ENS is an open-source naming system developed on the Ethereum blockchain. Its main goal is to create simple, convenient and, most importantly, readable names in the “name.eth” format to replace common wallet addresses.
The latest news about the Ethereum name service listing on Binance may come as a surprise to inexperienced users who have not heard of the trending technology that could revolutionize the industry.
Binance Exchange Listed Ethereum Name Service (ENS)
Binance recently announced the listing of the Ethereum Name Service (ENS) on November 10, which will open ENS for BTC / BNB / BUSD / USDT trading at 7 am (UTC). Deposits of ENS for users ready to trade have been opened and withdrawal of tokens will open a day after the listing (November 11).
Ethereum is very similar to DNS technology; DNS technology is also used as a name technology that allows users to access websites by domain names instead of server IP addresses.
Source: Doc ENS Domain
Behind every top-level domain (.eth and .test) there is a smart contract that contains the defined rules for subdomains. Everyone can register their domain according to the rules of the smart contract.
Why it is important to the industry?
By creating your own Ethereum name server, users can receive payments or share their wallet data without having to copy, write down, and send a 42-digit address to someone who has to copy and paste it somewhere.
If you have to enter the address manually, ENS becomes more convenient. Naming the address correctly will allow users to share it more easily and make Ethereum more convenient to use.