PayPal and Venmo, Ethereum $2,360 Name Service (ENS) has started supporting domain names. ENS allows users to use delegate usernames instead of complex crypto wallet addresses. This integration allows users to automatically get the correct wallet address when sending cryptocurrencies by entering the ENS name.
New Address Book Feature
Along with ENS integration, PayPal and Venmo are also introducing a new address book feature, allowing users to save and recall ENS domains they frequently interact with. Traditionally, wallet addresses had to be manually entered or scanned for crypto transfers.
With the new address book, users can save and recall frequently used addresses in one place. This aims to streamline the crypto transfer experience and offers a user-friendly approach.
What is Ethereum Name Service?
Launched on the Ethereum blockchain in 2017, ENS aims to provide decentralized domain name services. ENS translates cryptographic strings of letters and numbers into readable names. This system reduces the difficulty of users remembering their cryptographic addresses and reduces the likelihood of incorrect entry.
Thanks to ENS, crypto users can represent their addresses with memorable and human-readable words or phrases. This positively impacts the user experience and makes transactions more accessible.
PayPal and Venmo’s ENS support is considered an important step towards improving the user experience in the cryptocurrency world. This integration simplifies daily crypto transactions while allowing users to transact with greater freedom and security. The naming system offered by ENS makes it easier for users to remember crypto addresses and minimizes potential errors.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
