If you've been active in the web3 space, there is a high chance you've at least heard about Ethereum Name Service (ENS) or that you already own an ENS domain name. If you are an active Twitter user but new to ENS, you might have been curious as to why most Twitter users add the suffix ‘.eth’ to their username (something like emojidao.ethvitalik.eth
ENS is a well-known, open, decentralized, and extensible naming system that is built on the widely utilized Ethereum blockchain. ENS has the ability to transform human-readable Ethereum addresses like alice.eth into machine-readable alphanumeric codes that you must be familiar with from a number of virtual cryptocurrency wallets like Metamask.
What this implies is that, when a user goes through ENS to map an Ethereum address 0xa3b7b3d0… to a human-readable name alice.eth, the user can be able to use alice.eth to perform transactions in any ENS-supported DApps and the DApp will be able to interpret alice.eth as 0xa3b7b3d0… which is the original wallet address of the user. In order words, funds can be sent through alice.eth and they will arrive at the mapped wallet address.
Important to note that reverse conversion is also possible — the association or conversion of metadata as well as machine-readable addresses to human-readable Ethereum addresses. ENS is in many ways similar to DNS, but completely decentralized, more secure, and free from censorship. Anyone can own an ENS subdomain by registering one on the ENS website
Although this article gives a brief introduction to ENS and why it matters in the world of web3; the principal aim is to bring to light the possibilities of ENS subdomain subscription service powered by Double Protocol. Let's jump in and explore more.
Why ENS?
Thus far, ENS has proven to be the best solution for simplifying the use of decentralized applications, especially for beginners. It enables the creation of aliases or nicknames for crypto public addresses or any decentralized application. By offering portable and interoperable web 3.0 usernames across various decentralized applications (DApps) and blockchains, ENS focuses on acting as the naming protocol for decentralized internet services.
The fundamental goal of Ethereum Name Services (ENS) is to offer the required infrastructure for the development of Web 3.0 services that are much more easily accessible and usable, as well as to provide a system for the control of sovereign identity for individual or corporate blockchain addresses.
Thus, just as the DNS became an essential component of the web2.0 Internet, ENS aims to do the same for the development of Web 3.0. As a decentralized hub, ENS enables the connection of various parts of the decentralized network to fully utilize Web 3.0 technology while enhancing its security and usability. As DNS is to web2.0, so is ENS to web3.0; providing the building block for decentralized digital identity.
The most intriguing part is that .eth domains powered by ENS are ERC721 tokens, or an NFT, whose ownership is documented on the Ethereum blockchain. As a result, you may also trade your .eth domain names on NFT markets like
How ENS Sub-domain changes the game
Ideally, anyone who owns an ENS domain can set up a subdomain name under it, and be able to configure it as desired. For example, if Bruce owns bruce.eth, he will be able to create multiple, unlimited subdomain names such as “crypto.bruce.eth” or “li.bruce.eth”. He could basically create any name under bruce.eth by adding a prefix followed by ‘dot’ to the existing domain name he owns.
But why is ENS subdomain important? As popular/short domain names become increasingly expensive and scarce, it opens up an opportunity for people to own a subdomain to any domain name of their choice. Subdomains bring a beautiful shade of colors to the web3 world, enabling people to identify with the community they belong to.
For instance, if Bruce belongs to the Double Community or Decentraland community, she could own an ens subdomain bruce.double.eth or bruce.dcl.eth, respectively. This subdomain could serve as Alice's digital identity, login to a decentralized application, or mapped to a wallet address.
At present, the possibility of web3 subdomains hasn’t been fully explored, but what if a domain owner could leverage a subscription service for anyone to create a subdomain either for free or as a source of revenue? Double Protocol has the answer. Double Protocol has recently launched a subscription service for web3 domain names, starting with ENS.
Double Protocol subscription service enables anyone to list a domain name and allows other people to create or issue a subdomain in a completely decentralized manner. Domain owners could choose to monetize this service, and set a subscription price and period of validity; anyone who creates a subdomain pays subscription fees to the owner of the domain under which it was created.
Institutions or crypto communities could also leverage this service to issue subdomains to their community members. Needless to say that a branded subdomain across the board within a given crypto community goes a long way in reinforcing identity and affiliation.
Similar to how NFT owners make money by renting out their NFTs without giving up ownership of their assets, Double Protocol subscription service has delivered yet another opportunity for ENS domain owners to make stable income through ENS subdomain subscription service which is completely open to everyone.
Ethereum Name Service (ENS) continues to make massive waves in the web3 space and the entire crypto industry. Double Protocol remains committed to unlocking a wide range of innovations within the ENS ecosystem. The first ENS product to successfully go live on Double Protocol was ENS Rental Service and now the ENS Subscription Service has joined the list of services available to users. Double remains dedicated to driving innovation and adoption throughout the Web3 and NFT space.
Concluding Thoughts
It's almost impossible to imagine the future of the next iteration of the internet, without factoring in a place for a decentralized naming service like ENS. To date, the launch of ENS domain has recorded massive success not only in transaction volume but also in the number of adoptions by large and well-established companies and high-network individuals. This same success could also be replicated with ENS subdomain, and Double Protocol is positioned to make this happen.
