ZKSpace opens registration for its ZNS Layer 2 Domain Name Service

ZKSpace has opened registration for its Layer 2 domain name services that can replace crypto wallet addresses.

In recent months, there has been a significant increase in interest and acceptance of Web3 domain name services. The Ethereum Name Service (“ENS”) and unstoppable domains are growing in popularity.

Marketplaces have also seen a surge in trade in web3 domains. This comes at a time when NFT trades are in disarray.

OpenSea’s monthly trading volume fell sharply, reaching $500 million in August. Meanwhile, the number of new monthly ENS name registrations jumped 465%, from 67,000 in January to 379,000 in July.

Let’s take a closer look at decentralized domain names and ZKSpace’s new ZNS domain name service.

Decentralized domain name services – what are we talking about?

Domain names attempt to revolutionizing decentralized identity management. It eliminates the need to enter wallet addresses based on characters and numbers. It replaces it with human-readable names that can make the process of sending and receiving crypto easier.

Domain names are also benefiting from increased business activity on major trading platforms, including OpenSea. However, with all the major functionality aside, investors bought Web3 domains as potential investments.

Users tried to acquire big domain names, including those from Amazon and Samsung, hoping to resell them for millions later.

Web3 domain names largely eliminate the need to enter long and complicated wallet addresses. Time and time again we have heard of incidents of funds being sent to the wrong wallet addresses. Web3 domain names will completely eliminate this margin of error.

ZKSpace presents ZNS

ZKSpace offers ZNS, a Layer 2 Domain Name Service. Users can register and control their ZNS domain name, which will serve as a representation of their Web3.0 identity. The ZNS name will be the user identity in future Layer 2 products from ZKSpace, including ZKSwap, ZKSquare, and ZKSea.

ZNS serves the same purpose as ENS on the Ethereum mainnet by decrypting 42-bit wallet addresses into human-readable names. A ZNS name ends in .zks, while an ENS name ends in .eth.

“Taking advantage of the low transaction cost and fast confirmation speed of Layer 2, ZNS replaces crypto wallet addresses with custom names and makes transfers and batch payments on ZKSpace more efficient than before.”

ZKSpace CIO Issac Lee highlights

What makes ZNS different?

ZNS will reduce the possibility of errors, including typos, when copying and pasting an address to send funds to. It also eliminates the need to go through the wallet address and check the first and last characters of the address. Apart from all that, here are some of the main features of ZNS:

  • Cost of registration cheaper than the ENS: ZNS domains are cheaper than ENS domains which have now skyrocketed in price. Registration fees for .zks names longer than 3 characters are $100 per year and for 4+ and 5+ characters cost $30 and $5 respectively.
  • First layer 2 domain name service: ZNS is the first Ethereum Layer-2 domain name service. Owning a ZNS name grants you a unique Layer 2 Web 3.0 identity, and anyone can use that domain name to look up an address owned by you.
  • Improves the efficiency of token transfers: ZNS domains will eliminate errors that occur during token transfers. It also helps to avoid typos and prevent loss of assets during transfers.
  • Zero Gas Charges: Transactions using your domain names, including registration, modification of information and renewal of registration, do not include any gas charges.
  • Use on all ZKSpace products: ZNS domain names will be integrated into all ZKSpace products. These include ZKSwap, ZKSquare, ZKSea, and other Layer 2 products the team will release in the future.

How do I register a ZNS domain?

Users who wish to obtain a ZNS domain can easily do so by following a few easy steps:

  • Visit the Section ZKSpace ZNS.
  • Click on “Connect Wallet” with the wall to which you want to associate your ZNS domain. Also make sure you have the minimum funds for the annual dues in your name.
  • Type the name of your choice in the search bar and select the registration period. You can benefit from a 20% discount if you register for 2 years or more.
  • If you register the domain name for 3 years, then you can directly own the domain name.
  • You can go to “My Account” and renew your registration once it expires.

To avoid a flood of users fighting over domain names, he also set up a WL campaign. The campaign gives users early access to domain names. Users who have participated in Twitter and Discord activities will have a chance to be part of the WL. WL folks will be the luckiest to get their hands on a ZNS domain.

Conclusion

Getting your domain name is easy these days. However, the prices of the big domain names are soaring. Domain names definitely look like the new trend.

If you are looking to get your own domain name, minimize the risk of sending crypto, and get it at a reasonable price, the ZNS domain is the one for you.

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