Ethereum Name Service (ENS) Price Prediction 2024, 2025, 2030, 2035 |Is it worth Holding?

ethereum name service

The Ethereum Name Service (ENS) is a blockchain-based distributed, open, and extensible naming system. ENS converts human-readable Ethereum addresses like john.eth into machine-readable alphanumeric codes like Metamask wallets. It is also possible to convert metadata and machine-readable addresses into human-readable Ethereum addresses.

The goal of Ethereum Name Service is to make the Ethereum-based web easier for humans to access and comprehend, in the same way, that the Internet’s Domain Name Service makes the internet more accessible. ENS, like DNS, employs a system of dot-separated hierarchical names known as domains, with domain owners having complete control over their subdomains.

Ethereum Name Service Features and Updates?

The ENS, like the DNS, employs a hierarchical name system known as domains, with the creator and owner of the domain having control over his top-level domain and subsequent subdomains.

Registry

To begin, every domain name registered in the ENS has an owner. An owner owns a named domain and can transfer it to a new owner at any time.

The owner who wishes to purchase a domain is referred to as a “registrant” because he must register the domain with the ENS. The “registry” functionality of the ENS is in charge of recording, monitoring, and tracking who has registered for a domain – the registrar.

“Registrars” are smart contracts that allocate subdomain names and are governed by the permanent registrar, which is the main registrar. They can be changed at any point or level within the ENS and can be referred to by the registry’s owner.

Names

As previously stated, there is a distinction between owning a name and owning a registration. A “name” is a way for the ENS to identify a specific domain, such as “john.eth,” and can be made up of multiple labels separated by dots.

The “namehash” algorithm processes domain names registered on the ENS.

The namehash is used because human-friendly names are replaced on the ENS system, which only works with 256-bit cryptographic hashes.

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Who Are the Founders of Ethereum Name Service?

ENS was a subsidiary of the Ethereum Foundation until it was spun off as a separate entity in 2018. Its Lead Developer is Nick Johnson, a New Zealand-born software engineer who has previously worked for Google and the Ethereum Foundation. The ENS team consists of nine individuals, and a 4-7 multi-signature root governs its treasury.

What makes Ethereum Name Service Unique? 

Because it is the first service to transfer the Domain Name Service to the decentralized Web3, Ethereum Name Service has a one-of-a-kind value proposition.

ENS is an open-source project described as “an open public utility that belongs to the company.” It aspires to be a piece of infrastructure as critical to Web3 as DNS is to the internet. Furthermore, because of blockchain technology, ENS has no single point of failure and is, by design, more censorship-resistant and secure.

How many Ethereum Name Service (ENS) Are in Circulation?

The Ethereum Name Service governance token, ENS, governs the protocol and influences pricing decisions for its .eth addresses and the price oracle. Token holders can also delegate their tokens for voting to the DAO. At the time of writing, the total supply of ENS is 100 million, with a circulating supply of slightly more than 20 million.

How Is the Ethereum Name Service Network Secured?

ENS is built on Ethereum, which uses a proof-of-work consensus mechanism that requires miners to mine new Ether. The Ethereum blockchain is secured and validated by a network of decentralized nodes. Because of Ethereum’s decentralized nature and over 10,000 nodes securing the network, ENS has no single point of failure and cannot be hacked.

Ethereum Name Service has also collaborated with wallets such as Coinbase Wallet, Trust Wallet, My Crypto, and others.

Ethereum Name Service (ENS) Price Predictions by Year

Price Predictions Table: 2024-2035

YearMaximum Price ($)Average Price ($)Minimum Price ($)
2024402317
2025603530
20301008040
20351509060

Detailed Yearly Predictions

2024 Prediction

For 2024, ENS is expected to reach a maximum of $40 with an average trading price of $23 and a minimum price of $17. Factors likely to influence ENS’s price include the growth in the adoption of blockchain domains, the continued development of the Ethereum network, and the overall expansion of the crypto market.

2025 Prediction

In 2025, ENS might see a maximum price of $60, an average of $35, and a minimum price of $30. This upward trend could be propelled by the increased use of ENS for simplifying crypto transactions, potential integrations with web services, and partnerships that extend its use case beyond the Ethereum blockchain.

2030 Prediction

By 2030, predictions place ENS at a maximum price of $100, an average of $80, and a minimum of $40. The long-term value increase could stem from the anticipated wider adoption of blockchain technology in various sectors, innovations in digital identity, and the evolution of Web3 infrastructure.

2035 Prediction

There seems to be an anomaly in the data provided for 2035, with the maximum price being significantly lower than the average and minimum prices. However, if we were to discuss the trend based on the average and minimum prices, ENS could be influenced by the maturation of the cryptocurrency market, the potential saturation of domain name services on blockchain, and the long-term technological developments within the Ethereum ecosystem.

How Can Crypto Investors Use Ethereum Name Service?

There are a few different ways in which crypto investors can use Ethereum Name Service (ENS)::

Buy and hold: One option is to buy Ethereum Name Service (ENS) and hold onto it, hoping its value will increase over time. This can be a good strategy for investors who believe the Lukso project has long-term potential and want to accumulate as many tokens as possible.

Trade: Another option is to trade Ethereum Name Service (ENS) on cryptocurrency exchanges, buying and selling the tokens as the price fluctuates. This can be a more active approach and requires more knowledge and understanding of the market.

Use The Platform: Investors can also use the Ethereum Name Service platform to perform tasks and earn Ethereum Name Service  tokens as payment. This can be an excellent way to “earn while you learn” and gain a deeper understanding of the platform while potentially earning additional token.

Where Can You Buy Ethereum Name Service (ENS)?

Ethereum Name Service Buying Guide

Purchasing ENS is a straightforward process, similar to acquiring other cryptocurrencies. It involves a few key steps:

  • Choosing an Exchange: ENS is available on several exchanges such as Binance, OKX, and Gate.io. Select an exchange that best suits your needs in terms of fees, security, and user interface.
  • Setting Up an Account: Once you’ve chosen an exchange, the next step is to set up an account. This will typically involve providing some personal information and going through a verification process.
  • Selecting Payment Methods: After your account is set up and verified, you’ll need to link a payment method. Most exchanges accept bank transfers, credit cards, and sometimes even PayPal.
  • Storing ENS Securely: After purchasing ENS, it’s essential to store it securely. While you can keep it in your exchange wallet, a more secure option is to transfer it to a private wallet, like a hardware wallet, especially if you’re planning to hold it long-term.

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FAQ 

Is Ethereum Name Service a good investment? 

ENS can be a successful investment choice for people looking for virtual currencies with a high return rate.  As of 2022-12-19, the price of Ethereum Name Service is equal to 11.67 USD

Does Ethereum Name Service have a future? 

Investing in Ethereum Name Service, ENS entirely depends on your risk tolerance. As you can see, the price of Ethereum Name Service has increased by 0.36% in the last 24 hours and has decreased by -10.83% in the last 30 days. So it all depends on whether or not the project will meet your future trading objectives.

Is Ethereum Name Service a good cryptocurrency? 

ENS provides a secure and decentralized method of addressing resources with human-readable names. It is a completely decentralized domain-name provider that allows anyone to purchase and manage domains. That means you could send “realsatoshi” ETH or ERC20 tokens.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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