Ethereum co-founder Buterin emphasizes the importance of ENS and increases token price by 20%

Recommended for L2 for ENS implementation
On the 2nd, Vitalik Buterin, co-founder of cryptocurrency (virtual currency) Ethereum, emphasized the importance of the governance token of Ethereum Name Service (ENS).
Buterin believes that the L2 project should integrate the ENS domain to improve the user experience in decentralized finance (DeFi), posting:

All Ethereum Layer 2 (L2) must run on a trustless Merkle certificate-based CCIP resolver so that ENS subdomains can be registered, updated, and read directly from the L2. .
ENS tokens are so important that they need to be cheap.

As a result, ENS rose to 2,100 yen at one point, and at the time of writing, it is currently hovering around 1,740 yen.

What is Layer 2 (L2)?
This represents a “second layer” blockchain. Recording all transaction details on the main chain increases load, reduces processing speed, and increases network fees. Therefore, by recording part of the transaction history off-chain or on a sidechain, the effect of reducing the load on the main chain and improving processing speed can be expected.
Cryptocurrency Glossary

Connectivity: Ethereum’s next upgrade, “Dencun”, is scheduled to be implemented around the end of February 2024.
What is Ethereum Name Service (ENS)?
ENS is a service that allows you to use the originally long and complex Ethereum address as a virtual currency address as a simple string. It has been compared to Web3’s DNS (Domain Name System), but it corresponds to the user’s Ethereum address, not the IP address.
ENS is used on various platforms such as Ethereum, USDC, and Uniswap. According to Dune Analytics, there are currently 2.1 million registered ENS domains.
Connection: What is Ethereum Name Service (ENS), which is traded at a high price? Thorough description of past peak sales and usage.
CCIP is the abbreviation for Chainlink’s (LINK) Cross-Chain Interoperability Protocol technology. A cross-chain interoperability protocol designed to connect applications from different blockchains to each other.
Connectivity: IoT trading experiments with Chainlink CCIP, Sumitomo Corporation, Vodafone, etc.
Additionally, resolver is a function that converts ENS name to address. The CCIP resolver mentioned by Mr. Buterin is a resolver that uses CCIP technology. Merkle Proof is a type of data structure used to verify large-scale data.
Fee proposals to make ENS underwriting fairer
Last September, Buterin proposed a system that would charge a fee for maintaining ENS domain names in an effort to make ENS address ownership more fair.
ENS complies with the ERC-721 standard for non-fungible tokens (NFTs), allowing for resale on NFT marketplaces such as OpenSea. Accordingly, Buterin said that as of September last year, about 40% of all five-character domains were for sale.
Now that he’s acquiring domains for resale, Buterin is considering a better way to assign ENS addresses.
To encourage domain name acquisition by organizations that actually use the domain name, we offer a 3% annual fee based on the highest bid for the domain name.
Connection: What is the evolution of the cryptocurrency Ethereum, Mr. Buterin’s ZK-EVM integration proposal, and the future of Layer 2?
CoinPost special feature for cryptocurrency beginners

We have introduced a “heatmap” feature in the CoinPost app for investors! In addition to important news about virtual currency, you can also view exchange information such as dollar/yen and price changes of cryptocurrency-related stocks in stock markets such as Coinbase at a glance.
■Click here to download iOS and Android versions https://t.co/9g8XugH5JJ pic.twitter.com/bpSk57VDrU
— Coin Post (Virtual Currency Media) (@coin_post) December 21, 2023
¥nhttps://imgs.coinpost-ext.com/uploads/2022/09/vitalik_20220926_021.jpg –>

The post Ethereum Co-Founder Buterin Highlights Importance of ENS, Token Price Increase by 20% appeared first on Our Bitcoin News