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What is ENS?

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About ENS

ENS is the governance token of the Ethereum Name Service (ENS), a decentralized protocol that maps human-readable names (like alex.eth) to complex blockchain identifiers, such as wallet addresses, content hashes, and metadata, across Web3. ENS works similarly to the Domain Name System (DNS) which maps web domain names to IP addresses, but for the Ethereum blockchain. ENS holders can vote on protocol upgrades, pricing models, and treasury decisions via the ENS DAO (Decentralized Autonomous Organization).

 

Key Points of ENS

  • Readable wallets: Replace 42-character long Ethereum addresses with a simple, easy-to-read .eth name.
     
  • Cross-platform use: ENS domains are supported by many wallets, dApps (decentralized applications), DAOs (Decentralized Autonomous Organizations), and NFT platforms.
     
  • Web3 identity: An ENS domain can become your Web3 username, profile, and personal brand.
     
  • Governance power: ENS tokens allow holders to vote on proposals that shape the future of the protocol.

     

FAQ

1. What is the ENS token used for?

ENS is a governance token. Holders use it to vote on proposals made by the ENS DAO, including domain pricing, upgrades, and treasury allocations.

 

2. Can I use my ENS tokens to register an ENS domain?

No. Domains are registered using ETH, not ENS tokens. ENS is solely used for governance.

 

3. How do I register a .eth domain?

You can register a domain directly at ens.domains using an Ethereum wallet and paying in ETH.

 

4. How do I buy ENS on Bitso?

ENS is available through conversions only:
 

  • Log in to your Bitso account.
     
  • Use your local currency (MXN, ARS, BRL, COP, or USD) to convert to ENS.
     
  • Track your holdings directly in the Bitso app.
     

Important: Deposits and withdrawals for ENS are not currently supported. You can still send and receive ENS between Bitso users via Bitso Transfer.

 

5. Do I need an ENS domain to use the ENS token?

No. You don’t need an ENS domain to hold or use ENS tokens. The token is used exclusively for participating in protocol governance. 

Disclaimer

ENS is the native governance token of the Ethereum Name Service (ENS), a decentralized naming protocol built on Ethereum. While it plays a vital role in protocol governance and community decision-making, the token’s value is speculative and may fluctuate. Owning ENS does not grant automatic access to domains or profits from the protocol.

Cryptocurrencies are volatile assets. This article is for informational purposes only and does not constitute financial advice. Bitso encourages all users to do their own research (DYOR) before making investment decisions.

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