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ENS Domains - What Is Ethereum Name Service (NFT, Web 3.0 & Crypto) - YouTube
Channel: Everyday Crypto
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it looks like you finally don't have to
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deal with confusing wallet addresses
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anymore because now you can have a
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customized wallet address that would
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just make things a lot easier especially
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when you're dealing with crypto
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transactions well if that caught your
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attention stick to the end to know why
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an ethereum name service domain was sold
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for 160 thousand dollars making it one
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of the most expensive ens domains ever
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sold before we begin make sure you check
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out the description below for some of
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our recommended crypto websites and
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wallets you cannot deny the fact that
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blockchain technology is creating a huge
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impact in almost every industry right
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now we witnessed the influence of
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blockchain technology on the traditional
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financial world and now blockchain
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technology is taking over digital art
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gaming and even music with all this
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investor interest in blockchain
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technology there are so many reasons why
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even in 2022 people don't want to invest
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in cryptocurrencies the unpredictability
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and the volatility of the crypto market
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is the main culprit here but there could
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be more reasons than just that one of
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those reasons would be the long and
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confusing wallet addresses yes something
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as simple as a wallet address can make
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things look complicated for the new
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investors we're pretty sure you didn't
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see that one coming but hear us out
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today things are changing as we are
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seeing a huge interest in blockchain
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technology and cryptocurrencies even web
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3.0 is starting to take shape bitcoin
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ethereum nfts and decentralized finance
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might already be huge in the blockchain
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world so what next well the answer to
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that question would be ethereum name
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service domains ens domains promise to
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make things a lot easier between you and
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everybody else on the ethereum
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blockchain a few years ago literally
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every business and personal brand wanted
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to have their own brand name as their
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website domain name with
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thesuffix.com there were few people back
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in the day who were clever enough to buy
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some of the best domain names and then
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later sell it for a higher price we all
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want to have a really cool name for our
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website because that just makes it
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easier to remember and share the website
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with someone else this type of
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nomenclature is coming to the ethereum
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blockchain with the ethereum name
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service domains very recently the ens
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domain market has been quietly gaining a
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lot of steam but wait how exactly is an
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ens domain different from dns well the
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ens domain is an ethereum
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blockchain-based crypto address
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shortener not something that you could
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use to build a website yet but the idea
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here is to condense that long impossible
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to remember crypto wallet address but
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something that is easy to remember users
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have already started to buy a bunch of
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keywords that may be familiar for
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everyone so that everybody can remember
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their crypto wallet address and later
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they will be sold as nfts for a good
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price depending upon the demand for the
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name ens has got tremendous potential it
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is already becoming the backbone of
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one's identity in the upcoming era of
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the web called web 3.0 simply put if you
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want to send ether or bitcoin to an
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address you no longer have to remember
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something like this instead if your name
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is jeff you decide to go with an ens
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domain jeff.eth you could just send it
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to this address instead of this way you
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can share your wallet address a lot
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easier without needing to share any
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other payment information ens is made of
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two ethereum smart contracts the first
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one is called ens registry which records
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all of the domain names registered on
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ens and stores critical information like
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the owner of the domain the resolver for
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the domain and the caching time for all
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the records under the domain the second
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smart contract is the resolver which is
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responsible for translating names to
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machine readable addresses and vice
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versa resolver also matches each domain
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to the corresponding user website or
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address the ethereum name service is
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operated by a decentralized autonomous
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organization which means it does not
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have any centralized leadership as is
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the case with most things in the
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cryptocurrency domain the decentralized
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autonomous organization's functionality
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is facilitated by an ens token with
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which holders can submit proposals and
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vote on any future developments the ens
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token is created using the ethereum
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blockchain and it can be traded on most
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markets the reason why all of this is
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happening on the ethereum blockchain is
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because ethereum is by far the largest
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blockchain that supports smart contracts
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and also hosts several other
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cryptocurrencies the ens tokens are
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traded by speculators like most other
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crypto tokens but it also serves a very
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specific role in the ens community the
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ens community members use these tokens
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to communicate changes they wish to see
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in the organization the ens community
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will also vote on the ens constitution
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which is basically a set of rules and
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guidelines for how ens should be
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governed each token cast one vote and if
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67 percent of votes cast on a particular
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article of the constitution are yes
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votes then the article gets passed now
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let's say that if a user wants to submit
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a proposal to the ens community they
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will need the support of 100 000 tokens
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for it to get to the voting stage the
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ens foundation is the legal entity that
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represents the decentralized autonomous
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organization
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this way the foundation can provide
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legal support to the decentralized
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autonomous organization participants the
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blockchain being ethereum based is
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secured by the proof-of-work consensus
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mechanism which is the very first
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generation consensus mechanism which
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requires miners to mine new ether ens
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does not have a single point of failure
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because over 10 000 nodes secure the
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network and it cannot be hacked that
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easily right now the token has a total
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supply of 100 million and the
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circulating supply of just over 20
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million so the ens token is a governance
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token that is used to control the
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protocol and influence decisions on its
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pricing the eth addresses and the price
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of oracle users can buy ens domains with
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ether some domains start at around five
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dollars without including the ethereum
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gas fees so why are investors after the
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ens tokens well ens is positioning
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itself as a one-of-a-kind value
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proposition because it is the very first
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service that transfers the domain name
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service to the decentralized web 3.0 it
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is also important for you to keep in
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mind that ens is not a company but it's
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an open source project that calls itself
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an open public utility that belongs to
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the company one of the main obstacles to
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the mass adoption of blockchain
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technology would be accessibility as
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well as ease of use and that's the
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reason why ens tokens exist in the first
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place so the ethereum name service is
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all about accelerating web 3.0 adoption
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by making things a lot easier for
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decentralized application users to
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interact with the ethereum network
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the market also witnessed a sudden rise
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in the price of e s domains ever since
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april 26th especially due to a surge in
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demand for three and four-digit dns
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domain names which possibly became the
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focus of the non-fungible token
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community this resulted in a rise in
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protocol revenue which helped dns to
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raise funds for the decentralized
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autonomous organizations the secondary
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sales for ems names on the open sea
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market reached a peak of 446 ether worth
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of volume in just the first week of may
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so the nft market is no longer obsessed
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about a collection of board apes anymore
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several analysts suggest that the demand
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for shorter e s domains could be
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directly linked with nft investors who
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prefer the shorter tag which reflects
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the token id of their nft but as of now
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this theory is quite questionable ens
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domain registration requires you to pay
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a registration fee the primary purpose
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of registration fees for the ens domain
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is to prevent the namespace from being
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overwhelmed with speculatively
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registered names the other reason would
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be to provide enough revenue to the ens
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decentralized autonomous organization
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for ongoing development and improvement
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of ens there is no doubt about the fact
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that cryptocurrency is already taking
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over so many industries especially the
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small scale ones so it makes a lot of
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sense why investors should consider
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having ens domains to make things a lot
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easier for transactions so now it's time
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to answer the bigger question should you
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be investing in the ens tokens well many
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experts are of the opinion that ens is
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potentially a really good investment but
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it's also a volatile one ens could also
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become the naming protocol for the
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decentralized internet and it also aims
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to create portable web 3.0 usernames
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that can be used across all blockchains
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and decentralized applications this
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means that ens has a huge utility in the
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crypto space and maybe toward the end of
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2023 the price could reach as high as
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100 which would be a great return on
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investment if you purchase the token
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today keep in mind that this video is an
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infotainment video and not financial
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advice any investments that you make
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with cryptocurrencies must be made at
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your own risk because the cryptocurrency
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market is extremely volatile and is
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totally unregulated which means you are
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highly exposed to several scams that are
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taking place inside the cryptocurrency
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market so be sure to invest in assets
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that you clearly understand and also
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invest money that you're willing to lose
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in the world of decentralized networks
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and complicated-looking blockchain
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technology ens is a step forward in the
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right direction especially when it comes
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to creating an easily accessible way of
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interacting with a blockchain today we
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no longer use ip addresses to navigate
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the web and in the same way ens domains
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will be a catalyst for the mass adoption
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of blockchain technology and
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decentralized networks which could be
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the reason why ens is now taking off
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