In this article, you will learn what does ENS stand for. As blockchain addresses become more accessible to new cryptocurrency users, we might see an overall increase in adoption over the long run. For global crypto adoption to be successful, ENS and other similar incentives are crucial. Humans can easily remember something like name(.)eth, but will find it almost impossible to remember a string. This is where ENS came in.
What Does ENS stand for?
ENS stands for Ethereum Name Service. ENS is a naming protocol that allows humans to use easy-to-remember domain names for their cryptocurrency addresses. The protocol then translates it to a machine-readable address. This process has many similarities to the DNS system we use for the internet. Furthermore, it empowers users with a tool that can unify their online presence and help them step into the realm of web3.
ENS could make all the difference in how we interact in the web3 world.
How Does ENS Work?
ENS is built upon two Ethereum smart contracts. The first one is the ENS registry, which records all domains registered on ENS. It also stores three crucial pieces of information about each domain. These are the domain owner, resolver, and caching time.
The resolver is the second smart contract. It converts domain names into machine-readable addresses and vice versa. This smart contract matches each domain with the appropriate user, website, or address.
How to Get Your Own ENS Domain?
To create your web3 username, you need to have an Ethereum wallet — such as MetaMask — and visit the ENS domains web app. First, search for a domain name. After finding one, you will need to complete the registration process. This includes verifying two transactions from your wallet and paying the annual fee of $5/year, if the name is longer than five characters. Once you have the domain, you can link it with your crypto wallets and websites.
You can also create multiple subdomains like email.rick.eth and website.rick.eth under the same ENS domain. Note that each modification happens directly on the Ethereum blockchain and will incur a gas fee, which may vary depending on the day and time of the day you're trying to modify your details.
It's also worth noting that ENS domains are scarce, and the process is very similar to how you would purchase a DNS name. Since this is still a new side of web3. some crypto enthusiasts purchase multiple ENS domains, hoping to flip them later, when more people and brands get into web3. For instance, “exchange(.(eth” has sold for 6.660 ETH, and “weather(.)eth” sold for 300 ETH.
Bottom Line
The main thing cryptocurrency users can use ENS for is to replace their long addresses with human-readable domains that will facilitate crypto operations. This article is about what does ENS stand for.
