You can register a Domain name for your Ethereum account for some period of time. The maximum time is 2,000,000 Ethereum blocks ( about a year ) The domain name is in fact a binary 32 byte value. It can be interpreted as UTF8 encoded string.
This is the solution for the name erosion problem. If you have registered a domain name and then lost the private key, the name will not be lost for everyone forever.
While you own a domain you can prolong the ownership.
If you failed to prolong the ownership and the domain expired, then anyone can claim the ownership for it.
You can register as many as you want ID's for your domain (name:value pairs).
If you want to sell your domain, put a price on it. Once the price is set, anyone can pay and take the ownership. No communication with you is needed.
If you want to transfer the domain to someone, you simply specify the new address in the Transfer field. The owner of that
address, and only him, can then pay the price and claim the domain.
EtherID allows you to store sha256 multihash values as the ID values. Then
you can use the EtherID/IPFS gateway to get access to the IPFS resources. You can
read more EtherID/IPFS
The official NodeJS module to communicate with the EtherID contract is etherid-js
There is a Chrome Extension available for redirecting urls. etherid-chrome
The contract's problems are fixed. It is safe now to use EhterId. You can read more here.