It's always been very difficult for users to copy-paste long alphanumeric values such as wallet addresses and transaction hashes. This is especially true for new users in the crypto space. Fortunately, Ethereum has a solution called ENS. Users can purchase an ENS name (domain) and associate it with a set of data they want to associate with it. Didn't get it right? Let's take a deeper dive and see what's ENS and what Crypto token it offers.
What Does ENS Stand for and What Exactly is ENS?
ENS stands for Ethereum Name Service. It is an Ethereum based platform for issuing, administering, and trading identifiers or “names”. The platform provides a solution to the problem of using long and complicated wallet addresses or transaction hashes that are needed for buying and selling crypto. It works by associating your address, your pinned IPFS content’s hash, or associated metadata with your ENS domain name. For example, you can bind the address 0xb4b3351934a9bedc7d386c9a686c42e69920b34d to alice.eth
The basic idea of ENS is the same as that of the Domain Name Service (DNS) where human-readable names like google.com are used to map against the server's IP address. Moreover, anyone can buy and sell an ENS name just like how you can buy an internet domain name. But, unlike DNS, ENS domains are owned by smart contracts and are governed by a DAO instead of a centralized authority.
ENS Crypto Price Prediction
On Monday, ENS announced the creation of its governance token, $ENS, which will be used to further decentralize the prominent domain service for ETH wallets. $ENS crypto would be used to vote on a new constitution and determine protocol specifications.
ENS crypto price is $51.48 with a 24-hour trading volume of $328,102,372. ENS price is down -5.6% in the last 24 hours. It has a circulating supply of 20 Million ENS crypto coins and a total supply of 100 Million. Most people across Twitter & Discord agree the price of an ENS token will likely go over $100. But, some argue it’ll go much higher than that.
If we look at the statistics and consider the fact that it is an Ethereum project, ENS Crypto is a good coin to buy now and would do great in the long term. The future of ENS Crypto is bright and it could be worth buying more right now. If you are looking to buy or sell ENS crypto, Binance is currently the most active exchange. Also, people who buy a domain from ENS gets the ENS Crypto tokens for free.