Ethereum Name Service – ENS
Do you hate copying and pasting your wallet address all the time?
Then you’re going to want to read this…
This is a Project Review on ENS.
Ethereum Name Service was launched in 2017 and is a distributed and open-source naming system home to the Ethereum blockchain. Their mission is to simply provide every user on the ETH network with a custom domain/username. But why?
Well a crypto wallet address is a long series of letters and numbers that are specifically designed for computers to read. However, in some cases, these addresses can confuse users and lead to lost funds if not understood how to use them correctly.
Hence why the Ethereum Name Service has created a protocol that can assign your long “0x123” to a username as simple as johndoe.eth. A simple username can limit or eliminate risks such as sending crypto to the wrong address, which believe it or not is very common…
Another amazing feature of owning a username from Ethereum Name Service is the ability to add multiple wallet addresses to your single username. ENS is integrated across 511 decentralised applications on the Ethereum network such as, Metamask, Coinbase, Opensea and more.
Well, in the simplest way possible, ENS is made up of two Éthereum Smart Contracts:
To set up your own ENS domain, first, check your desired username is available. After you will decide how long you would like to register the domain name, for every 1 year it costs 0.004 $ETH and is equivalent to around $5 or around $10-$12 including gas fees.
Ethereum Name Service has its own native token, $ENS which is used as the governance token of the protocol. Community members who own a domain and $ENS tokens are able to vote on any future proposals that the protocol releases.
At the time of writing, the Ethereum Name Service token $ENS is currently hovering around $12.17 with a market cap of $248M which ranks $ENS the 108th largest #crypto by market cap!
The $ENS token has seen an ATH of $85.69 when it reached a market cap of $1.54B in Nov 2021.
Personally, I believe usernames will be a future front for the common wallet address as it is a simpler way to interact with your fellow crypto degens and dApps! There are already 2.76M names and 594k owners. What is yourname.eth going to be?
ENS Twitter – @ensdomains
ENS Website – https://ens.domains/
ENS Domains – https://app.ens.domains/
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