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What is Ethereum Name Service (ENS)?

Ethereum Name Service basic info

Name:Ethereum Name Service
Ticker:
Introduction:

What is Ethereum Name Service?

In the nascent stages of the internet, users had to grapple with cumbersome IP addresses to navigate the web. The introduction of the Domain Name System (DNS) transformed this experience, replacing numerical addresses with easy-to-remember names. Today, the cryptocurrency realm is witnessing a similar transformation with the advent of the Ethereum Name Service (ENS).

Ethereum Name Service, a decentralized naming system built on the Ethereum blockchain, aims to simplify user interaction with blockchain technologies. It translates complex identifiers like wallet addresses and transaction hashes into human-readable names, facilitating easier and more secure transactions. This open-source project operates as a public utility, striving to become an indispensable infrastructure in the Web3 space, akin to the role DNS plays in the internet.

Founded by Nick Johnson, a former Google software engineer, Ethereum Name Service embarked on its journey as a part of the Ethereum Foundation before becoming an independent entity in 2018. Governed by a multi-signature root with notable members from the Ethereum Foundation, Chainlink, and other organizations, Ethereum Name Service operates with a vision of making the decentralized web more accessible and user-friendly.

Resources

Official Documents: https://docs.ens.domains/

Official website: https://ens.domains/

How Does Ethereum Name Service Work?

At its core, the Ethereum Name Service operates through two pivotal smart contracts: the ENS registry and the resolver. The registry maintains a record of all registered domains and subdomains, storing essential details like domain ownership and resolver information. On the other hand, the resolver translates machine-readable addresses to domain names and vice versa, linking each domain to its respective user, website, or address.

ENS employs a hierarchical structure akin to DNS, allowing domain owners to have full control over their subdomains. This decentralized system not only enhances security but also fosters easier interaction with addresses, reducing the likelihood of errors that could potentially lead to fund losses. Moreover, ENS integrates seamlessly with decentralized applications (DApps) and other Web3 functionalities, offering a user-friendly gateway to the expansive world of decentralized finance (DeFi).

What is ENS Token?

The ENS token, introduced in November 2021, serves as a governance token, empowering the Ethereum Name Service community with a greater degree of autonomy. Token holders can actively participate in decision-making processes concerning pricing, protocol modifications, and treasury management. This ERC-20 token facilitates community engagement in the Ethereum Name Service DAO (Decentralized Autonomous Organization), fostering a collaborative approach to enhancing the ENS ecosystem.

With a total supply of 100 million tokens, the ENS token distribution encompasses allocations for the DAO community treasury, airdrops to .ETH holders, and various contributors. This token not only signifies a shift in the project's funding model but also paves the way for a more decentralized and community-driven approach to managing and improving the Ethereum Name Service infrastructure.

Ethereum Name Service’s Impact on Finance

In the contemporary financial landscape, the Ethereum Name Service stands as a harbinger of change, bridging the gap between the complexities of blockchain technology and mainstream adoption. By offering a simplified and secure platform for transactions, ENS is poised to revolutionize the way individuals and entities interact with cryptocurrencies and other digital assets.

Furthermore, ENS's collaboration with various wallets like Coinbase Wallet and Trust Wallet amplifies its reach and utility, fostering a more inclusive and accessible financial ecosystem. As the demand for Web3 products escalates, ENS's unique value proposition of providing a decentralized platform for registering censorship-resistant domains positions it as a potential game-changer in the burgeoning world of decentralized finance.

What Determines Ethereum Name Service’s Price?

In the dynamic world of cryptocurrency, the ENS price has been a focal point of discussion among enthusiasts and investors alike. The Ethereum Name Service price is influenced by a myriad of factors, including its unique value proposition in the burgeoning Web3 space. As the demand for decentralized platforms and censorship-resistant domains escalates, the ENS token price is poised to mirror this upward trajectory. The ENS crypto price is closely tied to broader trends in the Ethereum ecosystem, which has been witnessing continuous improvements and upgrades, further bolstering the prospects of a favorable ENS price prediction.

The current ENS price stands as a testament to its solid use case in a market where the demand for websites and Web3 products is skyrocketing. Investors and enthusiasts keen on tracking the ENS price live can refer to platforms like ENS coinmarketcap or similar websites where cryptocurrency prices are meticulously tracked. These platforms offer a detailed ENS price history and ENS price chart, providing a comprehensive view of its performance over time.

Looking ahead, experts in the field have a relatively bullish outlook on the ENS coin price. According to various analyses, the token could potentially reach heights of $30 by 2025, and even soar to around $200 by 2030. However, it is imperative for potential investors to conduct thorough research and analysis before venturing into the market, as cryptocurrency investments come with their share of volatility and risks. As the Ethereum ecosystem continues to expand and evolve, the Ethereum Name Service seems poised to carve out a significant niche in the market, potentially making it a lucrative investment opportunity in the long run.

Conclusion

In the rapidly evolving landscape of the digital economy, the Ethereum Name Service (ENS) stands as a pivotal innovation, spearheading the simplification of blockchain interactions by translating complex identifiers into user-friendly, human-readable names. This decentralized naming system, founded by former Google engineer Nick Johnson, has blossomed into an integral part of the Web3 space, fostering secure and effortless transactions in the decentralized finance (DeFi) sector. As the Ethereum ecosystem expands, ENS, with its community-driven governance facilitated through the ENS token and DAO, is poised to redefine user interactions with cryptocurrencies and digital assets, potentially emerging as a lucrative investment avenue in the long term. To stay abreast of the dynamic ENS developments and pricing, enthusiasts and prospective investors can refer to platforms like ENS coinmarketcap for detailed insights.

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Current price:
All-time high:$83.75
All-time low:$6.67

ENS supply and tokenomics

Circulating supply:-- ENS
Total supply:-- ENS
Max supply:0 ENS
Market cap:--
Fully diluted market cap:--
Token allocation:
DAO Community Treasury
50.00%
Airdrop to .ETH holders
25.00%
Contributors
25.00%
Tokenomics:

Uniqueness

Ethereum Name Service has a one-of-a-kind value proposition due to being the first service that transfers the Domain Name Service to the decentralized Web3.

ENS is not a company but an open-source project that calls itself “an open public utility that belongs to the company.” Essentially, it aims to become a piece of infrastructure as vital to Web3 as the DNS is to the internet. Moreover, ENS does not have a single point of failure thanks to blockchain technology and is, by design, more censorship-resistant and secure.

One of the main obstacles to the mass adoption of blockchain technologies has been their accessibility and ease of use, which ENS aims to remedy. Instead of using machine-readable albeit inconvenient alphanumeric codes, users can receive any crypto or NFT to a short and easy-to-remember link. This simplifies the user experience and makes blockchain technology less technical.

Under the hood, ENS is built on two smart contracts. The first is an ENS registry recording domains registered on ENS and stores the following information about each of them:

  • The domain owner
  • The domain resolver
  • The caching time for all records under the domain

The second smart contract is the resolver. Its purpose is to translate the machine-readable addresses to domain names and vice versa and match each domain to its corresponding user, website, or address.

Token utility

ENS is a non-profit organization managed by a DAO, and $ENS is the governance token of it. Token holders are eligible for electing root domain managers, setting protocol parameters, and distributing ENS funds.

Links

Buy Ethereum Name Service for $1Buy ENS now

What is the development prospect and future value of ENS?

The market value of ENS currently stands at --, and its market ranking is #999999. The value of ENS is not widely recognized by the market. When the bull market comes, the market value of ENS may have great growth potential.

As a new type of currency with innovative technology and unique use cases, ENS has broad market potential and significant room for development. The distinctiveness and appeal of ENS may attract the interest of specific groups, thereby driving up its market value.

What will the price of ENS be in 2025?
Based on ENS's historical price performance prediction model, the price of ENS is projected to reach $58.25 in 2025.
What will the price of ENS be in 2030?
In 2030, the ENS price is expected to change by +2.00%. By the end of 2030, the ENS price is projected to reach $72.08, with a cumulative ROI of +78.24%.
Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of ENS and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

Is ENS worth investing or holding? How to buy ENS from a crypto exchange?

If you want to buy ENS, the following information may be helpful for your investment decisions:
In the last 7 days, the price of ENS has fallen by undefined%, leading to negative returns for most ENS investors. The market is currently pessimistic about the price trend of ENS.
It is important to note that the current price of ENS has retreated by -52.03% from its all-time high. This coin is currently considered medium-risk, and its price may rebound or continue to fall.
Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.
To decide whether ENS is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.
Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in ENS or any cryptocurrency comes with certain risks and uncertainties.
Regardless of your outlook on the development prospects and future trends of ENS, if you want to buy or sell ENS, you can consider Bitget for your trading needs. The best place to buy ENS is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.
Investing in Ethereum Name Service has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy Ethereum Name Service. Here's a step-by-step guide on how to buy Ethereum Name Service on Bitget.

How to get Ethereum Name Service through other methods?

Using cash to buy Ethereum Name Service is not the only way to obtain Ethereum Name Service. If you have the time to spare, you can get Ethereum Name Service for free.
Learn how to earn Ethereum Name Service for free through the Learn2Earn promotion.
Earn free Ethereum Name Service by inviting friends to join Bitget's Assist2Earn promotion.
Receive free Ethereum Name Service airdrops by joining ongoing challenges and promotions.
All crypto airdrops and rewards can be converted to Ethereum Name Service through Bitget Convert, Bitget Swap, or spot trading.

What is Ethereum Name Service used for and how to use Ethereum Name Service?

The use case of Ethereum Name Service may expand as the crypto market and the project itself develop. Currently, you can use ENS to achieve the following goals:
Arbitrage by trading ENS: Since ENS is a frequently traded cryptocurrency, the price of ENS is always fluctuating. Earn more ENS by buying low and selling high on the exchange. Bitget spot market provides a variety of ENS trading pairs to fully meet your needs.
Earn by staking ENS: You can also generate income through financial management methods such as staking ENS or lending ENS. Bitget Earn offers a variety of financial products designed to help you earn more income from your ENS.
Send or pay ENS: If you want to give ENS to your friends, a charity, or a fundraiser, or you want to pay someone with ENS, you can quickly and easily send ENS to the recipient through their payment address.
You can also go to the official website of the Ethereum Name Service project to learn more about the use cases of ENS. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

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