The Gold Rush Is on for Ethereum Domain Names

Back when.com was the only top-level domain that really mattered, choice domain names would change hands for millions of dollars.

Ethereum, although less well known than Bitcoin, is a blockchain-based computing platform which includes a cryptocurrency, called Ether.

The.eth domain extension is unique in that it can be pointed to an Ethereum wallet address or a smart contract, meaning that an amount of Ether could be sent directly to, say, Motherboard.

The new domains can be registered through an auction process run by Codetract.io, and the chance to register a personalized and/or prestigious address has captured the interest of the Ethereum community, which has currently bid a total of over 105,000ETH on domains, with only 12 percent of the domains featuring in this auction round having been opened to bidding.

This race for domains takes place against the background of a huge rise in the value of Ether, which has increased more than tenfold from $8 for one unit on January 1 to a current price hovering around $90. This influx of money into the ecosystem has also stimulated a burst of interest in Ethereum-based projects, as companies or individuals holding Ethereum find themselves with significantly more resources to apply to development.

Source: Motherboard