Ethereum is the second-largest cryptocurrency in the market. Its popularity has led to a number of integrations to make transactions easier for its users. Even upgrades like ETH 2.0 are working towards this same goal. Ethereum wallets are not hard to get or operate, as long as one understands how cryptocurrencies work. But instead of having to paste your wallet address to receive payment in ETH, what if you could just receive the coins to your website domain?
A new integration has made this a reality. Now, owners of a .com domain name can use their domains as an Ethereum wallet. Domain name holders will be able to send and receive ETH coins using their .com domains. Ethereum Name Service (ENS) and Domain Name System (DNS) will allow .com domain addresses to effectively operate as Ethereum wallets.
Related Reading | Grayscale Tops Up Ethereum Investment To $10 Billion
Running An Ethereum Wallet With A Domain
ENS domain names are the domains that end in a .eth. These domain names have also functioned as Ethereum wallets since their inception. ENS supports top-level domains (TLDs), but instead of creating more TLDs like the .eth, ENS moved in favor of integrating with the currently existing DNS namespace.
Related Reading | Only In Crypto: A Croissant Explains Why Ethereum Will Be Worth Trillions
The integration will allow owners of DNS second-level domain names, that is domain names with a single dot in them, to use the same name on ENS. So a .com website name will still maintain the same exact name with a .com at the end but still work in ENS. For example, Newsbtc.com will still remain Newsbtc.com after it is imported into ENS.
After the owner finishes the importation of the DNS second-level domain name into ENS, they can then proceed to set ENS records for it. This will allow the owners to receive ETH payments. Using the domain names as a wallet.
Not The Only Crypto
Ethereum is the most popular cryptocurrency sent and received using ENS domains. This is due to the prominent TLD on ENS being the .eth. But it is not the only crypto that can be accepted using ENS. ENS domain owners can receive native assets from over 100 blockchains.
A domain owner can add an address from a particular blockchain, say Cardano, and then they will be able to receive tokens that are native to that blockchain. In this case, if an owner adds a Cardano wallet to their ENS, then they would be able to receive ADA through their domain name.
Related Reading | 60k ETH Exit Exchanges, Here’s Why It’s Bullish For Ethereum
Interestingly, owners can also receive NFTs using their domain names. For a blockchain like Ethereum, when an ETH address is added to the domain name, the user can receive an NFT that lives on the blockchain through their domain name.
The ENS team believes that integrating existing DNS instead of just adding ENS-native TLDs would give the project the best shot at long-term success.
ETH price trends above $3,000 | Source: ETHUSD on TradingView.com
Chart from TradingView.com
Leave a Reply