Ethereum Name Sevice is ready to make huge strides in the cryptocurrency and Web 3 domain

The cryptocurrency space is highly technical so it can be quite overwhelming for first-time users and non-tech savvy individuals who are proceeding in the market. To send a crypto payment, investors need a long public wallet address composed of a string of digits, letters, and special characters. Investors also have distinct public addresses for every cryptocurrency, which makes it even more difficult for beginners. This is where the ENS comes in. Ethereum Name Service aims to make the crypto and DeFi a simpler and easier space that allows new investors to create a universal nickname for all their public addresses and decentralized websites. ENS aims to become the naming protocol of the DeFi internet by creating portable Web3 usernames that are interoperable across all blockchain networks and DeFi apps.

The old IP addresses of Web 2.0 became much easier to explore after the integration of domain names. ENS domains promise to create an easier link between the investors and their customers, business partners, and others, on the Ethereum blockchain. For most businesses or users of blockchain technology, identifying a wallet requires a long length of alphanumeric values. ENS will enable them to shorten the length of their wallet addresses.

Besides this, the ENS governance token created on the Ethereum blockchain also allows speculators to serve a specific role in the ENS community. ENS community members are also members of the DAO, who use their tokens to communicate the changes that they wish to see in the organization. The ENS community can also vote on the ENS constitution, which is a set of rules and guidelines for how ENS should be governed. Well now, it definitely seems like Ethereum Name Service would be the perfect reason why people would opt for Web 3 instead of Web 2.

More Trending Stories