Bringing the domain name innovation of Web 2.0 to Web 3.0, Ethereum Name Service has continued to operate as the only project in its field since the day it was developed. For technical details of the Ethereum Name Service project, whose privileges can be used by renting the ENS domain for a minimum of 1 year on a simple website, you can find answers to the most frequently asked questions such as what is ENS Coin, which exchanges are listed, what are the pros, cons and unique aspects of the project.
What is Ethereum Name Service (ENS) Coin?
Ethereum Name Service is an open and extensible naming service distributed on the Ethereum blockchain. The native token of the Ethereum Name Service project, which converts Ethereum addresses to machine-readable alphanumeric codes, is ENS Coin. ENS Coin is a Cryptocurrency used to manage and govern the protocol.
Ethereum Name Service Project and Whitepaper
The purpose of the Ethereum Name Service project, which was developed by being influenced by the Domain Name service of the Internet, is to enable people to access and understand Ethereum-based web services more easily, similar to the change created by the domain name service. To achieve this goal, developers use a system of hierarchical dot-separated names called domains, such as NDS, which is also inspired by the technology it is inspired by, which completely controls subdomains.
Instead of inappropriate alphanumeric codes, the project is built on two smart contracts, allowing users to receive any Cryptocurrency or NFT on a short and memorable link. For the technical details of the Ethereum Name Service project, which has gained more security than DNS and is resistant to censorship thanks to blockchain technology?
Who Are the Founders of ENS Coin? Which Country Does Its Own?
Part of the Ethereum Foundation until 2018, ENS Coin is managed by a team of nine. New Zealand software engineer Nick Johnson is the lead developer of the nine-person team. 4-7 multi-signature roots manage the ENS treasury. The names and duties mentioned can be listed as follows:
- Nick Johnson – ENS
- Jason Carver – Ethereum Foundation
- Martin Sweden – Ethereum Foundation
- Taylor Monahan – MyCrypto
- Sergey Nazarov – Chain Link
- Dan Finlay – Metamask
- Aron Fischer – Colony
What are the Usage Areas?
ENS Coin, the native token of the Ethereum Name Service protocol, was developed for use in the field of governance. To the users of ENS Coin, distributed by airdrop after the decentralized autonomous organization (DAO) was established in November 2021; Pricing, management of funds within the treasury, and protocol updates. ENS Coin, which can be traded on Cryptocurrency exchanges and transferred as a representation of value, can also be used as a means of payment for domain name services.
What Makes the Ethereum Name Service Project Unique?
Ethereum Name Service has been the first and only project to transfer domain name service to decentralized Web 3.0. We can list the unique aspects of the project, which serves in an unrivalled field and continues its development under the control of an experienced developer team:
- Rather than being a company, ENS calls itself an open public service owned by a company.
- It is the smart contract resolver, which registers domains registered in ENS and the latter.
- It simplifies the user experience and makes blockchain technology less technical.
- Due to its design, it is more resistant and secure against censorship.
- It can also be used for cryptocurrencies and NFTs along with Ethereum Name Service wallet addresses.
- Although they are not investors, they are supported by the Ethereum Foundation, Chain-link, Ethereum Classic Labs, Binance, and Protocol Labs.
What are the Advantages and Disadvantages of ENS Coin?
ENS Coin started its trading life in the crypto industry 1-0 ahead due to its open source development and being the only project in its field. With increasing integrations after 2021, more than 1,300 ENS Coin has become popular with major stock exchange listings and support from projects other than Ethereum. However, before making the final decision on the ENS Coin investment, which is seen as a reliable project, you can take a look at the pros and cons of the project shared below:
- It offers its users a secure and decentralized way.
- It allows ETH or ERC-20 tokens to be transferred with a catchy spelling like gercekuser. Eth instead of typing 8t15f232fb… style complex addresses.
- It is integrated with over 1,300 domain extensions such as .eth, .com, .org.
- It is supported by the most important project developers of the industry as well as the Ethereum Foundation.
- It is the only project in its field.
- It has a wide range of uses, such as cryptocurrencies and NFT.
- ENS Coin is used in governance.
- It is listed on major Cryptocurrency exchanges.
- ENS Coin investment can be risky due to the fluctuating price trend.
- It operates in a niche area.
- The ENS token has relatively limited use, being used only in governance.
On Which Exchanges Is ENS Coin Available?
Some of the major Cryptocurrency exchanges where ENS Coin is listed can be listed as follows:
- Coinbase Exchange
- Huobi Global
- com Exchange
Ethereum Name Service (ENS) Coin Market Information
The maximum supply of ENS Coin is 100,000,000. ENS Coin reached an all-time high (ATH) price of $85.69 on November 11, 2021. The all-time low (ATL) on ENS Coin was $7.40 on June 14, 2022.
How and Where to Buy ENS Coin?
Binance, Coinbase, OKX, etc. Create a free account by accessing cryptocurrency exchanges’ websites listing ENS Coin.
Complete the verifications by logging into the “Security” tab to activate the account you opened with your KYC information.
Send money to your activated crypto account.
Place an ENS Coin purchase order using the Cryptocurrency buys and sell menu.
After the order, you can transfer the ENS Coin, which is reflected in your exchange wallet, to alternative wallet options.