In the initial days when the Internet was introduced to the world, we need to enter an IP address. That contains so many numbers and it was very difficult to remember but after the introduction of the World Wide Web, it becomes much easier. If we compare cryptocurrency with this we can say right now we are in the IP address phase. Users need to remember address to get access to any service but now we have Ethereeum Name Service. And this platform aims to make surfing of web easier with the help of crypto. So we are going to review this project and by the end of this review, you will find Ethereum Name Service (ENS) Price Prediction for the next five years.
What is Ethereum Name Service?
Ethereum Name Service (ENS) is a project that is built on an Ethereum network to create a decentralized domains registry for the decentralized web. ENS makes it easy for human beings to read the .eth domain names, ethereum account addresses, smart contract addresses, and many more. We all know that centralized DNS services are always at risk of service attack but as ENS is built on Etherum blockchain it is protected from cyber-attacks.
One of the best things about ENS is that with help of ENS we can replace our Ethereum address with a user-friendly ENS address. This will save the user’s time as they won’t need to copy-paste a long public address every time to dApps and instead of that they can use an ENS address. As ENS is built on Ethereum’s smart contract which makes it more private, secure, and resistant to censorship compared to traditional Domain Name Service (DNS). Few crypt projects like Namecoin, Handshake, and Blockstack are trying to replace DNS while ENS is just focusing on providing distributed, trustworthy name resolution for Web 3.
We have seen most of the time people buy some domain just because they think in the next few years it will become more valuable. And once the demand for that domain name increases then they will sell it to anyone at any cost. But on this platform users can buy a domain with a minimum of 7 characters. Also at the time of domain purchase, they have to lock some amount of ETH which will get refunded after you decided to leave the domain.
Ethereum Name Service (ENS) Details:
|Project Name||Ethereum Name Service|
|Total Supply||100,000,000 ENS|
Ethereum Name Service (ENS) Price Prediction:
The maximum supply of this project is 100,000,000 ENS tokens and at the time of writing only 10% of its total supply is circulating in the market. After the announcement of the ENS airdrop, the price of the token crossed $85. But if the team decides to add more tokens to the circulating supply then the price of this token may fall slightly. The kind of features this project is offering won’t be surprised if this project enters in top 100 projects. As per expert’s analysis and Ethereum Name Service (ENS) Price Prediction, this project will cross $200 in the next few years.
The normal Ethereum addresses are 41 characters and which are very difficult to read so the project is planning to make it readable for humans. Even though this project was launched back in 2017 still there are so many things that are going to add to this platform. And after complete development, we will see mass adoption from the investors. This project was built to completely change the decentralized web. So in the next couple of years, this project will be having huge demand in the market.