Benzinga - In a significant move blending traditional web domains with blockchain technology, domain registration and web hosting firm GoDaddy (NYSE: GDDY) announced on Monday a partnership with Ethereum Name Service (ENS).
The partnership aims to integrate domain names with blockchain-based naming systems, offering a seamless experience for users at no additional cost.
What Happened: Paul Nicks, president of Domains at GoDaddy, emphasized the company's commitment to innovation in the domain industry.
"Partnering with ENS presents our customers with a unique opportunity to experience the fusion of domain names and blockchain technologies," Nicks stated, highlighting the benefits for users in both domains and blockchain sectors.
Nick Johnson, founder of ENS said, "By pairing up ENS names and GoDaddy domains, we will streamline the way users interact with web domains, blending the familiarity of the DNS with the potential of blockchain technology," Johnson said.
Also Read: Ethereum ETFs Have 60% Chance Of 2024 Launch, Says ETF Expert: Approval Is 'Path Of Least Resistance'
Why It Matters: The Domain Name System (DNS) is a foundational internet component, translating readable domain names into unique Internet Protocol (IP) addresses.
ENS operates similarly but within the blockchain framework, converting complex wallet addresses into user-friendly names, according to the company.
Traditionally, transitioning domain names to ENS has been feasible but hindered by technical and cost barriers, such as high gas fees associated with blockchain transactions.
To address this, ENS has introduced new smart contracts that facilitate the resolution of domain names at the DNS top-level domain (TLD) level.
This development enables the verification of DNS records, allowing users to link their domains to ENS without incurring additional costs.
Domain owners and crypto wallet holders can now effortlessly link their digital assets, streamlining management and enhancing the utility of their online presence.
This partnership between GoDaddy and ENS represents a convergence of these two systems, enhancing security and reliability for domain owners while incorporating the innovative features of blockchain technology.
Read Next: Binance Freezes $4.2M In Stolen XRP Linked To $120M Hack
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.