I have been reading a few articles on this Ethereum Name Service (ENS) and trying to get a handle on exactly what is being offered. An article on CoinDesk a couple days ago shows that some serious money is being invested for names that will end in .eth.
Exchange.eth went for $609,000. The article points out that these prices are actually deposits and you can get the money back in a year if you give up the name. Apparently right now there are no names available that are less than 7 characters.
After a shaky start this spring, a project called the Ethereum Name Service (ENS) appears to be attracting serious capital.
Thousands of people are vying for a new set of ethereum names being auctioned off by the leaderless domain service, with some putting in bids for upwards of $1m.
Even though bid amounts are more like deposits (which you can get back after a year, if you chose to relinquish the name), what still comes as a surprise is how much people are willing to put toward more popular names.
So far, exchange.eth was claimed for 6660 ETH ($609,000), foundation.eth went for 300 ETH ($27,000), and weather.eth was auctioned for 101 ETH ($9,000).
What’s next?
As the ENS team moves forward, the plan is to focus on getting more wallets to integrate and support the software. Johnson said he also wants to expand the capabilities of ENS and add more standardized components.
“One of the things we would like to do is add proper support for DNS records. We could then use one of the alternate DNS hierarchies to offer .eth as a top level domain,” he said. “You could actually host your website with a .eth domain, though not on the global internet for now, because we have to talk to ICANN about all of that.”
1 ETH is approx $92 right now, so the original article is confused in terms of price.
Also, the amount bid and the amount paid differ, there is also some confusion as to what part is a deposit and what part the cost of the service, don’t think the bid is 100% refundable.
I like what Ethereum seems to be trying to do with blockchain but find the price of ether disconnected from reality – it’s not like similar solutions can’t be built outside the ETH eco-system.
Etherium doesn’t have the mining power yet (or ever) to be an immutable source of truth, i.e. someone could relatively easily get 50% of the mining power and ‘fork’ the chain
If you’re looking for the crypto assets based on Bitcoin (which is immutable) then head over to https://counterparty.io/
The decentralization nature of Ethereum/ENS designed not to be for “investors” – I’d read this before anything 🙂 https://registrar.ens.domains/ be sure to click on “understand the process” at bottom
It is mostly deposit, you lose only about half a percent from the entire transaction.
Now one knows what ETH is for right now, it supposedly will be able to connect to over all ethereump dapp system. As of right now, it just speculation. Matt, i dont think you fully undertand what Ethereum can or cant do. Ethereum in its core is as secured as bitcoin, but there are two layers to it. Core and then there are dapp and smart conctracts.
Ethereum is platform to develope decentralized blockchain and has strong leadership with a big vision. Bitcoin, is very hard to modify blockchain without any clear consensus on any direction, that also had hard forks.
Domain names are readable IP addresses.
ENS names are readable blockchain addresses.
Expect Wallet.Eth to go for between $1 million to $2 million.
However, WalletEth.com is the KING to Wallet.Eth!
Already sold:
Exchange.Eth for $592,540!
Payment.Eth for $231,556!
Wallets.Eth for $125,920
There is nothing in a .ETH domain name that cannot be done with a regular DNS TXT record on a “regular” domain name.
how do i sell a eth domain, i currently own ฿itcoinwallet.eth