If you have followed along, you now have a cryptocurrency wallet. If not, you might want to pause now and take 15 minutes to create a wallet for free do that. Feel free to review one of several onboarding session going through these exact steps on our podcast.
If you do have your wallet all set, the next thing to consider is your ‘wallet name.’ As we have discussed, by default your wallet will have a very long string of random characters starting with 0x to represent it. When someone sends you something, they are sending to 0x4th1e…etc., and more to the point, when you sign in and leave your footprint somewhere, that is what will be shown. So the obvious advantage to having a wallet name from a service like the Ethereum Name Service is that you wallet will have a human readable name, like BlockGurus.eth. Simple, right?
As web3 and the metaverse grow, the value of these names will increase, as they are interoperable – no more creating and maintaining accounts everywhere you go – one identity to rule them all!
You will need a few things before we secure your name. First, let’s begin by opening a few new tabs – please click here to open Etherscans ‘gas tracker‘, and then click here to open ENS.Domains finally click here to open the fun txstreet transaction visualizer.
You should now have this tab, as well as three other tabs open. Creating a wallet is free. Connecting to a service with a wallet is free. But any interaction which ends up writing data on chain is going to have a cost associated with it. That cost increases or decreases depending on network activity.
On the ethereum blockchain we refer to that cost in terms of ETH, or at smaller levels, in terms of ‘gwei’. Remember, ‘gas; is the cost in ether, represented by the $ETH ethereum token, but broken into much smaller units called ‘gwei.’ Gas cost varies by demand. If network traffic is heavy, meaning lots of folks are trying to add content to the blockchain, gas will be higher than say 30 ‘gwei’. Think of $ETH, which trades for between 2-4k per coin, as a $10,000 bill, and a ‘gwei’ as a penny. One gwei is one billionth of an ETH.
So before we do anything on the blockchain, like ‘minting’ a name, or updating an existing name, we want to know network costs at this time; we refer to the cost to power a transaction as ‘gas.’ So first, let’s check gas prices.
So, in our ‘gas price’ example below we show gas readings between 73 – 74 gwei represents the cost to ‘gas a transaction’ in x amount of time. This is prohibitively high, FYI. At This time a good number here is below 20.
So, the number you see on the live gas tracker site corresponds to the cost in gwei LOW is the cost if you don’t mind waiting an extra few minutes. Average can cost more, but cuts time down. High it the cost to ‘jump the line, so to speak’ and execute your transaction as rapidly as possible.
What is ‘the line’ – well, let’s go tour txstreet tab and click the bold ‘launch’ button center screen. Sorry about the lengthy dive into token pricing, but live lessons in this ecosystem can be expensive, so I would prefer you enter the fray armed with information.
Once there, click the giant green Launch button .
Then, let them show you around:
Finally, we need a ‘registrar’ – a place where we can either mint a new name or try to purchase an existing name. At this time the default tool to mint a new name is still ENS.domains, but new services like ENS.vision are providing significant new functionality, including bulk name registration options and powerful filters/categories. Secondary markets include ENS.vision as well as popular NFT marketplaces OpenSea and LooksRare (remember ENS names are NFT). Finally, expired names can be registered off a declining premium price at ENS.domains.
So, choosing from these methods/services, we will demonstrate minting a new and and we will use ENS.domains.