The altcoin market has been witnessing an exciting development lately with the rise of the Ethereum Name Service (ENS) token. This rise, triggered by important developments such as the support of Ethereum founder Vitalik Buterin and ENS’s attainment of a completely decentralized structure, directs investors’ attention to ENS. In this article, we will examine what ENS is, why the latest developments are important, and predictions for the future of ENS.
Vitalik Buterin’s tweet boosted that altcoin project
The cryptocurrency market is buoyed these days by the rise of the Ethereum Name Service (ENS) token. Behind this rise are important developments such as the support of Ethereum’s co-founder Vitalik Buterin and ENS’s attainment of a completely decentralized structure. In a March 25 tweet, Buterin responded to the statement, “Ethereum Name Service is now fully decentralized,” as an example in an ongoing discussion on the social platform. Following this tweet, the ENS price increased by more than 8% in the short term, temporarily rising to $24.07.
cryptokoin.com As we reported, ENS is an address translation service integrated into the Ethereum Blockchain. Thanks to this service, domain names that are easier to read and remember can be used instead of complex Ethereum addresses. For example, instead of an Ethereum address such as “0x1234567890AbCdEf1234567890AbCdEf123456789”, a domain name such as “ahmetens.eth” can be used. This significantly facilitates cryptocurrency transfers and the use of applications integrated with ENS.
What does fully decentralized structure mean?
ENS has been operating with a partially centralized structure since its launch. The reason for this was the existence of a central registry for control of ENS records. However, after a community-led process, ENS became fully decentralized. In this way, control of ENS records is no longer in the hands of any central authority, but is entirely managed by the community.
Vitalik Buterin is known as a respected figure in the cryptocurrency market. Buterin’s positive comment about ENS attracted the attention of investors and affected the ENS price upwards. It is wondered whether this will accelerate the adoption of ENS. With Buterin attracting attention, he may further expand the use of domain names in the cryptocurrency field. It is still difficult to say whether this short-term rise will be permanent.
Elon Musk asked about Buterin
Meanwhile, an interesting interaction attracted attention. Elon Musk asked why Ethereum co-founder Vitalik Buterin left the X platform. One X user argued that Buterin should return to X and that Farcaster would not succeed as a Twitter alternative. Musk’s comment also came in response to the post in question.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.