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What is Ethereum Name Service coin (ENS) and how does it work?

by Financial Economy

Ethereum Name Service (ENS) is a blockchain-based, distributed and open name system that operates similar to the Domain Name System (DNS). ENS, unlike DNS, is blockchain-based and uses the Ethereum blockchain. Detailed information about what is Ethereum Name Service coin (ENS), how it works, how much it costs, on which exchange it is available, how to buy it, etc. is in the continuation of the content. You can browse here for information about HEX coin.

What is Ethereum Name Service coin (ENS) and how does it work?

While computers can only detect numerical values ​​such as IP addresses, surfing the Internet using IP addresses is not very convenient for humans. This is where DNS comes into play, giving IP addresses human-readable domain names. When internet users enter these domain names, DNS converts the domain name to the IP address and forwards it to the computer, and the process becomes quite simple.

The Ethereum Name Service was developed to meet a similar need. In the blockchain and cryptocurrency world, data such as wallet address and transaction hash are currently represented as alphanumeric. ENS offers domain names registered on the Ethereum blockchain with the .eth extension so that this data can be used more easily by people.

How to use Ethereum Name Service?

Ethereum Name Service is largely decentralized and managed by the community. However, some decisions are still taken by the project team in the project, which is only a few years old. The project team aims to increase decentralization over time and give more space to the community in governance.

ENS Token is the governance token of the Ethereum Name Service network. ENS Token holders get voting rights in community initiatives. The weight of voting rights varies according to the amount of tokens owned.

How to buy Ethereum Name Service coin? Which exchanges are ENS coin available on?

ENS token is supported by exchanges such as Binance, Coinbase, Gate.io, Bybit and OKEx etc. It can be purchased from exchanges. In addition, it is possible to buy and sell ENS on decentralized exchanges such as Uniswap, SushiSwap, 0x Protocol and Balancer. But before trading, it is necessary to make sure that the exchange is “RELIABLE”. This is for the benefit of investors.

What is the price of ENS coin?

As of December 14, 2021, the price of 1 ENS gin is around $39.91 (price can change instantly).

Caution: The information contained in this content is for informational purposes only. It is not investment advice.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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