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Ethereum Name Service (ENS) is a decentralized naming system that allows human-readable names to be assigned to Ethereum addresses, smart contracts, and other resources on the blockchain. Similar to how domain names on the Internet turn complex IP addresses into easy-to-remember names, ENS allows users to use names like “miwallet.eth” instead of a long sequence of numbers and letters that form an Ethereum address. ENS is based on smart contracts on the Ethereum blockchain, which ensures security, decentralization and resistance to censorship in the naming process.
The ENS token is the native governance token of the Ethereum Name Service (ENS) system. Unlike its function as a decentralized name service, the ENS token allows holders to participate in the governance of the platform, making decisions about its future, including protocol updates and changes in system policies. Users who hold the ENS token can vote on proposals related to the development and management of ENS. In addition, ENS can be purchased, traded, or used within the community to influence the direction of the platform.
