• The Ethereum Name Service makes cryptocurrencies more approachable.
• The system’s native currency, the ENS token, is used to assist in managing the name network.

Let’s step back from the Bitcoin industry and consider the internet as a whole. In the early days of the internet, web addresses were just a collection of seemingly random integers.

Understanding the IP, DNS, and ENS

The internet protocol (IP) address of a website is made up of these digits. These addresses have the drawback of being somewhat difficult to recall. One incorrect number might cause the user to see a blank screen or, worse still, a website unrelated to the one they were attempting to access.

Cryptocurrency is currently a significant participant in the internet space, but it is still in its infancy in terms of growth and accessibility. In reality, it is essentially where the internet was in the early 1980s, in its most basic form. Most of the time, the user does not really visit a website to use cryptographic services. For instance, it is simple to swap cryptocurrency on an exchange. They just log into the exchange’s website and carry out their daily activities. It is a little more difficult, though, to send money directly to someone. 

There is a clear reason for this: anything that increases the security of online money transfers, whether they include fiat or cryptocurrency, is seen favourably. However, it may be time-consuming and irritating, which discourages consumers from utilizing cryptocurrencies. If individuals could utilize crypto addresses, similar to how people use simple DNS web addresses rather than complicated IP ones, it would, at least in principle, be much easier and far more accessible.

What The ENS Service Does

The Ethereum Name Service (ENS) enters the picture here. 

The name of the system is one thing we must make clear. The Ethereum Name Service is the name service on the Ethereum blockchain, not the Ethereum Name Service itself. It leverages Ethereum but also has the ability to use the native currencies and tokens of other blockchains, in other words. As a result, it enables consumers to send pretty much any cryptocurrency they want to, to pretty much anybody they want to, in a straightforward, practical, and approachable manner.

The Ethereum Name Service makes cryptocurrencies more approachable, at least theoretically. People may pay a modest price to have the lengthy, difficult-to-remember string of numbers and letters that makes up their cryptocurrency wallet’s address transformed into something that resembles a regular web address. Although the default Ethereum Name Service bitcoin address ends in.eth, if they control the domain name, they may link a traditional web address, such as one that ends in.com or.net, to a wallet.

ETH is the token that the system requires in order for it to start operating, even though it can be used to transmit or receive pretty much any cryptocurrency. The yearly price will range between $5 and $640 worth of ETH, and users will require an ether wallet to begin using the system’s services.

The ENS Token

The system’s native currency, the Ethereum name service (ENS) token, is used to assist in managing the name network. The service itself states that token holders will vote to officially request the following from the ENS root keyholders:

• control the price, the price oracle, and other protocol settings.
• manage the communal treasury’s current cash and receive future income.