
What is and how to use an ENS?
What is and how to use an ENS?
ENS stands for Ethereum Name Service and it’s essentially your web3 username. To do an easy parallel web domains (like google.com) are to IP addresses what ENS are to wallet addresses. When using an ENS to do crypto transfers you no long need to use complex address you can use a simple name.
For example
The address off our test wallet is 0xc873fBcB5DB38B87CaC2e02C28A5C504eC673d62. It is quite cumbersome to use and making a typo when using that address can result in funds getting lost. Instead, senders can use our ENS CryptoCollege33.eth to send us funds. How? Simply by typing our full name in the ‘Send to” address box and hitting enter. See below.
As you can see in the above screenshots if the name it is entered correctly it will then display the wallet address, it is associated with. Sender can just select the cryptocurrency he or she wants to send and execute the transfer.
How to buy an ENS
To buy an ENS you can go to https://ens.domains. You will then have to connect the website to one the compatible wallets. Currently you can use MetaMask, Wallet Connect, Portis, Torus, MEW and Coinbase Wallet. Once connected you will be able to search if your ENS is free (just like a Domain), buy it and manage it.
Note a wallet address can have multiple ENS associated to it, but an ENS always only point to one wallet address. This can be edited on the above website. At the time of this article there are already more than 530 active integrations (platforms that will recognize an ENS) and 2.8m ENS created.
Valuation
Just like web domains, ENS can be valuable and are considered as NFTs. Think about the value of Nike.com today. Well with adoption of blockchain services the value of Nike.eth (its Ethereum Name Service equivalent) should also grow significantly over time.
Some NFT platforms like https://opensea.io allow selling and trading of ENS. To date the most expensive one sale was for Paradigm.eth who sold for $1.5 million in October 2021.
It will be interesting to observe in the coming year how their value will continue to evolve but in the meantime they make blockchain transfers for their owners much easier. So don’t wait to get yours as long as yours as it could still be available but probably not for much longer…
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Tag:Blockchain, ENS, Ethereum, Fast Transactions