The Ethereum Name Service (ENS) is a domain name provider for the Ethereum blockchain offering names with the “.eth” suffix, which can be used as a simple, more user-friendly alternative to traditional Ethereum wallet addresses.
Since ENS domains are built on smart contracts, they're considered more secure and private than the Internet's DNS. ENS exists on Ethereum's highly programmable ecosystem, which allows the domain to interact with other smart contracts outside of naming
How do they work?
In a nutshell, ENS is a name and lookup service built on the Ethereum blockchain that allows crypto users to translate their machine-readable addresses to human-readable addresses. Think of it as a nickname generator for public Ethereum addresses, aiming to make crypto more accessible.
Why 3 & 4 DIGITS?
There are a number of reasons why 3 and 4 digit domains will 50x.
Ethereum (.eth) Brand Recognition
Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, Ether is second only to Bitcoin in market capitalization. Ethereum was conceived in 2013 by programmer Vitalik Buterin.
The latest network statistics ETH PRICE (USD) $2,811 The latest price for 1 ether. You can buy as little as 0.000000000000000001 – you don't need to buy 1 whole ETH.
TRANSACTIONS TODAY 1.155M The number of transactions successfully processed on the network in the last 24 hours.
VALUE LOCKED IN DEFI (USD) $110.1B The amount of money in decentralized finance (DeFi) applications, the Ethereum digital economy.
Ethereum is run by thousands of volunteers around the globe, known as nodes.
There is only a few number themed ens domains names. The importance of scarcity plays a huge role for an asset linked to ethereum.
The Law of Scarcity and the perception of value As investment industry professionals, we all have a fundamental understanding of the supply and demand equation, and how scarcity plays a primary role in influencing the perceived value of a product or commodity. The Law of Scarcity simply states: If what we desire “appears” to be in limited supply, the perception of its value increases significantly. Economists will go to great lengths to explain the mathematical principles controlling this phenomenon, but its practical essence is captured above. “The most successful marketing firms in the world have learned to expertly apply the Law of Scarcity in the creation of their sales messages...” One of the most fascinating aspects of the Law of Scarcity is the undeniable “universality” of its reach. The most successful marketing firms in the world have learned to expertly apply the Law of Scarcity in the creation of their sales messages, and have geared them around capitalizing on the emotional code of their target audience. Interestingly enough, we will often find that behind the crafted “sales message,” there may or may not be an actual scarcity of the product or service in question. The magic is in the “framing” of the message itself. You don’t need to go any further than a television commercial or piece of written advertising to see the most commonly used semantics incorporating the principles of scarcity. “…for a limited time only” “…this offer will not last” “…only 150 units available” “…time is running out” “…offer only valid for today” “…first come, first served” Remarkably, even though these linguistic techniques are repeated over and over again, they remain highly effective in producing the desired result — a significant increase in the perceived value of the product or service. Successful marketers understand the following simple formula: Increased Perceived Value + A Sense of Urgency = BUYING This whole notion of perceived value becomes even more interesting when we see how it affects our interpersonal relationships. Imagine a couple, named John and Carol, who have been dating for three years, and spend most of their spare time enjoying each other’s company. Before long, John begins to take Carol’s love and affection for granted — resulting in a decrease in Carol’s perceived value. Now imagine that same couple, one week later, at a cocktail party. John looks across the room and notices that Carol seems to be paying a lot of attention to a particularly handsome man near the bar. If John is wired like the vast majority of people, with even the remote possibility that Carol may become scarce (in favour of another man), her perceived value rises dramatically. John’s introduction to the Law of Scarcity may even lead to a marriage proposal!
Rug pulls are a lucrative scam in which a crypto developer promotes a new project—usually a new token—to investors, and then disappears with tens of millions or even hundreds of millions of dollars. This particular type of fraud accounted for $2.8 billion in lost money for victims, or 37% of all cryptocurrency scam revenue in 2021, according to Chainalysis, a blockchain analysis company. That’s a huge jump—rug pulls only accounted for 1% of cryptocurrency scam revenue in 2020, according to Chainalysis. -fortune.com
How rug pulls happen
The ease of the scam might be why it has become so popular. It's a fairly straightforward process to create new tokens on Ethereum or another blockchain, and get that token listed on decentralized exchanges (DEXes), or peer-to-peer marketplaces for crypto traders, without a code audit, according to the report.
Code audits are important from a security perspective because they assess any new code for errors, bugs, and quality standards set by the organization. Without assessing the code in smart contracts—also known as self-executing contracts—malicious developers can more easily introduce “bugs” or flaws, creating “backdoors” to steal user funds and perpetrate exit scams, according to a report by Elliptic, a London-based blockchain analysis provider. -fortune.com
Superior Development & Community
Ens domains as well as 10k club official are not just professional in their approach the community management development, etc - they are also pioneers in this space.
Key Resources & Readings:
ens.eth (@ensdomains) · Twitter
ENS: Ethereum Name Service - Collection | OpenSea
https://opensea.io › collection › ens
What Is the Ethereum Name Service (ENS)? - Blockworks
https://blockworks.co › what-is-the-ethereum-name-ser...
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