Ethereum Name Service simplifies sending and receiving payments on the Ethereum network by allowing users to register human-readable names that link to their Ethereum addresses. For example, users can share their desired domain, such as tap.eth, instead of the typical 42-character wallet address.
This is done through the use of two smart contracts. The first step involves registering a name through various ENS domain registrars. Once registered, the name is added to the ENS Registry, and the user becomes the owner of that ENS domain name. The ENS system then uses a second smart contract called the resolver to retrieve the associated Ethereum address when someone sends a payment to one's ENS domain name.
ENS also allows users to add additional data to their ENS domain names, such as IPFS or swarm hashes, making it possible to associate decentralized content with a domain name. With a hierarchical system of domains similar to Domain Name Service (DNS), ENS aims to make the Ethereum network more user-friendly and accessible, particularly in the DeFi and Web3 sectors.
The ENS token is used as a governance token, providing voting rights to ENS holders.
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Trading with Tap automatically gives you access to the platform’s smart engine which finds you the best available Ethereum Name Service price on the market in real time. By scanning top exchanges and order books, the technology is able to sift through tons of data in order to ensure you purchase ENS at the best market price. Learn how to buy ENS and tap into this integrated technology below.
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Frequently Asked Questions
Ethereum Name Service (ENS) is a decentralized naming system built on the Ethereum blockchain that simplifies the process of sending and receiving payments in the Ethereum network. Users can register ENS domain names under the .eth top-level domain and associate them with their Ethereum wallet addresses. This allows users to provide ENS domains instead of Ethereum addresses, for example replacing 0x71C7656EC7ab88b098defB751B7401B5f6d89 with simply tap.eth. The domain name can then be used instead of the Ethereum wallet address. The ENS project is a separate entity from the Ethereum Foundation. While it is built on the Ethereum blockchain, it is in the business of machine-readable addresses into human-readable names.
The ENS DAO is a community-governed organization responsible for making decisions about the development of the Ethereum Name Service ecosystem. Token holders have the right to vote on proposals and decisions, ensuring a decentralized and community-driven approach to development.
The ENS Foundation, not to be confused with the Ethereum Foundation, is a non-profit organization that supports the development and growth of the ENS ecosystem. It oversees the development of the ENS system, promotes its adoption, and provides support to users and developers. The foundation plays a critical role in supporting the growth and development of the ecosystem.
The Tap app provides a secure and fully licensed platform to buy ENS coins within the crypto space. To purchase Ethereum Name Service (ENS) coins, download the app, create an account, and complete the identification process, which takes approximately 5 minutes. Once your account is set up, you can load it with cryptocurrency or fiat currencies and buy ENS coins instantly. The coins will be deposited into your unique crypto wallet, which can be accessed through the app.
To check the current market price of Ethereum Name Service (ENS) and other cryptocurrencies, you can access your crypto wallet on the Tap app. The app displays the current price, market cap, and trading data for all supported cryptocurrencies. The app's smart router technology scans multiple exchanges to find the best available price, whether you're buying ENS or other coins. Once purchased, the funds are automatically deposited into your unique cryptocurrency wallet within the app and securely stored.