comprehending the power of the first thing we’ll need to do is understand dns here…Ethereum Unstoppable Domains…
utilizing examples so that’s exactly what we’re going to be using to help you comprehend dns so dns stands for domain name service which is an expensive method of saying that it is a valuable service which enables us humans to key in human readable addresses into the search bar and then it will immediately turn them into maker understandable addresses so the majority of you are probably knowledgeable about ip addresses and those are exactly how a computer system at one end of the web knows how to talk specifically to another computer system elsewhere and not just scream it into the abyss that is the web when you enter google.com and you struck enter your computer system sends out a message to your internet service provider saying yo where’s google the internet service provider learns and goes to where google is tells them
that you are searching for them and after that gets a bundle back to send out to you now the package is then unpacked by your computer system to show you the totality of the google.com home page utilizing complicated mathematics and software application all of this interaction takes place behind the scenes but to you it’s basic and user friendly in fact if we had to type in 184.108.40.206 into the url bar instead of google.com a lot more people would be puzzled right we do not speak in numbers or ip addresses we speak in dot coms dot orgs and webs since it makes sense to us so that’s basically what a dns is a translator for people to speak machine code next up let’s see how this works for crypto ens is basically the exact same thing that i just pointed out except it’s for ethereum ens means
ethereum name service and practically lets me tell you that whiteboardcrypto.eth is my wallet address so you can just type that in and pay me 20 if you desire by the way if you do not have 20 and you wish to support the channel do not hesitate to leave a like listed below it’s complimentary and it rewards all our hard work on this video and the past hundred that we’ve been truly hard at work producing but anyways if you’re not utilized to comprehending the option to sharing whiteboard crypto.eth with somebody is i ‘d need to share them this i can’t inform somebody that and i could not reliably type that into a computer you have to copy and paste it and that is basically what ens does is equate
As you most likely currently know, crypto transactions are irreversible. When you send character, extremely long ERC-20 address and paradise forbid you mess up one character, you could be sending your preciousinto oblivion never ever to be seen once again. All of us understand the painstaking minutes between when you send crypto, to when it gets to the location, praying to the that the address was right.
The reverse is also real, say someone wishes to send you some and they mess up even a single digit, good luck inquiring to resend more after they simply lost their funds. This is extremely bothersome, especially if you are trying to run a company and are depending on payments, with your clients all running the risk of entering your receiving address incorrectly.