Opinion | ENS: Why we choose Ethereum instead of reinventing the wheel
Editor's Note: This article is from:Ethereum enthusiasts (ID: ethfans)Editor's Note: This article is from:
Ethereum enthusiasts (ID: ethfans)
Ethereum enthusiasts (ID: ethfans)
The name of the Ethereum domain name service is not only because it supports assigning domain names to Ethereum addresses (ENS can support addresses of any cryptocurrency, but also non-blockchain data such as IPFS hash addresses and onion network .onion addresses), Also because it runs on the Ethereum blockchain and accepts ETH as payment.
Other blockchain-based domain name projects, old or new, often choose to launch their own customized blockchain and issue independent tokens.
This article is intended to explain why we believe that the use of Ethereum and ETH is the best approach for blockchain-based domain name projects.
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some stories
At that time, to create a blockchain-based application, it was necessary to start a new blockchain dedicated to that purpose (because developing applications on the Bitcoin blockchain is difficult). This involves a lot of work, including having enough knowledge to create and maintain a new underlying blockchain protocol, finding a group of miners to secure the chain, and finally getting people to actually start using this new blockchain protocol. chain.
Ethereum changed all that after its successful launch in 2015, making it much simpler to start a new blockchain-based domain name project, and to directly leverage the security, user base, and existing Infrastructure that exists on the Ethereum blockchain.
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What are the benefits of a customized domain name blockchain and token?
Running domain name services on a customized blockchain does have many obvious technical advantages: smaller blockchain size, faster transaction speed and lower transaction fees, and less attack surface. I will explain and respond in turn.
More compact blockchain size
If you want to get the full set of security benefits of ENS (or any Ethereum application), you have to run an Ethereum full node yourself, which not only stores ENS data, but also stores the data of all other applications running on Ethereum. If you use a customized domain name blockchain, the full node only needs to store domain name data, and the storage space occupied by the blockchain will be smaller and easier to run.
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Transaction Speed and Fees
This benefit, compared with using Ethereum, is actually insignificant. On Ethereum, to update an ENS record, if you are willing to wait a few minutes for the transaction to be confirmed, you only need to pay about $0.01 in ETH; if you are in a hurry, you only need about $0.04 to complete it within a minute.
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This also depends on the situation of the customized blockchain itself.
If a custom blockchain can support the same programmability as Ethereum, then the blockchain is about the same level of complexity as Ethereum; if not, then it may lack some key functions.
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Use Ethereum and ETH to get more benefits
Running a domain name service on Ethereum and using ETH has many obvious benefits, and we think it is far better than using a custom domain name blockchain and token.
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Benefits from Ethereum
In particular, I would like to point out some benefits that are not fully understood:
Ecosystem and infrastructure: ENS's native .ETH domain name is an ERC721-compatible NFT (non-homogeneous token), which means that a .ETH domain name can be stored in any NFT wallet and can be placed on any NFT market (such as OpeaSea) sell. ENS also benefits from being able to be easily added to the existing infrastructure of the Ethereum ecosystem, such as the main Ethereum library, MetaMask browser wallet, TruffleSuite development kit, MyEtherWallet web wallet, and more.
Benefits from ETH
in conclusion
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Using ETH instead of your own token means that users get all the convenience, supporting infrastructure, and wide distribution and market liquidity of ETH. Custom domain tokens just add unnecessary friction.
in conclusion
