Ethereum name service or ENS has been in the spotlight for a while now. It calls itself “an open public utility that belongs to the community.” The vision is starting to take form as the project has taken the shape of a DAO, a decentralized autonomous organization. ENS tokens are now live on ZebPay for you to buy! We are the first Indian exchange to list it, so get your hands on it now.
What is ENS? Why’s everyone trying to get their hands on it?
You know how we have regular website domains? ENS is the same except it’s completely decentralized. ENS is a distributed, open, and extensible naming system based on the Ethereum blockchain.
What’s special about it is the personalised aspect of it. It maps human-readable names to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata. It’s a complete game changer.
How does it work?
For example, in case someone wants to send me some crypto. I’ll have to send them my deposit address which is something unique like “3fsnw48qm0w….”. Which isn’t very practical to remember, right? I need to have an address that I can say off the top of my head to actually be adopting crypto on a realistic basis.
Enter ENS, to the rescue, phew! I can buy my own personalised domain, with the format of “myname.eth”. And boom, a total game changer. This way, it’s easy to remember and there’s no risk of giving the wrong address to someone. Remember crypto transactions are irreversible. A wrong address would be problematic and you’d lose your crypto. But now, making payments and adopting crypto got a whole lot easier. Next time someone asks for your address you just tell them your domain name.
The talk of the town: the airdrop
Airdrops are the distribution of free tokens and coins, to thank early adopters of a project for their support, during the nascent stages. ENS just launched its native ENS governance token on Monday, but the token already has hit a fully diluted market capitalization of $5.4 billion.
ENS distributed 25 million tokens through its airdrop to domain holders! Lower level tiers have received an average of 200 ENS tokens, while the mid-level tier has received 500 ENS and the most active participants have earned 1,000 ENS. It is one of the largest airdrops that brought on an extremely positive reaction from the community.
Every token holder now has a seat at the table. The domain holders haven’t just gotten free crypto, it’s more about the responsibility they hold in running the DAO. The ENS tokens are governance tokens that grant them voting rights in decision making.
The price performance has been good although it has only been launched less than 48 hours ago. At the time of writing, ENS is trading at $69.71 or ₹5188.06. It has risen 21.8% in the last 24 hours and is currently ranked #116 by order of market cap. We believe that ENS does have the potential to rise up the ranks steadily over time.