What is Ethereum Name Service? It is an Ethereum Blockchain system used to bring Domain Name Service (DNS) to the Web3 domain. In this article, you can access the answers to the questions that investors often wonder, such as what is Ethereum Name Service, what it offers, what is ENS, what is it for.
In the early days of the Internet, to access a website, you had to type in the IP address, which is a series of numbers. Then came the readable names to make it easier for people to browse the web. For example, you can reach a website by typing its IP address, and you can reach it by typing Kriptokoin.com. Here cryptocurrencies are currently in the IP address stage. Users need long, hard-to-remember addresses to access the pages they want. This is where the Ethereum Name Service (ENS) comes into play.
What is Ethereum Name Service?
Ethereum Name Service is a search service. The system is designed to associate information with a name. However, it is not just a naming service for Ethereum; It is a name service built on Ethereum. Addresses resources using human-readable names. Thus, it offers a secure and decentralized way for users. It is a fully distributed domain name provider that allows anyone to buy and manage domains. This allows you to send ETH or ERC-20 tokens to the address by typing “realsatoshi.eth” instead of typing “8e866f012fb8fb…”.
What makes ENS unique?
ENS is built on smart contracts of the Ethereum network. Therefore, it is more secure than DNS and resistant to censorship and hacking. It is highly programmable because it uses the Ethereum network. Accordingly, it can be integrated not only with domain names, but also with other smart contracts in the Ethereum network. In addition, its decentralized, distributed and Web3 principles make it work better than traditional services. The project does not work with .eth domains only. As of 2021, .com is integrated with more than 1,300 domain extensions such as .org.
What is ENS coin? What does it do?
Ethereum Name Service’s native cryptocurrency is ENS coin. The main task of this Ethereum-based cryptocurrency is governance. The project established a DAO (decentralized autonomous organization) in November of 2021. After that, it distributed ENS coins via airdrop. ENS coin holders became like shareholders of the project. Accordingly, users holding the token; It can make decisions about pricing, protocol changes, and how to manage funds in the treasury. Also, ENS coin is used as a payment method for domain name services.
What is Ethereum Name Service? How to get ENS domain name? By connecting an Ethereum wallet such as
MetaMask, you can visit the ENS domains website and find out the availability of the domain name you are interested in. After finding your domain name, the system will guide you through the registration process, which requires you to confirm two transactions from your wallet. You will also need to choose whether you want to register the domain name with a price of $5.00 ETH per year. Now, as the owner of that domain, you can set up the different addresses you want that name to link to. However, you can also create any subdomain. Usage is quite similar to an ordinary website.
How to get ENS coins?
If you are a crypto investor interested in ENS coin, there are some major exchanges where you can buy the token. These exchanges; Binance is OKX, Bybit, Bitget and MEXC. Interested investors must first become a member of one of these exchanges and verify their accounts by following the steps. After that, a currency suitable for ENS parities must be deposited in the wallet and a buy order for the token must be placed. Users who complete all these operations can receive any amount of ENS they wish.
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