affiliation
The team is currently working on getting its open-source smart contracts audited. The code has undergone a thorough review by renowned teams such as WebEssentials, ENSDomains, and Unstoppable Domains. By joining the Web3 Domain Alliance, Elastos Name Service demonstrates its commitment to ensuring the safety of its domains within the Web3 ecosystem. Through collaboration with other alliance members, Elastos Name Service aims to develop industry standards, and educate users to create a trusted environment for Web3 naming services.
Seamless Integration
A user-friendly SDK and API are provided by Elastos Name Service that seamlessly integrates with popular platforms, including wallets, dApps, and DeFi applications. This integration enables a hassle-free experience, allowing you to manage your .ela domain name effortlessly.
The ELAD Token
ELAD is the official Elastos Name Service token, which will be airdropped to domain owners. This token will have utility within the ecosystem, serving as a voting mechanism in the DAO (Decentralized Autonomous Organization) process. Furthermore, ELAD token holders can participate in staking and farming programs, amplifying the benefits of their domain ownership.
ENS vs. ELA Domains
ELA Domains and ENS domains are decentralized domain name systems built on the Ethereum network, but the two have several key differences.
ELA Domains follows a one-time purchase model, where users pay a registration fee to own their domains indefinitely. On the other hand, ENS domains operate on a subscription or rental model, requiring users to renew their domain ownership annually. This distinction offers users the benefit of permanent domain ownership with ELA Domains, eliminating the need for recurring fees.
ELA Domains and ENS domains integrate with popular wallets, allowing users to send and receive transactions using their domain names. However, ELA Domains seamlessly integrates with major wallets like MetaMask, Trust, and Coinbase, making it easier for users to use their .ela domains. ENS domains also integrate with wallets but may require additional steps or configurations for compatibility.
Governance and token play a role in both ELA Domains and ENS domains. ELA Domains introduces the ELAD token, which serves as a voting mechanism in the DAO process and offers staking and farming opportunities for token holders. ENS does have the ENS token, which can be utilized towards governance decisions, providing token holders with a means to participate in the overall ENS ecosystem.
While both systems provide decentralized domain name services on Ethereum, ELA Domains aims to offer a more user-friendly and cost-effective solution for simplifying crypto transactions.
Roadmap for the Future
Elastos Name Service has a comprehensive roadmap ahead. Soon, they will launch a website and build a vibrant Twitter community. Testnet and Mainnet launches are on the horizon, followed by exciting features such as NFT avatar customization, social linking, and easy domain transfers. Additionally, Elastos Name Service aims to list domains on an NFT marketplace, further expanding their reach and accessibility.
The team also plans to list the ELAD token on major CEX exchanges within the year. They also plan to create a Liquidity Pool on the top-tier Decentralized Exchange on Elastos, Glide Finance. Elastos Name Service is motivated to ensure the ELAD token is accessible to anyone purchasing it via multiple outlets.
Purchase your Domain Seamlessly
Selecting a domain name on Elastos Name Service is a straightforward and user-friendly process. All you need to do is connect your Metamask wallet or use the Wallet Connect option on the Elastos Smart Contract Chain. Once connected, you will see a search bar where you can enter the desired domain name you wish to purchase.
What sets Elastos Name Service apart is that it offers a wide range of emojis that you can incorporate into your domain name. Each domain’s price is determined by the number of characters it contains. So, you have the flexibility to choose a domain that suits your needs and budget.
Conclusion
Elastos Name Service allows simplified transactions to purchase a .ela domain. With its unique domain names, one-time registration fee, and total control over your domains, Elastos Name Service offers a user-friendly experience. Embrace the future of cryptocurrency transactions with .ela domains and bid farewell to the complexities of crypto addresses.
Elastos Name Service Contact
E-Mail: info@eladomains.xyz
Twitter: https://twitter.com/ElastosDomains
Disclaimer: This article serves as an introduction to the Elastos Name Service and does not assume responsibility for the security of this Service. It is important to note that domain name services such as ENS (Ethereum Name Service) and other similar platforms are still evolving technologies, and as with any emerging technology, there may be inherent risks and concerns. One such concern is the possibility of addresses being re-routed or controlled by the administrators of these projects. While efforts are made to ensure security and decentralization, it is essential to conduct thorough research and exercise caution when participating in any domain name service or decentralized system. Users should be mindful of potential risks and take appropriate measures to safeguard their assets and personal information.
