Ethereum Name Service Launches Multi-Coin Support on Mainnet

Ethereum Name Service (ENS) says that 24 wallets are supporting it now.

Ethereum name service has released multi-coin support on mainnet. And 15 wallets are ready to accept the feature.

This novelty will enable users to have one ENS name for all crypto wallets. With several wallets joined previously ENS has now a list of 24. Here is the full list.

Brantly Millegan, editor of the Ethereum Name Service, says that the project is only in its initial stage.

“This first version of multi-coin support in our Manager UI currently only supports addresses for ETH, BTC, LTC, and ETC (and not all encodings yet, so use it with caution). But we’ll be expanding the capability of our UI over the next few weeks, so check back soon,” he noted.

On May 4, the Ethereum Name Service upgraded and introduced a new domain name registrar. All existing domains will be converted into interchangeable tokens (NFT tokens) that can be stored and transferred to other users.

The upgrade will affect 300,000 .eth domains, as well as .xyz and .luxe. The procedure will be completed by May 4, 2020.

Why do we need ENS?

It has the same purpose as the entire DNS system. It organizes a convenient naming process for users.

ENS allows you to bind addresses on the Ethereum network to the domains above to make them more readable. The solution aims to make access to blockchain assets, decentralized applications, and smart contracts convenient in terms of user experience.

Earlier, domain registration was performed through blind auctions. However, with a new registrar, the process significantly accelerates. Users just need to make two transactions: the first to indicate their intention to register the name and the second to do so directly.

For domain names consisting of seven characters or less, the three-step registration process retains. And all other .eth will be available for $ 5 per year.

Recently, ENS faced a serious issue. A hacker received 17 ENS domains through auction at significantly reduced rates. ENS has blacklisted the domains and asked to return them for a fee. They offered the hacker a refund of the amount paid in ETH and 25% of the auctioned name sales. As a result, the attacker agreed to the deal.

Previously, Altcoin Buzz wondered whether “Nervos Has the Solution to Ethereum’s Scalability Problem?”

 

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