Ethereum Name Service (ENS) Recorded Over 80% of All Time Registrations in 2022

Morocco has already finalized a bill that will guide the regulation of cryptocurrencies, the Governor of the Central Bank of Morocco, Bank Al-Maghrib – BAM, Abdellatif Jouahri, has announced.

According to reports in North Africa, the Governor spoke at a press briefing following Bank al-Maghrib 4th and final quarterly meeting of 2022 in December. He reportedly stressed that the draft to put in place a proper regulatory framework is ready.

“For cryptocurrencies, I can assure you that the project is ready.

We worked with the World Bank and the consultant to make it happen. The different chapters are completed. Now we are engaged in the discussion with the different stakeholders. It is long, but necessary to allow everyone to adhere to this project.

Discussions are to be held with all stakeholders, including the Moroccan Capital Markets Authority (AMMC) and the Insurance and Social Security Supervisory Authority (ACAPS).

“We proceeded to a specific definition of the cryptocurrency and prepared a general public survey that details the specifics and use of this virtual currency in Morocco.”

– Governor, Bank Al-Maghrib

Jouahri added that the draft offers a definition for cryptocurrency that is adapted to the Moroccan context and does not aim to constrain innovation, but rather, to protect individuals from risks associated with dealing in the highly-speculative market.

In July 2022, Jouahri said that innovation and consumer protection were top priorities under the draft regulation they would be presenting. He hinted that the bill under development would see Morocco’s money laundering and anti-terrorism financing regulations upgraded.

Although trading of crypto is technically outlawed in Morocco, data suggest that digital assets remain highly popular. People are not dissuaded despite repeated warnings and clarifications on the risks associated with holding and trading in cryptocurrencies.

In 2022, Morocco was ranked 14th on the Chainalysis Global Crypto Adoption Index.

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More than 2.8 million Web3 domain names were created using the blockchain-based naming protocol known as ENS (Ethereum Name Service) by the end of 2022.

According to this dashboard created on the analytics platform, Dune Analytics, more than 630,000 unique wallets created 2.82 million domain names, with 459,000 of those classified as ‘primary names.’

The 2.82 million figure represents over 80% of all registrations since the service started in 2017.

Primary names are ENS addresses that resolve to a user’s crypto wallet and can be used as a proxy to search for information on blockchain explorers, such as Etherscan.

We can also see that September 2022 saw the most ENS registrations at more than 430,000 unique domains, while December 2022 recorded the lowest at just 52,000 domains. The month of May 2022, however, saw the most new users at more than 64,000.

Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain. ENS converts human-readable Ethereum addresses like john.eth into the machine-readable alphanumeric codes you know from wallets like Metamask.

The goal of Ethereum Name Service (ENS) is to make the Ethereum-based web easier to access and comprehend for humans – similar to how the Internet’s Domain Name Service (DNS) makes the internet more accessible by providing .com names for  websites in place of numeric internet-protocol addresses.

Like DNS, ENS also uses a system of dot-separated hierarchical names called domains with domain owners fully controlling their sub-domains. The service provides users with an easily readable name such as ‘abc.eth’ instead of a complex, long-form alphanumeric address for their crypto wallets.

As such, users get to link these names also to their wallets and they can then use them for transactions across the blockchain including the purchasing of NFTs and participating in DeFi. The names can also be purchased as non-fungible tokens (NFTs).

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