The Ethereum Name Service (ENS), launched in 2017, is the most popular and widely used blockchain naming system, and 1inch is now making a move to compete with the brand. Following reports, ENS got over 600,000 names registered among over 269,000 unique owners in 2021 and over 400 integrations in several platforms.
ENS runs a decentralized system that allows users to manage their domain, making it very secure. In addition, the centralized system enables transactions to occur without passing through complex addresses.
The DNS has remained unmatched in the Web3 ecosystem for a long time, but that’s about to change. 1inch network announced news of its collaboration with Unstoppable Domains, an NFT domain name provider, on October 4.
This indicates that 1inch is planning to move into the decentralized domain ecosystem where ENS is currently the King.
The official announcement revealed the partnership project would replace complex wallet addresses with domain names, making transactions more user-friendly. This portfolio is the same as the ENS portfolio, which uses domain names in place of complex Ethereum addresses.
Expensive Domain Name, But User-Friendly
The new domain name offer is not cheap. Unstoppable Domains generates domain names by minting them as NFTs. Generating the names as NFTs makes them permanent, and holders can maintain the domain names forever. However, the words come at high costs, as high as $10,000 for popular and rare titles.
Unstoppable Domains offer different crypto domain names that end with NFT, Wallet, Crypto, Bitcoin, Blockchain, 888, and DAO. 1inch wallet users can interact with wallet names like money.crypto, and betty.NFT, victor. Wallet, and so on, while ENS names end only with .eth. According to Unstoppable Domains, the wallet names can serve as digital identities when running transactions.
1inch Co-founder, Sergej Kunz, commented on problems facing the Web3 systems. He said security, identity, identity, and user experience are problems preventing the mass adoption of Web3.
Kunz further said the partnership between 1inch and Unstoppable Domains would make Web3 more attractive by creating opportunities to overcome the challenges.
Unstoppable Domains is quite popular within the crypto ecosystem. The firm has registered 2.6 million names and integrated 453 platforms, including ShapeShift, Trust Wallet, OpenSea, Coinbase, and Brave browser. In Comparing ENS to Unstoppable Domains, data shows that ENS has registered 2.17 million names and over 500 integrations.
1INCH Price And ENS Price Outlook
1inch Network is a decentralized Finance project aggregator with a native token called 1INCH. The assets remained low with other DeFi assets for months during the bear market.
Featured image from Pixabay and chart from TradingView.com