13/09/2022
ENS Domain Names - Have you brought yours?
At present ENS Domain Names are used to forward a fellow cryptocurrency user to your wallet to transfer crypto. At the current time when you set up an ETH wallet it comes with a very long account number like this example:
0xD4d044680AE3D37635059E61E87dAf22Ef2fF238
This is your wallet address that you give to anyone who wants to send you Cryptocurrency from their wallet. This is long and difficult to remember, so why not change your new bank account name to something you are happy with.
So, to make life easier, you can purchase an ENS Domain Name and point the new name to your digital wallet to replace the long difficult to remember number. You could use your own name or your company name if you wanted to accept cryptocurrency payments for your products or services. In fact, you can have any name you like as long as it is still available. The cost to mint an ENS Name is about the same as buying a traditional domain name for your Web2 website. Once purchased, you can set the name and simply give this name as your wallet address. For example Magicmoneytree.eth.
There will be other applications coming for the ENS Names Soon as Web3 develops. For example, you will be able to build a Web3 website using your ENS Name , so it would be a good idea to secure your name today before someone else does and tries to sell it back to you for 20X+ the purchase value.
https://magicmoneytree.io/web3-get-started/