GoDaddy, one of the world's largest domain name services in Web2, has just partnered with Web3's Ethereum Name Service (ENS) to allow users to link their Web3-based ".eth" domains to traditional Web2 domains—all for free.
As you might expect, this has turned out to be huge, and ENS is currently on bullish steroids.
Here's everything you need to know about this merger.
If you didn't know, .eth domains are decentralized domain names that function on the Ethereum blockchain.
They allow users to have completely human-readable names on the blockchain, like Alice.eth or Bob.eth.
In essence, instead of having complex addresses like "0x83ae…", users can own and control their own domains on the Ethereum network.
The current partnership between GoDaddy and ENS will serve as a bridge between the Web3 and Web2 ecosystems, making it easier for users to own and operate both Web2 and Web3 domains.
In essence, users with domain names like Alice.com or Bob.org can now link these domains to their .eth domain for free, with the help of GoDaddy's domain management interface.
In essence, Bob or Alice can have both Web2 and Web3 domain names, and enjoy the benefits that come with both.
The latest developments come amid an ongoing legal dispute between ENS and Unstoppable Domains, both of which offer the same services.
In detail, Unstoppable Domains got a patent in January 2023, which claimed that Unstoppable Domains had found a way to leverage blockchain technology to identify domains.
Nick Johnson, the creator of ENS, however, argues that the patent is based on his company's open-sourced work.
Moreover, Johnson also worries that Unstoppable Domains might exploit the patent to hinder the Web3 domain market.
Johnson fired at Unstoppable Domains, requesting that it either renounce the patent or sign a document, promising that it would not assert this patent against anyone.
However, Unstoppable Domains responded by inviting Johnson to join the Web3 Domain Alliance, an industry group that they founded, and by saying that there has to be more domain services than just ENS.
Overall, the dispute isn't over yet, but Johnson has stated that should the need arise, he is ready to file a formal patent challenge.
Amid the drama between ENS and Unstoppable Domains and the innovation of GoDaddy, ENS is surging strongly.
The cryptocurrency has rallied by more than 20% over the last day as shown above, and currently trades at $22.30
The cryptocurrency's market cap has also rallied by as much as 23%, with a whopping 308% spike in trading volume over the last day.
In the charts, we can see that ENS is overall bullish, and has been on a bullish rally since mid-December last year.
The cryptocurrency has just rebounded off the ascending trendline shown above and is now attempting to break above its previous high from 14 January, around $27.5.
If we do see a break above this resistance, ENS would have become fully poised to hit anywhere from $30 upwards.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.