ETHEREUM Name Service’s purpose is to map human-readable names like ‘Jordan.eth’ to machine-readable identifiers such as Ethereum addresses and other cryptocurrency addresses.
But will ENS 10X and reach $150?
What is Ethereum Name Service (ENS)?
Put simply Ethereum Name Service (ENS) maps long crypto addresses to simple URLs, meaning you can send ETH or ERC20 tokens to “jordan.eth” instead of “6a3777j13uw9io”.
Ethereum Name Service allows anyone to buy and manage these domains.
It’s similar to the early days of the internet when to find a website you needed to type in the IP address, instead of searching for a website like we do today.
ENS makes it much easier to receive crypto assets.
It also makes it easier to use Ethereum dapps as you don’t need to copy and paste the long public address.
Who runs Ethereum Name Service (ENS)?
Nick Johnson and Alex Van de Sande led the initial development of Ethereum Name Service.
In November 2021, the project airdropped ENS tokens to users of the service and created a decentralized autonomous organization (DAO) to manage it.
This means ENS token-holders are able to use their ENS tokens like company shareholders might, making decisions about pricing, changes to protocol and managing funds within the treasury.
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How can I get an Ethereum Name Service (ENS) name?
Use an Ethereum wallet like MetaMask, and visit manager.ens.domains to search for available domain names.
Once you’ve found the domain you want, you’ll be walked through how to register, which will require you to confirm two transactions from your wallet.
You’ll need to select how many years you want to register a domain for – it currently costs $5 a year (paid in ETH).
How can I buy ENS tokens?
ENS tokens can be bought on a number of different exchanges including Binance and FTX.
Ethereum Name Service (ENS) price prediction for 2023,2024,2025,2026 and 2027
Ethereum Name Service’s native token ENS is down nearly 50 per cent since it launched in November 2021.
But DigitalCoinPrice predicts the price could 10X before 2030, reaching $212.56.
In 2022, DigitalCoinPrice predict ENS reaching $32.87, followed by $45.48 in 2024, $59.23 in 2025, $51.52 in 2026 and $73.18 in 2027.
PricePrediction is also predicting similar growth with ENS reaching $282.45 by 2030.
In 2023, they’ve predicted ENS to reach $24.59, followed by $33.40 in 2024, $48.49 in 2025, $69.77 in 2026, and $101.70 in 2027.
How risky is investing in cryptocurrency?
Cryptocurrencies have proven to be extremely volatile.
If you are willing to take the risk by investing in a cryptocurrency, make sure you understand what you are investing in and do your own research.
Also, don’t invest simply because you have a fear of missing out.