Ethereum Name Service

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What is Ethereum Name Service ?

ENS is an open and distributed naming system that makes lengthy crypto addresses easy to read and share. It is based on the Ethereum blockchain and works on the same concept of Domain Name Service (DNS) that maps simple website names to their IP addresses. 

ENS essentially converts human-readable Ethereum addresses like mark.eth into alphanumeric codes found in your wallets. It was founded by lead developer Nick Johnson and is supported by the Ethereum Foundation.

Primary features of Ethereum Name Service

• ENS is an ERC20 utility token and is, hence, based on the Ethereum mainnet.
• It is mainly used as a governance token to vote and influence key decisions surrounding ENS.  
• ENS, secured by the proof-of-work consensus mechanism, converts long and confusing crypto addresses into readable Ethereum addresses.  

Is Ethereum Name Service a promising cryptocurrency?

ENS is a governance token and has a one-of-a-kind value proposition – it makes Ethereum-based web accessible and easy to use. It is the first service to replicate the Domain Name Service of the internet to the decentralized web3. ENS is an open-source project controlled by holders of the ENS governance tokens. 

How to use Ethereum Name Service?

• ENS tokens allow the holders of the coin to govern the protocol. 
• Holders can influence key decisions and vote on the pricing of its .eth addresses and their price oracle. 
• Token holders can also delegate their voting rights to the DAO.

Pros & Cons of Ethereum Name Service

Pros

• ENS, similar to DNS, solves a very critical problem in the decentralized web3.  
• It is the first service to solve the readability issue of crypto addresses and has wide recognition among crypto users. 

Cons

• It still ranks at #144 by market cap. 

Trade Ethereum Name Service on CoinSwitch

• You can start trading on the app with only Rs 100.
• Enables immediate cancellation and deposit to bank accounts immediately.
• Intuitive and easy user interface.
• Offers easy monitoring to beginners.

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