Buy Ethereum Name Service in Australia on CoinJar

Buy Ethereum Name Service (ENS): Why do investors buy ENS? Because ENS simplifies crypto addresses for everyone. Let’s break it down.

What is ENS?

The Ethereum Name Service (ENS) is a distributed technology based on the Ethereum blockchain. Its mission is to provide an elegant solution to the long and confusing crypto addresses we encounter in the world of cryptocurrencies. Think of ENS as a way to create a human-readable name that represents your crypto address, similar to a website domain or an email address.

What is the ENS token? (ENS)

The Ethereum Name Service (ENS) token (or crypto) is built on the ERC-20 standard and serves as a governance token within the ENS community. Its primary purpose is to enable community members to propose and vote on changes within the Decentralised Autonomous Organisation (DAO).

The total supply of ENS tokens is capped at 100 million. Currently, 31.2 million tokens are in circulation (as at 14 May 2024).

Why is ENS useful?

Human-readable names

Cryptocurrency addresses are typically a string of random characters (like 0x98...674). Remembering or sharing these addresses can be challenging. ENS allows you to create a custom name (e.g., nick.eth) that maps to your actual crypto address. Now you can share your ENS name instead of the complex address, making transactions easier and more intuitive.

One name for all chains

With ENS, you can use the same name across different blockchains. No more copying and pasting lengthy addresses! Whether you’re receiving Ethereum, tokens, or NFTs, your ENS name covers it all.

Decentralised websites

ENS also enables censorship-resistant, decentralised websites. By uploading your website to the InterPlanetary File System (IPFS) and associating it with your ENS name, you create a user-friendly way to access your content. Imagine browsing websites like “mywebsite.eth” instead of IPFS hashes!

How does ENS work?

Registering an ENS name

Users can register ENS names through various wallets and services. Choose a unique name (e.g., your nickname or brand) and link it to your crypto address.

Resolving ENS names

When someone enters an ENS name (e.g., “alice.eth”), the ENS system translates it into the corresponding crypto address (e.g., 0x...).

This resolution happens behind the scenes, making it seamless for users.

Integration with wallets and services

ENS is widely integrated into wallets, browsers, and apps. You can use your ENS name across platforms, simplifying transactions and interactions.

The future of ENS

ENS simplifies crypto addresses by replacing them with user-friendly names, making transactions more intuitive. For example, instead of sharing a lengthy address like “0xDC25E998338AF3F5B8A1862ADA83795FBA2D695E,” you can use a more straightforward format like “CoinJar.eth.”

As blockchain adoption grows, ENS will play an essential role in making crypto more accessible. Imagine a world where sending funds is as easy as typing a friend’s name! ENS will likely expand to support more chains, enhance security, and become a standard part of the crypto experience.

ENS bridges the gap between complex crypto addresses and human-friendly names, making the decentralised world more user-friendly.