ENS stands for Ethereum Name Service. In general, DNS allows you to host a website address on the internet and has been around since the beginning of the Internet. However, DNS only works with TCP/IP-based protocols such as HTTP and HTTPS which means it’s compatible with websites that run on these protocols.
The ENS system is different from a regular DNS because instead of having one central server, many servers all over the world keep track of what names have been registered in the network. This way, when someone types in a domain name into their browser, they can find out where this name is hosted by looking up the record associated with it.
Below is a step-by-step guide to buying ENS on the Binance platform.
A quick guide on buying Ethereum Name Service token
Thankfully, buying your ENS is very easy; you just have to take the following steps:
Step 1: Sign Up For A Binance Account
Signing up for a Binance account is free, you don’t need an ID or any documents to do so. You just need a phone number to verify your identity after signing up. Once signed up, go ahead and click on ‘Funds’ at the top right corner.
Step 2: Select Your Wallet
Now you should see the wallet selection screen. If you already have a cryptocurrency wallet, then choose it. Otherwise, select the green button titled “Create New Wallet”.
Enter a strong password, which must contain numbers, symbols, and letters, and make sure not to use something similar to your email or other passwords. Also, note down the mnemonic seed phrase provided in the confirmation email in case you forget it later.
If you want to securely store coins offline, you can try using the Ledger Nano S hardware wallet. It is also possible to generate paper wallets from your mnemonics using Cryptonote Paper Wallets Generator.
Once you are done selecting your wallet, press ‘Next’. You will now be asked to confirm your new details. Make sure to write them down safely somewhere else because we cannot recover them if you lose them!
Don’t worry about the time zone difference right now, you still have time to fix the issue before making your first transaction.
After completing the verification process, you will be presented with a summary page that lists out the funds available in your newly created account. Click on ‘Withdraw’ .
Step 3: Deposit Funds On The Binance Exchange
You can either deposit funds through the exchange itself, or via another method. We will be depositing funds on the exchange here. To do so, navigate to the “Deposit” tab on the left side of the screen.
Click on ‘Add Funds’. Enter the amount of BTC/ETH you wish to deposit.
Select your ticker from the dropdown menu.
Press ‘OK’ to proceed.
Your deposited funds will appear under the ‘Balance’ section once completed.
You may notice that some additional fees might have been added to your balance while transacting. They are required for security purposes.
Step 4: Buy ENS
Finally, you simply have to trade your crypto for ENS. To do that, click the Buy button and choose the respective ticker, verify all details and proceed to make a purchase. Congratualtions, you are now an ENS owner.
Exchanges to buy ENS
Binance
Binance has been dominating the scene. One of the biggest advantages offered by Binance is that of lower fees. Exchanges charge little while users enjoy high liquidity charts that make possible instantaneous purchases and selling in a moving market.
Luckily, many countries across the world allow Binance operation on THORChain, these include Australia, Singapore, and the UK while those from the USA are barred. Though Binance is barred from the USA, it still maintains large customer bases in many countries across the world and it looks highly probable that it will grow so huge to disband any form of competition.
Step-by-step Buying Guide
- Create an account
- Complete KYC process
- Add funds to your wallet
- Buy your crypto
Digifinex
DigiFinex has become one of the fastest-growing cryptocurrency exchanges. DigiFinex Exchange is the perfect place to trade and invest in altcoins including bitcoin, ethereum, litecoin, dash, ripple, and dozens more.
Digifinex offers a wide variety of services such as high-quality trading platforms for traders, over 100 cryptocurrencies listed on its platform, and many others. The exchange also provides 24/7 customer support service with a live chat facility, various fiat currency pairs, social trading tools, real-time charts, etc.
It allows people to buy, sell, and store digital currencies safely through several payment methods such as credit cards, debit cards, bank transfers, wire transfers, and much more. It is easy to use, simple and user-friendly interfaces.
Step-by-step Buying Guide
- Sign up for an account at Digifinex
- Verify your account
- Fund your account
- Buy your coin
Gate.io
Gate.io is a more ideal exchange that has a lot of guarantees. The most fantastic feature of Gate.io is the user interface. Very friendly to beginners and they can actually move up the charts to become specialists and professional technical traders.
Gate.io was launched in the year 2013 and from then it has been creating a huge base of altcoins for many users. You can easily maneuver in the market with Gate.io. For those trading in the USA, this is the best choice.
Step-by-step Buying Guide
- Sign up for an account
- Complete the KYC verification process
- Fund your wallet
- Choose a trading pair and buy
Uniswap
Last on our list is Uniswap. It is an ideal way of trading but it’s still an average exchange. It has its fair share of market competition in an industry dominated by Binance and Coinbase.
Step-by-step Buying Guide
- Log into Uniswap
- Select Ethereum and then the token you want
- Specify how much ETH you want to use
- Confirm all the details and proceed with the transaction
Coinbase
By purchasing either bitcoin or ethereum, you are actually setting a good Coinbase takeoff. Coinbase, just like Binance, is one of the bigger and more dominating exchanges on cryptocurrency. An extra package of $10 worth of bitcoin is as a result of purchasing $100 cryptos. To kick-off, insert your email. Account verification is the best because you should use your name. Set a strong password to guarantee safety.
After inserting an email, confirmation will come instantly. Take note, the confirmation contains a link that has a mobile number. 2FA, a two-way authentication process should be used. It is very efficient and has good security measures. Make sure that this feature is always on to ensure long-lasting security.
Verification should be opted for in the next step. Never mind the daunting process, it is just a procedure but it’s just part and parcel of the asset claiming process. Luckily, Coinbase customers are guaranteed safety because it is regulated in the US, UK, and EU. Expect sheer automation and good functionality, all the transactions are automatic meaning customers should not wait for more than 15 minutes.
Step-by-step Buying Guide
- Sign up or sign into Coinbase
- On the upper right-hand side, select buy
- Choose your token/coin from the list of option
- Specify the amount that you want to buy
- Preview the transaction and confirm purchase
- Click Buy to complete your transaction
eToroX
This platform was launched in 2007 and has grown to be one of the most trusted brokers due to its safety and security. Recently, it started offering cryptocurrency trading and most traders prefer it due to its user-friendliness.
Step-by-step Buying Guide
- Sign up for an account at eToro
- Verify your account
- Fund your account
- Buy your coin
How the ENS project is different
- It is 100% decentralized — no intermediary entity is needed to make it function properly.
- It is built using smart contract technology — meaning it records all changes on the blockchain.
- Anyone can become a validator providing the necessary computing power through the Proof Of Stake consensus algorithm.
- Unlike traditional DNS systems, this service does not require any central authority to resolve the names or allocate them.
- The basic concept behind ENS is fairly simple. A namespace name is composed of four parts namely prefix, owner, scope, and suffix.
Things to consider before buying ENS
Check Out the Whitepaper
In theory, anybody could claim a certain string of characters and act as the owner. That said, there should be some rules set up by the community. Otherwise, it may lead to chaos. We recommend reading the official documentation or ENS whitepaper.
Create an ENS Account
For those who want to buy eth name service, we recommend you to take note of some things that could affect the price of the product. If you’re going to purchase more than 0.05 ETH worth of token you will need to create an account on their website with a unique email address and password. This is required so that they know whom to send the tokens to once you complete payment. Once you’ve confirmed your identity, you can start browsing the available domains.
Check Domain Availability
To ensure that the domain you choose has been registered already by somebody else, you should click on the “Check availability” button. This might cost you a buck or two. You can see the current prices on the site and choose what you think an appropriate value for the domain name would be. After checking out the details of the domain name you want to buy, simply copy down the private keys that are given below the field labeled Private Key. You must store this information somewhere safe.
Where to store ENS token
Crypto Wallets
A cryptocurrency wallet is similar to your physical wallet used to store your fiat currency or credit cards. It usually stores your login credentials, private keys, and some extra information like how much money you have stored within the account. You’ll also want to make sure that the wallet is secured through two-factor authentication to protect yourself against hackers.
This makes it more difficult for users to “steal” your funds and ensures that no one else can access them without the proper authorization; however, this does not mean that a hacker cannot steal user data, use malware, or even shut down the service itself.
It should be noted that storing funds on an exchange service carries additional risks. When you deposit funds using an external exchange, you may lose control over your assets. Furthermore, the exchanges themselves may suffer hacks, meaning that your digital currency could be compromised. Thereby, ensuring security should be a top priority for any user who wishes to take advantage of cryptocurrency services.
Hardware Wallets
Hardware wallets are designed to look almost exactly like USB drives, except that they contain a small screen that clearly indicates the current balance of Bitcoin held inside them. They also contain special buttons that allow the owner to easily perform certain functions. For example, the Trezor device contains a single button labeled ‘Purchase’ which lets you buy Bitcoins directly via your bank account.
Paper Wallets
A paper wallet is a physical document containing encrypted information. Every time you need access to your funds, you simply sign the document and provide it to others. Your private key never leaves your possession. This makes the money stored there completely untraceable online.
Paper wallets offer a way to safely store cryptocurrencies while maintaining full control over your funds.
Privacy and security tips
To keep your ENS safe, we suggest that you take the following steps:
i. Use Crypto Wallets
Don’t transfer any of your cryptos to an exchange or wallet on mobile devices such as phones or tablets. The reason for this is that they don’t offer the same level of security as a desktop browser. To store your crypto safely you need a hardware wallet like Ledger Nano S.
ii. Use Cold Storage
Now when you go to transfer your funds from one place to another using your phone there is always a risk of a hack. So, here is another best option: Use a cold storage method where you send funds into a personal computer and then back to the blockchain. This way if your device gets hacked you won’t lose all your funds at once.
iii. Encrypt Your Harddrive
To avoid losing data or getting into trouble with third parties you will need to encrypt your hard drive. This process converts unencrypted data into an encrypted code that only looks readable to computers. The encryption technology used by modern PCs has advanced over the years. Even though these programs can be cracked by skilled hackers they are still quite difficult to access.
iv. Change Your Password Frequently
create a new password every few months, share it with family members and lock down those who shouldn’t access your details. If someone shares their login credentials with you, don’t ask them for theirs. Also, try not to give out your full name, address, and date of birth to people you meet online. Also, make sure that you never reuse passwords across multiple websites and services.
F.A.Qs
Is it safe to use ENS?
As of now, ENS seems like a good solution. It’s safe to say that ENS could be considered one of the most promising projects out right now when it comes to making online websites safer.
Can you buy Ethereum Name Service using cash?
Yes. You can acquire ENS via bitcoin or fiat currency. We recommend doing so using an exchange like Binance.
Conclusion
The Ethereum Name Service is a decentralized web platform based on blockchain technology. It lets anyone register their own domains through the use of smart contracts. The goal is to make it easier to share information across the internet efficiently and securely.
