OpenDNS Updater is a small utility that updates your DNS service. OpenDNS offers a free service that allows users with dynamic IP addresses to have a host name that they can use to access their computer. You can assign your IP address to that host name manually, but you would have to update it every time that you get a new IP address from your Internet provider. This often happens when your modem reboots, for example. OpenDNS can run on your computer and constantly check your IP address. If it changes, it can connect to OpenDNS and tell the servers about the change and update it for you. OpenDNS Updater only allows you to use one DNS name at a time. But that was more than enough for me.
I used to use this application when I first switched to Mac. I never had a problem with it, and for the most part, I didn't even know the application was running. Because it always did its job very well. I now don't use it anymore, but just because I found that using my router to update the OpenDNS host name is a more efficient way to do it.