What is the Ethereum Name Service (ENS)? How Does it Work?
Ethereum Name Service (ENS) was released by the Ethereum Foundation on 4 May 2017. The project was developed by New Zealand-based software engineer Nick Johnson. The Ethereum Name Service (ENS) was created by the Ethereum Foundation but split in 2018 — opting to continue as a separate organisation. The Ethereum Name Service (ENS) aims to provide users with an easier way to access the Ethereum network. If you have questions like what is the Ethereum Name Service (ENS), how does the Ethereum Name Service (ENS) work, how do you get the Ethereum Name Service (ENS) and how do you trade ENS/TRY and ENS/USDT trading pairs then you will find the answers in this article.
What is the Ethereum Name Service (ENS)? How does it work?
The Ethereum Name Service (ENS) is a distributed, open, and scalable naming system based on the Ethereum blockchain. Complicated addresses are translated in a way that is easier to read and understand. The Ethereum Name Service is based on the Ethereum blockchain and its native token is ENS. The ENS transforms machine-readable alphanumeric Ethereum addresses into a form that can be read by anyone. Using the Ethereum Name Service, NFT and other crypto asset addresses are converted into a short and memorable link, a much simpler alternative to their standard format.
The Ethereum Name Service works in a similar way to the Domain Name System (DNS). In the DNS system, IP addresses that are long and difficult to remember are converted into URLs that are easily recalled. The Ethereum Name Service also organises the addresses in the Ethereum blockchain in a more memorable way, just like in the DNS system.
Addresses with an .eth extension can be obtained with ENS.
A complex wallet code, as shown in the example below, can be transformed into a simpler and more understandable one thanks to the ENS.
12c6DSiU4Rq3P4ZxziKxzrL5LmMBrzjrJX → satoshi.eth
ENS is a governance token. Token holders can transfer their votes to the DAO and use them for voting.
The supply of the Ethereum Name Service is capped at 100,000,000.
How do you store the Ethereum Name Service (ENS)?
The Ethereum Name Service (ENS) is an Ethereum-based token that aims to provide users with easier access to the Ethereum network. You can manage your ENS balance using any desktop, mobile or hardware wallet that supports Ethereum-based assets.
How do you Buy and Sell The Ethereum Name Service (ENS)?
You can use the BtcTurk | PRO website or mobile app to buy and sell the Ethereum Name Service (ENS) using Turkish Lira or Tether. If you’re not a BtcTurk member yet, you can become a member now on our website or mobile app. You can buy the Ethereum Name Service (ENS) by depositing Turkish Lira — a service available 24/7 if you use one of BtcTurk’s seven contracted banks.
