Ethereum Name Service (ENS) is a wallet naming system built on the Ethereum Blockchain. Ethereum Name Service offers a user-friendly solution to convert complex Ethereum wallet addresses into human-readable names, similar to traditional domain name services for websites. In this article, you can find answers to two frequently asked questions: What is Ethereum Name Service (ENS) and how to buy Ethereum Name Service (ENS) with TRY.
What is Ethereum Name Service (ENS)?
Ethereum Name Service is a decentralized naming system designed to make Ethereum wallet addresses more accessible and user-friendly. Just like traditional domain name services convert IP addresses into memorable website names, ENS transforms random letters and numbers of Ethereum wallet addresses into recognizable words or phrases. This simplifies the process of sharing and interacting with Ethereum wallet addresses, enhancing usability for both individuals and businesses.
Ethereum Name Service operates through a series of smart contracts on the Ethereum Blockchain, namely registry and resolver contracts. The registry maintains a list of all domain names and subdomains available through Ethereum Name Service, along with essential information such as domain ownership and associated resolvers. The resolver contract is responsible for translating human-readable Ethereum Name Service domain names into corresponding Ethereum wallet addresses and vice versa, facilitating seamless interactions within the Ethereum ecosystem.
To acquire an Ethereum Name Service domain name, users need to use the Ethereum Name Service application to search for available domain names. Once a desired name is identified, users initiate the registration process by confirming two transactions from their linked Ethereum wallet addresses. The first transaction initiates the registration request, while the second transaction finalizes the registration within seven days. Users can also set the lease duration for domain names, providing access for a specified period.
One of the main benefits of Ethereum Name Service is simplifying Ethereum wallet addresses, making them more recognizable and memorable for users. It also allows domain owners to create and manage subdomains, offering flexibility and customization options. By facilitating the sharing and interaction of Ethereum wallet addresses, Ethereum Name Service enhances usability and accessibility within the Ethereum ecosystem.
Ethereum Name Service operates on a hierarchical system similar to traditional domain name services, allowing domain owners to control subdomains. This hierarchical structure permits the creation of nested subdomains, offering more customization and organization options for domain owners. For example, a domain owner can create subdomains like learn.domain.eth and ens.learn.domain.eth to effectively categorize and manage their addresses.
The management of Ethereum Name Service is facilitated by the ENS coin, which allows holders to propose and vote on decisions related to the governance and development of the protocol. The ENS coin is essential for participating in the decentralized autonomous organization (DAO) that oversees the Ethereum Name Service protocol, ensuring transparency and community involvement in governance processes.
How to Buy Ethereum Name Service (ENS) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Ethereum Name Service (ENS). On Binance TR, where accounts can be created quickly, more than 100 cryptocurrencies, including ENS, can be traded. To buy Ethereum Name Service (ENS) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. To do this, you need to go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and accurately, email/sms verification will be performed to confirm and verify the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be performed before starting to trade cryptocurrencies and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or through the official Binance TR website. Note that you will need your mobile phone for identity verification on the website as well.
On the Binance TR website, hover over the “Profile” option at the top right, click on the “Identity Verification and Limits” option from the drop-down menu, and then click on the “Verify” option. After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on the “Copy URL” option to have the identity verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first tap on the “Identity” option to continue.
Then a screen like the one below will open. To continue the verification process, first select the document type that suits you and continue.
After selecting the document type, you can continue by tapping on the “Upload front side” option. After taking a photo of the front side of the document according to the document type you selected, tap on the “Upload back side” option and take a photo of the back side of the document and upload it. When taking photos of the front and back sides of your ID card or driver’s license, make sure the images are clear and the information in the photo is easily readable.
Then you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps accurately and completely, your identity verification process will be completed in a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit and trade TL 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, Türkiye Finans accounts without interruption. For other banks, you can deposit up to 50,000 TL 24/7 with FAST. Deposits over 50,000 TL from other banks are processed within EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can transfer via wire transfer, EFT, or FAST. Now, all you need to do is use the information displayed on the bank’s page to transfer the amount you want to deposit into your Binance TR account via wire transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will be automatically reflected in your Binance TR account wallet.
How to Buy ENS Coin with TL on Binance TR?
After the deposit process, you can proceed to the ENS coin purchase step with TL by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the page below will open. By typing “ENS” in the search section on the right side of this page, you can go to the ENS purchase page with TL by clicking on the ENS/TRY option from the results.
Now the ENS trading page below will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy ENS in the first box and the number of ENS you want to buy in the second box. After entering the amount, you can complete your purchase by clicking on the “Buy ENS” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functionalities through Binance TR.
