ENS in crypto Industry
- User Friendly and accessible: Since the crypto field is highly technical, it discourages users to explore in the beginning. But ENS overcomes this issue by making it more secure, private, accessible, and user-friendly. This can be a road to overcome the barriers of the crypto industry.
- Popularity in Web 3.0: After airdropping 1/4th of the total token supply, significant interest has been observed in the protocol. Only a little time was needed after its launch, and ENS gained popularity among investors. It has emerged as a significant backbone of web 3.0 and the crypto ecosystem.
- Roadmap as a parallel extension to DNS: ENS is emerging to integrate with DNS. Owners of internet domain claim them on ENS. Web 3 usernames will be available for cross-platform access, thereby making them accessible.
What is Ethereum Name Service (ENS)?
Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain. Ethereum addresses are harder than IP. Long hex addresses are almost impossible to remember. So the Ethereum name service was created. The job of ENS is to convert human-readable addresses like yourname.eth to machine-readable addresses like veryverylongname.hash.you… that have IP hashes, wallets, smart contracts, etc. The native name suffix is .eth. ENS Ecosystem has wallets like coin base wallets and mycrypto, apps like OpenSea and Etherscan, and browsers like Beacon and EthDNS. The goal is to make easy access to Ethereum-based web for humans similar to DNS.