Wallet Address is So Long! But You Can Simply Avoid Mis-transfers with a Domain Name!

No Comments 46 Views0


Simply Avoid Mis-transfers with a Domain Name IMG 02

Still remember the experience of using Ethereum wallet to transfer money to others for the first time? You pasted a long string of characters, murmured to double check the input content and the information by the other party. However, since the address was too long and you only checked the last 4 characters, then clicked the button for account transfer before suddenly realizing there was no space between the character strings? Or whether you might confuse the number 1 and the letter I?

Simply Avoid Mis-transfers with a Domain Name IMG 01

If somebody claim such a kind of experience will make the blockchain popular, it’s completely unbelievable. It is just as infeasible as only inputting the IP address to access to amazon.com, because inputting the IP address never conforms to the habits of all the users. For the sake of the memory and application, the domain name therefore came into being, such as: amazon.com.

With the experience of Internet, the blockchain naturally has a similar domain name service mechanism. In May 2017, Ethereum released ENS (Ethereum Name Service), so that the users can choose a unique “.eth” domain name, such as “hellobtc.eth” in the same way of registering a website domain name, then associate with their own Ethereum wallet addresses. In this way, other people needn’t remember such a long string of characters, they can just transfer money to “hellobtc.eth”.

Simply Avoid Mis-transfers with a Domain Name IMG 05

As the earliest mainstream public chain, Ethereum has generated 160,000 “.eth” addresses since the 「.eth」was launched more than one year ago. Like the transaction of Internet domain names, good “.eth” names have also been greatly favored by the public, for instance, the auction price of “darkmarket.eth” was as high as 20103 ETH, which is equivalent to nearly 34 million RMB based on the current price.

Simply Avoid Mis-transfers with a Domain Name IMG 03

However, the “.eth” also has its restrictions: it can only be used for transfer within Ethereum, instead of the Internet domain names or e-mail addresses. The domain name must be more than 7 digits in length. Moreover, its applications have also been greatly limited. When other public chains have provided account systems (such as EOS), the “.eth” advantages of Ethereum have no longer existed.

At the end of 2018, ENS collaborated with MMX (Minds+Machines Group Limited), a company with a first-level domain name, to realize the connection between the “.luxe” domain name and the ETH wallet address. It should be noted that “.luxe” itself is a first-level domain name, which means that people can use “.luxe” as the website address, or use it as the wallet address of Ethereum assets to create the digital identity in the Internet and blockchain. Of course, it also means that others can arbitrarily check your asset exchanges in your wallet by means of your website address. Oops!

Simply Avoid Mis-transfers with a Domain Name IMG 04

In addition, we have to complain that, as the only provider of such a kind of service nowadays, the domain name fee for “.luxe” is at least 28USD/year, which is a little expensive compared to only 9.9USD of annual fee for some general domain names.

If you can give your own crypto asset wallet a “domain name”, what name do you want to use?

 

Leave a Reply