Ethereum was on track to break $4K.
Until it wasn't.
You could say we've seen a pullback in the Ethereum price over the past few weeks,
and a strong bounce to the upside might I add,
but let me tell you,
the fundamentals of Ethereum,
the very reason that we've been talking about ETH on this channel for years,
are getting even better.
Ethereum is the most useful digital asset in this space.
We know that because of how much it upgrades,
all the projects that run on ETH,
it's dominance in the NFT space,
and all the applications that can and will be used on the Ethereum network now
and in the future.
Yes, BitSquad, Ethereum still is the real deal.
And although we've seen a lot of volatility and price pullbacks,
the innovation and development is accelerating.
Today, we're going to talk about ENS,
the .ETH domain names through Ethereum Name Service
that is blowing our minds
and into the dirty details on what's new with ETH.
Let's get it!
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In this video, we look at Ethereum news and take a deep dive into Ethereum Name Service.
First, let's talk about the Ethereum upgrade that's getting our attention right now---
the long-awaited Ethereum Name Service, or ENS.
On August 26th, ENS announced full domain name service integration live on mainnet.
This means that any domain name service, or DNS, website can be imported
into Ethereum Name Service for full use of ENS.
All the .coms, .orgs, .nets and other domain names can now be supported by ENS,
making it possible to move an existing website to the Ethereum blockchain
for a decentralized web experience that is loaded with use cases.
ENS allows users to own their username, store an avatar and profile data,
and use them across various services.
Right now, the ENS website shows there are 326,000 names already existing on the network
and 130,000 owners.
The native suffix is .ETH,
and it has all the security benefits of being on the Ethereum blockchain.
The ENS ecosystem includes 54 available wallets that work with it
including Coinbase, Trust Wallet, MetaMask, Enjin, Bitcoin.com and many more.
There are also hundreds of ready to go apps
like Uniswap, The Graph, Decentraland, Mintable, OpenSea and more.
To use ENS domains,
any blockchain-compatible browsers can be used like Brave, Opera or MetaMask Mobile.
ENS was created to map human-readable names to machine-readable identifiers like metadata,
cryptocurrency addresses, content hashes and Ethereum addresses.
What does all this mean?
Well, it means that ENS has massive implications for big brands and existing major websites
and also the average user like you and me.
The big brands can run a decentralized website
that is no longer under threat of giving up privacy and control to the tech giants that run the web.
A website creator can use information and formatting that they are used to
when creating a .ETH website,
and brands can authenticate blockchain addresses with their own domain names.
This could mean selling verified NFTs directly from the website
and being paid to the wallet linked to the website as well.
No wonder Budweiser bought Beer.ETH back in August.
They plan to release a massive NFT shop,
and what better way to do it than directly on the Ethereum blockchain?
We know that merch is a massive income generator that's only getting started in the world of NFTs.
For the average user like you and me,
mapping human-readable names to machine-readable identifiers
means only having to give a name instead of a crypto wallet address.
You know that nail-biting feeling of wondering if you sent a wallet address correctly?
Sure, you copied and pasted the wallet address,
and you may have even checked it a few times,
but it's a little like leaving the house and wondering if you turned off the stove.
You know you checked it,
but there's a little part inside that wonders if somehow you got it wrong.
Yeah, that feeling.
With ENS, crypto and NFTs can be sent directly to a .ETH account
with an easy name like myname.ETH.
Pretty simple.
And how does it all work?
Smart contracts register the domains,
and resolvers connect the domains to the rest of the internet.
There are existing ENS addresses available on OpenSea,
or you can generate your own on the ENS website using a blockchain-compatible browser
on the ENS website.
The person who owns an ENS domain has to pay about $5 a year for most names,
and the owner can then create as many subdomains of the original domain as they would like.
Subdomains only cost the initial gas to create it.
Brantly Millegan, director of operations for ENS Domains,
expects that subdomains will be the way that most users will get an ENS domain name.
They won't need to register or renew their own domain,
and they can get a subdomain and own it forever.
Here's a practical example.
If a family wanted an ENS domain for each family member,
they would only have to register their last name,
and then they would be able to create as many subdomains for the family as they would like.
This would mean that mom, dad, kids, and even grandparents could have a .ETH address
that would be (their first name) .(the family last name).ETH.
Sounds like a great way to onboard the family to Web3.
Subdomains can also keep multiple Ethereum accounts organized
for anyone who is heavily involved in crypto.
Some useful subdomains would be nfts.(your name).ETH
and multisig.(your name).ETH.
Each subdomain functions the same way as .ETH domains,
where you can store any record, receive crypto and have a decentralized website.
ENS domains have a ton of use cases and functionality.
Speaking of use cases,
take a minute to smash up that like button.
It helps get this content out to more people
and is the absolute best way you can support the channel.
Now, Robinhood is still used by millions of people around the world
and thankfully will be getting Bitcoin, Ethereum and Dogecoin transfers coming in October,
an upgrade that many users have been waiting for.
Up until now, Robinhood users were able to buy what they thought was crypto on their side,
but they didn't actually own the keys to it
and were never able to move that crypto off Robinhood's site.
Robinhood Crypto COO Christine Brown recently announced at the Mainnet conference in New York
that those who can sign up for a waitlist
can get access to Robinhood's crypto transfers starting in October,
with every user getting access by early 2022.
Robinhood has been teasing big plans for crypto for some time now,
which has been a major source of their growth.
Yeah, they were one of the main platforms people were apeing into Dogecoin with
during the Elon Musk Dogecoin hype and the huge Dogecoin pump.
There's no doubt Robinhood earned a little crypto cheddar on that one.
This new function is being framed as a wallet,
but Robinhood says it won't be offering a non-custodial wallet.
That would cut off their main source of income---
selling your data to hedge funds.
Another Robinhood cop-out? Or a step in the right direction?
We'll leave that up to the Robinhood users to decide.
Part time quarterback and friend of Rob Gronkowski,
Tom Brady has just announced that he would be open to receiving part of his salary
in Bitcoin, Ethereum or Solana on a podcast this week.
Brady talked about how amazing it is that the world is becoming more digital,
and early this summer, his wife Gisele Bundchen took an equity stake at the FTX crypto exchange.
Tom Brady in crypto is nothing new.
But now that Brady is open to taking his salary in Solana and Ethereum as well,
it shows the legitimacy ETH has gained over the past year.
It's slowly but surely moving its way from being an altcoin to just Ethereum,
a household digital asset name.
Snoop Dogg tweeted on Twitter,
amazing,
and revealed that he is Cozomo Medici,
a month-old Twitter and OpenSea account that has already gained notoriety in the NFT space.
The Medici account has collected over 100 Ethereum-based NFTs,
some of them purchased for millions of dollars worth of Ethereum.
Snoop Dogg's tweet came out on Monday,
and prior to Snoop's tweet,
the Medici account tweeted,
"Those who do not care, or simply prefer to not know the source of my vast fame and fortune,
may simply not research.
I will keep this account focused on NFTs, and not mention this again here."
Unless this is some kind of joke or collaboration with Medici on Snoop Dogg's part,
it looks like Snoop is a serious Ethereum NFT whale and online influencer.
Even Jason Derulo--
should I sing it?
♪ Jason Derulo ♪
thanked Medici for helping him buy a CryptoPunk.
They have collaborated before on a song called Wiggle,
not to be confused with the group The Wiggles,
in 2014,
so they definitely know each other.
Looks like great news for Ethereum-based NFTs and ETH.
The Medici account talks ETH as much as it talks NFTs,
and as ETH maxis,
we're hoping Snoop keeps dropping the tweets and the NFT buys.
And dropping them like they're hot.
In other news, $64 million worth of ETH was transferred from Binance to an unknown wallet,
totaling 21,587 ETH.
So, yeah, whale alert.
Even though we've seen a pullback in the Ethereum price over the past few days,
the real Ethereum players know that dips are part of the game.
They've seen them before and they're not selling.
And that's why we say swim with the whales.
Don't sell your Ethereum to the people who want to push down the price
and get your ETH all for themselves.
Stay strong, my friends, and keep stacking those Gwei.
Who knows?
Maybe you'll be a whale one of these days.
That's all I got.
Be blessed.
BitBoy out.