Ethereum Name Service (ENS) is a revolutionary system within the Ethereum Blockchain that simplifies the process of converting complex wallet addresses into human-readable names, akin to traditional domain name services for websites. In this comprehensive guide, we aim to address two common queries: What exactly is Ethereum Name Service (ENS) and how can one purchase Ethereum Name Service (ENS) with TRY currency.
**What is Ethereum Name Service (ENS)?**
The Ethereum Name Service functions as a decentralized naming system intended to enhance the accessibility and user-friendliness of Ethereum wallet addresses. Similar to how domain name services translate IP addresses into memorable website names, ENS transforms the jumble of letters and numbers in Ethereum wallet addresses into recognizable words or phrases. This streamlines the sharing and use of Ethereum wallet addresses, making it more user-friendly for individuals and businesses alike. Stay updated with all the latest technology news by visiting NEWSLINKER.
Ethereum Name Service operates through a set of smart contracts on the Ethereum Blockchain, including registry and resolver contracts. The registry maintains a comprehensive list of all domain names and subdomains accessible through Ethereum Name Service, complete with crucial information like domain ownership and associated resolvers. On the other hand, the resolver contract is tasked with converting human-readable Ethereum Name Service domain names into corresponding Ethereum wallet addresses and vice versa, thus enabling seamless interactions within the Ethereum ecosystem.
To acquire an Ethereum Name Service domain name, users must utilize the Ethereum Name Service application to search for available domain names. Upon identifying a desired name, users initiate the registration process by confirming two transactions from their linked Ethereum wallet addresses. The first transaction serves as the registration request, while the second transaction finalizes the registration within a seven-day window. Furthermore, users have the option to set the lease duration for domain names, granting access for a specified period.
One of the primary advantages of Ethereum Name Service is its ability to simplify Ethereum wallet addresses, making them more recognizable and memorable for users. Additionally, domain owners can create and manage subdomains, providing flexibility and customization options. By facilitating the sharing and interaction of Ethereum wallet addresses, Ethereum Name Service significantly enhances usability and accessibility within the Ethereum ecosystem.
Ethereum Name Service operates on a hierarchical system akin to traditional domain name services, allowing domain owners to oversee subdomains. This hierarchical structure enables the creation of nested subdomains, which in turn offers enhanced customization and organization options for domain owners. For instance, a domain owner could create subdomains like learn.domain.eth and ens.learn.domain.eth to efficiently categorize and manage their addresses.
The management of Ethereum Name Service is empowered by the ENS coin, enabling holders to propose and vote on decisions pertaining to the governance and development of the protocol. The ENS coin plays a crucial role in participating in the decentralized autonomous organization (DAO) that governs the Ethereum Name Service protocol, ensuring transparency and community involvement in governance procedures.
**How to Buy Ethereum Name Service (ENS) with TRY?**
For investors in Turkey seeking to purchase Ethereum Name Service (ENS), Binance TR stands as the most suitable cryptocurrency exchange. Binance TR offers a seamless account creation process and supports the trading of over 100 cryptocurrencies, including ENS. To acquire Ethereum Name Service (ENS) with TRY on Binance TR, follow the steps outlined below.
**How to Open an Account on Binance TR?**
Creating an account on Binance TR is a straightforward process. Simply visit trbinance.com and proceed from the “Create Account” step. You will be prompted to enter basic information like email address, phone number, name-surname, date of birth, nationality, and T.C. identity number in the first step of account creation. After providing the required information accurately, email/sms verification will be conducted to confirm the details. Subsequently, you will proceed to the identity verification (KYC) step.
**How to Verify an Account on Binance TR?**
Identity verification on Binance TR is a vital security procedure that must be completed before engaging in cryptocurrency trading. This verification process safeguards both the user and the cryptocurrency exchange. Identity verification can be performed through your phone or the official Binance TR website. Ensure that you have your mobile phone ready for identity verification on the website as well.
Head to the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then select “Verify.” Follow the on-screen instructions to scan the provided QR code with your phone’s camera and continue the process on your phone. In case you encounter issues with scanning the QR code, opt for receiving the identity verification address via SMS.
Once you enter the address on your phone or scan the QR code, a screen will appear on your phone prompting you to tap on the “Identity” option to proceed. Select your document type, upload the front and back sides of your document, and complete the process by taking a selfie. Ensure that all steps are carried out accurately to expedite the identity verification process.
**How to Deposit TL on Binance TR?**
Depositing Turkish lira (TL) into your Binance TR account is a hassle-free process. Users can deposit and trade TL 24/7 from various banks including Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, Türkiye Finans, without any interruptions. For other banks, deposits up to 50,000 TL can be made 24/7 using FAST. Deposits exceeding 50,000 TL from other banks are processed within EFT hours.
To deposit funds into your Binance TR account, visit trbinance.com, hover over the “Wallet” option on the homepage, and select “Deposit” from the drop-down menu. Choose your preferred bank from the displayed options and proceed with the deposit process. If your bank is not integrated with Binance TR yet, opt for the “Other Banks” option and follow the same process. Transfer the desired amount using the information provided on the bank’s page via wire transfer, EFT, or FAST.
Once your bank completes the transfer, the funds will automatically reflect in your Binance TR account wallet.
**How to Buy ENS Coin with TL on Binance TR?**
After completing the deposit process, you can proceed with purchasing ENS coin with TL by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website. Enter “ENS” in the search section and select the ENS/TRY option to access the ENS trading page. Here, specify the price and quantity of ENS you wish to purchase, and complete the transaction by clicking on “Buy ENS.”
**What is Binance TR?**
Launched in 2020, Binance TR serves as the official platform of Binance, the world’s largest cryptocurrency exchange by trading volume, for investors in Turkey. Operating out of Istanbul, Binance TR leverages Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and engage in trading various cryptocurrencies with TRY trading pairs via Binance TR.
Binance TR provides users with access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functionalities.
Stay informed by following our news on Telegram, Facebook, Twitter, and Coinmarketcap.
**Disclaimer:**
The information presented in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct thorough research before making any investment decisions.
