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Buy Ethereum Name Service in the UK
Ethereum Name Service
ENS
What is Ethereum Name Service?
How to Buy Ethereum Name Service (ENS): Why do investors buy ENS? Because ENS simplifies crypto addresses for everyone. Let’s break it down.
What is ENS?
The Ethereum Name Service (ENS) is a distributed technology based on the Ethereum blockchain. Its mission is to provide an elegant solution to the long and confusing crypto addresses we encounter in the world of cryptocurrencies.
Think of ENS as a way to create a human-readable name that represents your crypto address, similar to a website domain or an email address.
What is the ENS token? (ENS)
The Ethereum Name Service (ENS) token (or crypto) is built on the ERC-20 standard and serves as a governance token within the ENS community. Its primary purpose is to enable community members to propose and vote on changes within the Decentralised Autonomous Organisation (DAO).
The total supply of ENS tokens is capped at 100 million. Currently, 31.2 million tokens are in circulation (as at 14 May 2024).
Why is ENS useful?
Human-readable names
Cryptocurrency addresses are typically a string of random characters (like 0x98...674). Remembering or sharing these addresses can be challenging. ENS allows you to create a custom name (e.g., nick.eth) that maps to your actual crypto address. Now you can share your ENS name instead of the complex address, making transactions convenient and more intuitive.
One name for all chains
With ENS, you can use the same name across different blockchains. No more copying and pasting lengthy addresses! Whether you’re receiving Ethereum, tokens, or NFTs, your ENS name covers it all.
Decentralised websites
ENS also enables censorship-resistant, decentralised websites. By uploading your website to the InterPlanetary File System (IPFS) and associating it with your ENS name, you create a user-friendly way to access your content. Imagine browsing websites like “mywebsite.eth” instead of IPFS hashes!
How does ENS work?
Registering an ENS name
Users can register ENS names through various wallets and services. Choose a unique name (e.g., your nickname or brand) and link it to your crypto address.
Resolving ENS names
When someone enters an ENS name (e.g., “alice.eth”), the ENS system translates it into the corresponding crypto address (e.g., 0x...).
This resolution happens behind the scenes, making it seamless for users.
Integration with wallets and services
ENS is widely integrated into wallets, browsers, and apps. You can use your ENS name across platforms, simplifying transactions and interactions.
The future of ENS
ENS simplifies crypto addresses by replacing them with user-friendly names, making transactions more intuitive. For example, instead of sharing a lengthy address like “0xDC25E998338AF3F5B8A1862ADA83795FBA2D695E,” you can use a more logical format like “CoinJar.eth.”
As blockchain adoption grows, ENS will play an essential role in making crypto more accessible. Imagine a world where sending funds is as convenient as typing a friend’s name! ENS could theoretically increase in popularity and expand to support more chains, enhance protection, and become a standard part of the crypto experience.
ENS bridges the gap between complex crypto addresses and human-friendly names, making the decentralised world more user-friendly.
How to buy Ethereum Name Service (ENS) on CoinJar
Sign Up to CoinJar: Download the CoinJar app on iOS or Android. Create an account and verify your ID. UK residents are required to do an assessment and then wait 24 hours (see below).
Deposit Funds: Transfer funds from your bank account using your preferred method. Once your account is funded, you can buy ENS and other cryptocurrencies.
Cash, credit or crypto?
Buy Ethereum Name Service using Visa or Mastercard. Get cash in your account with Faster Payments Service (FPS). Convert crypto-to-crypto with a single click.How to buy Ethereum Name Service with CoinJar
Start your cryptocurrency portfolio with CoinJar by following these steps.
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Frequently asked questions
What is ENS (Ethereum Name Service)?
ENS is a decentralised system built on the Ethereum blockchain that allows users to replace complex crypto addresses with human-readable names. It’s like a domain name service (DNS) for the Ethereum ecosystem.
Why should I use ENS?
ENS makes crypto addresses easy to remember by allowing you to create custom names (e.g., “myname.eth”) that map to your actual Ethereum address. It simplifies transactions and interactions within the Ethereum ecosystem.
How can I buy ENS?
To buy Ethereum Name Service, follow these steps: Sign up to CoinJar (note the regulatory criteria for new accounts, noted above). Deposit funds (e.g., via bank transfer). Purchase ENS tokens.
Who owns ENS domains?
ENS domains are owned by the user who registers them. You become the domain owner when you associate an ENS name with your Ethereum address.
What Is the ENS Registry?
The ENS registry is a smart contract on the Ethereum blockchain that manages ENS names and their mappings to addresses.
What Is a Decentralised Autonomous Organization (DAO)?
A DAO, such as the Ethereum Foundation, is an organisation run by token holders. ENS operates as part of the DAO ecosystem.
How does ENS handle addresses for other cryptocurrencies?
ENS primarily focuses on Ethereum addresses. However, it can potentially extend to other blockchains in the future.
Is ENS user-friendly?
Yes! ENS aims to be user-friendly by providing human-readable and memorable names.
What are machine-readable addresses?
ENS names are both human-readable and machine-readable. Machines can resolve them to Ethereum addresses seamlessly.
How does ENS use blockchain technology?
ENS leverages the Ethereum blockchain to store and manage domain mappings securely.
How is ENS different from traditional DNS?
Unlike traditional DNS, which maps domain names to IP addresses, ENS maps names to Ethereum addresses and content hashes (for decentralised websites). Remember, ENS bridges the gap between complex crypto addresses and user-friendly names, making the Ethereum ecosystem more accessible.
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Cryptoassets traded on CoinJar UK Limited are largely unregulated in the UK, and you are unable to access the Financial Service Compensation Scheme or the Financial Ombudsman Service. We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits. CoinJar’s digital currency exchange services are operated in the UK by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767).
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