The most recent news about the listing of the Ethereum Name Service on Binance may be a surprise for inexperienced users who have not heard about the trending technology that might become revolutionary for the industry.
Binance recently announced the listing of the Ethereum Name Service (ENS) that will open trading of ENS against BTC/BNB/BUSD/USDT pairs at 7 a.m. UTC. Deposits for users who are willing to prepare for trading are already open. Withdrawals of the token will be opened one day after listing.
What's Ethereum Name Service?
The 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 format "name.eth" that will replace common wallet addresses.
The project allows for simplifying the use of the Ethereum network which, for its part, can attract even more users to the blockchain industry.
Ethereum is quite similar to the DNS technology that is also being used as a naming technology that allows users to access websites via domain name rather than the IP address of a server.
Behind every top-level domain (.eth and .test) is a smart contract that contains the specified rules of the subdomain. Any person is able to register his own domain that will follow the rules of the smart contract.
Why it is important for the industry
By creating your own Ethereum name server, users are able to receive payments or share their wallet data without going through copying, writing down and sending 42-character-long addresses for someone who then needs to copy and paste it somewhere. In the event that you have to manually type in the address, the ENS becomes even handier.
Proper naming of the address allows users to share it in a more simple way and makes the usage of Ethereum more convenient.