Developers of the non-profit organization True Names have fully integrated the DNS-namespace DNS-namespace with the Ethereum Name Service (ENS).
We’re pleased to announce full DNS namespace integration to ENS is now live on mainnet! 🍾🍾
This enables a DNS domain owner to import it for use on ENS.
Those following ENS know this has been a long time in the making. 💪
Blog or 🧵 below for more:https://t.co/OKE8UwgaNu
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— Ethereum Name Service | ens.eth (@ensdomains) August 26, 2021
Owners of second-level DNS domains can import them for use on the Ethereum network.
“If you own ‘example.com’ in DNS, you can import it into ENS as ‘example.com’, not ‘example.eth’, since the latter is a separate name. Then you will be able to set records for it in ENS, for example to receive payments in cryptocurrencies such as ETH, BTC and DOGE on ‘example.com’,” the developers wrote.
A DNS name imported into ENS can also be used as a username in various decentralized applications built on the Ethereum blockchain.
A one-time gas fee is charged to import the name. The developers emphasised that this fee can be “very high.” Further use of the name on the Ethereum network is free, since the charges occur on the DNS side.
We say this in the guide linked above, but it’s worth emphasizing:
While there is no ENS protocol fee for importing a DNS name to ENS, there is a one-time gas fee for importing. *This gas fee can be very high!* We’re actively working to decrease the amount of gas required.
— brantly.eth (@BrantlyMillegan) August 26, 2021
Although DNS names have capabilities similar to native Ethereum-name names, they still have a number of differences. For example, they have different security models.
Some users accused the developers of devaluing ENS names. Brantly Millegan of True Names stressed that the system was never oriented toward extracting profits for domain owners, and DNS integration was planned from the early stages of the project’s development.
1) ENS has never been about maximizing the value of names to squatters, it’s about making ENS as useful as possible.
2) I doubt you’ve read the posts linked above & understand the history or what this all means (since I don’t think this does minimize the value of .ETH names)
— brantly.eth (@BrantlyMillegan) August 26, 2021
Companies have indeed shown interest in ENS names. They are willing to pay substantial sums. According to OpenSea records, on August 11 the beer brewing giant Anheuser-Busch (owner of the Budweiser brand) purchased the name beer.eth for 30 ETH (~$93 500).
In April 2020, the cryptocurrency lending platform Rocket LP DAO first issued a loan secured by the domain name brantly.eth.
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