Ethereum is by far the largest and most widely used smart contract blockchain in the world and puts the competition in the shade. But it has a problem. The wallet addresses are complex and unreadable for humans. This makes them difficult for users to work with. For example, when sending money to an Ethereum wallet, the long random address has to be entered incorrectly and verified multiple times to see if it is the correct one. It’s easier to make mistakes. There is a solution, however.
Type of Ethereum wallet addresses and generation method
Let’s start with the basics here. The addresses for Ethereum wallets are unique, 42 hex string characters and do not differentiate between upper and lower case. They represent an account in the Ethereum blockchain. They are derived using the public key and the private key of an account as well as cryptographic hashes. An Ethereum address starts with 0x.
Ethereum addresses are acquired by applying the Keccak-256 hash function to the public key, which is derived by applying ECDSA (Elliptic Curve Digital Signature Algorithm) to the randomly generated private key. This results in a string of 64 characters. Then the last 40 characters of this public key (Keccak-256) are taken.
The first 24 characters are omitted. Those 40 characters represent the address of an Ethereum account. If prepended with 0x it becomes 42 characters long which is the well known Ethereum address known to the public.
Ethereum name service
Ethereum Name Service or ENS solves this problem by using smart contracts that link the complex, human-unreadable Ethereum addresses to a simple .eth domain (among other variants). For example, you can bind the address 0xb4b3351918a9bedc7d386c6a685c42e69920b34d to something.eth. Now it’s easy to interact and work.
No need to copy / paste long addresses and hope everything goes right. Just buy a simple, low-fee domain to get cryptocurrencies, assets, and NFTs. The ENS domains themselves are ERC-721-compliant NFTs that can also be traded.
ENS domains are already integrated into a large part of the crypto ecosystem and are growing day by day. Currently it is compatible with Coinbase, Rainbow, Trust Wallet, MyCrypto, MetaMask, Huobi etc. The DApps that support the domains are Uniswap, Etherscan, Tornado Cash, The Graph, Aavegotchi.
How can you get one with Trust Wallet?
- Open your Trust Wallet and select the account you want to bind ENS to.
2. Then open the DApp browser to access the Ethereum name service. A connection will be established automatically because we are using the Trust Wallet. At this point, check the Ethereum address. Alternatively, you can connect to your wallet in other ways.
3. Search for your preferred ENS domain and if it is available the system will display the results. If not, it will be grayed out, indicating that the domain is already taken.
4. After you have selected an available domain, you need to select the lifetime or your registration period for that domain. These can be extended multiple times as often as required. So technically you can keep an .eth ENS domain forever.
5. The final step is to register and pay the service fees. Congratulations on receiving a .eth domain!
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