Ethereum Name Service (ENS), a name service built on Ethereum, links Information to a name and helps users find addresses by names instead of numbers. ENS, an open source blockchain-based naming protocol that runs on Ethereum, is similar to DNS, which associates server IP addresses on the internet with a name, i.e. domain names.
ENS is designed to work with DNS, not to replace DNS.
For example, instead of a wallet address like 0x0e052678… inc. You can register a domain name such as eth and assign this wallet address to this domain.
Also, Pay. inch. You can also create a subdomain like eth and use a more memorable wallet address if you want. Besides assigning a wallet to the domain, you can also assign a website.
According to CoinGecko data, Ethereum Name Service (ENS) is up 63% in the last 24 hours. It is trading at $29.39, up 1 percent. With a market cap of $262,641,480, ENS has a circulating supply of 9,196,308.
What are the ENS Advantages?
- Allows user-readable wallet addresses, meaning you can send crypto assets to a domain name.
- Swarm and IPFS can allow easy access to content hashes.
- ENS offers better security than DNS as it runs on the Ethereum blockchain as a set of smart contracts.
- You can create subdomains.
- Domains and subdomains can be resold.
What are the Disadvantages of ENS?
- It has a more complex architecture than DNS.
- As it is a new service, it has more restrictions.
- Not supported by all internet browsers.
ENS Token
ENS has experienced a serious price increase in the last 24 hours. Cryptocurrency was trading around $46 at the time of writing. ENS is up 160% in the last 24 hours, according to data from CoinGecko.
