The Ethereum Name Service (ENS) is a decentralized system designed to convert complex Ethereum wallet addresses into human-readable names. Similar to how traditional domain name services work for websites, ENS transforms the lengthy strings of characters in Ethereum addresses into easily recognizable words or phrases. This improvement facilitates easier sharing and interaction with Ethereum addresses, benefiting both individual users and businesses.
What is Ethereum Name Service (ENS)?
ENS operates on the Ethereum Blockchain using registry and resolver smart contracts. The registry keeps track of all domain names and subdomains available through ENS, along with important details such as ownership and associated resolvers. The resolver contract translates human-readable domain names into Ethereum wallet addresses, and vice versa, streamlining transactions within the Ethereum ecosystem.
To secure an ENS domain, users must search for available names through the ENS application. The registration process involves two transactions from the user’s Ethereum wallet: the first to initiate the request and the second to finalize it within seven days. Users can also set the lease duration for their domain names, granting access for a specified period.
How to Buy Ethereum Name Service (ENS) with TRY?
For investors in Turkey, Binance TR is the go-to cryptocurrency exchange for purchasing ENS. The platform supports over 100 cryptocurrencies, including ENS. The buying process involves creating an account, verifying identity (KYC), depositing Turkish Lira (TRY), and finally purchasing ENS. Below are the detailed steps to guide users through this process on Binance TR.
Practical Insights
• Research and identify available ENS domain names using the ENS application.
• Complete the registration process with two Ethereum wallet transactions.
• Utilize Binance TR for a seamless experience in buying and trading ENS with TRY.
• Follow the KYC procedure on Binance TR to ensure account security and compliance.
• Deposit TRY effortlessly from various banks to your Binance TR account.
To summarize, the Ethereum Name Service offers a user-friendly way to manage Ethereum wallet addresses by converting them into simple, memorable names. This system enhances usability within the Ethereum ecosystem, making it more accessible for all users.