Web3 is being touted as the next big trend to emerge in the crypto industry; the third iteration of the internet built on blockchain technology. As more and more individuals and institutions start to shift focus to web3, digital identity and simplified transactions have become a hot topic.
Enter the Ethereum Name Service (ENS). Founded in 2017, ENS has made it simpler and easier to transact by replacing users’ long winded alphanumeric wallet address with a simple .eth ‘username’ such as example.eth. Despite the ‘.eth’ in the domain, ENS supports over 109 different cryptocurrencies, making it easier for users to send their crypto and be identified in the web3 space.
Gate.io created this simple video introducing ENS, how it works and why the likes of Paris Hilton, Sir Anthony Hopkins, Jimmy Fallon, Budweiser and more have registered their ENS domains.
Take a look below: