What is ENS Crypto? – ENS Crypto Price Prediction 2021

What is ENS Crypto? - ENS Crypto Price Prediction 2021

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What is ENS Crypto? – ENS Crypto Price Prediction 2021

“The Ethereum Name Service (ENS) is a naming service for wallet addresses, hashes, and other machine-readable identifiers. It turns difficult to read strings of data into easily readable addresses. It works similarly to the Domain Name System (DNS) used for websites.
Initially, ENS auctioned popular six, five, four, and three-letter domain names to interested users using the Vickrey auction format. Each name has .eth at its end and can be attached to multiple cryptocurrency addresses, hashes, and other information.
You can now easily purchase names without an auction and rent them by the year. Prices are dependent on the length of the name you want to rent. Also, if you owned an ENS domain on October 31, 2021, you’re entitled to an airdrop of $ENS governance tokens. You have until May 04, 2021, to collect them.
One of blockchain’s biggest challenges is improving its ease of use and accessibility. If we look at payments using Ethereum (ETH) or Bitcoin (BTC), new and even experienced users can find long wallet addresses impractical and confusing. Hexadecimal strings of numbers are simple for a computer to read but less intuitive for human users. The Ethereum Name Service (ENS) combats the problem by allowing anyone to create simple website-style addresses that are easier to remember and use.
The Ethereum Name Service (ENS) is an Ethereum-based project launched on May 4, 2017, by Alex Van de Sande and Nick Johnson from the Ethereum Foundation. The project allows users to display long Ethereum public addresses in a simplified text-based way. This makes it easier to share, use, and remember addresses and other data. Turning machine-readable numbers like 0xAb5801a7D398351b8bE11C439e05C5B3259aeC9B into human-readable alternatives is an important part of improving blockchain adoption.
ENS isn’t just limited to wallet addresses, either. It can be used to represent transactions IDs, hashes, and metadata, all commonly found in the cryptocurrency world. You might already be familiar with the Domain Name System (DNS), a naming system that acts like the internet’s phonebook. DNS takes hard-to-remember IP addresses and attaches them to an easy-to-use URL like https://academy.binance.com. In effect, ENS is the DNS of the Ethereum blockchain.
ENS has since launched a governance token as part of its transition to a decentralized autonomous organization (DAO). Due to a large rise in the token’s price, the project has started trending and generated a lot of interest.
An ENS domain name uses ERC-721 Non-Fungible Tokens (NFTs) to represent a unique address. You can trade a domain by transferring or selling the NFT to someone else. Wallet addresses and other information are attached to each token, which is manageable by the owner. A top-level domain like .eth is owned by a smart contract called a registrar that controls the creation of subdomains. If you wanted to create BinanceAcademy.eth, you would need to interact with the .eth registrar.
To purchase an Ethereum domain name, you can check its availability and rent it yearly. Popular names were, however, initially auctioned off. The highest bidder who won the domain could then attach addresses, create sub-domains, and loan or sell their domain name. For example, if you owned BinanceAcademy.eth, you could also create learn.BinanceAcademy.eth for free.
What can you do with ENS?
If you’ve ever got confused with multiple addresses when sending cryptocurrencies, you’ll understand the need for ENS. Like you would save a friend’s phone number under their name, ENS lets users turn long numbers into easy-to-remember words. This creates a more straightforward experience with less chance for errors.
An ENS domain owner can also create subdomains that they can then assign other data to. It doesn’t always have to be a wallet address, either. You could use it to direct to a smart contract, transaction, or metadata.
How to get your own ENS domain?
Nowadays, getting an ENS name is as simple as checking its availability on https://app.ens.domains/ and registering it. Let’s take a look at an example of how to begin the process. First, head to https://app.ens.domains/, connect your wallet and type in the domain you’re interested in.”



Disclaimer: This is not trading or investment advice, always do your own research before buying any cryptocurrency.

@Noah Reed

date : 2021-11-29 18:19:52

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