ENS Labs Set to Launch Namechain Layer 2 Network Next Year

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As a seasoned researcher with years of experience delving into the intricacies of blockchain technology, I find myself increasingly impressed by the innovative strides being made in the Ethereum ecosystem. The announcement of ENS Labs’ upcoming layer 2 network, Namechain, is yet another testament to the relentless pursuit of scalability and cost-effectiveness in this space.

By the close of next year, the team from ENS Labs, responsible for Ethereum Name Service (ENS), intends to debut a specialized layer 2 network called Namechain. This project is geared towards enhancing Ethereum’s underlying infrastructure. Katherine Wu, the Chief Operating Officer, has disclosed information about Namechain to CoinDesk, detailing the advanced technology it employs.

With zero-knowledge rollups, Namechain will increase transaction speeds and reduce costs by compressing data before broadcasting it on the blockchain. As stated in ENS Labs’ press release, this method allows Namechain to process transactions off the primary Ethereum network while maintaining Ethereum’s complete security at a substantially lower cost.

The network will expand upon a pre-existing Ethereum-compatible zero-knowledge chain. Wu hinted at the fact that ENS Labs is nearing the final stages of selecting zkEVM for integration, which demonstrates their commitment to providing secure and economical services for users.

ENS Names Simplify Crypto Wallet Addresses

As a researcher exploring the fascinating world of blockchain technology, I’d like to highlight one particular innovation: Ethereum’s ENS (Ethereum Name Service). It functions as Ethereum’s equivalent to the internet’s domain name system. Just as web addresses like Amazon.com are more memorable than numerical IPs, ENS names provide a user-friendly alternative to complex crypto wallet addresses. For instance, Ethereum’s creator, Vitalik Buterin, simplifies his digital presence by using “Vitalik.eth” instead of a lengthy, hard-to-remember wallet address.

In May, ENS Labs unveiled plans for an overhaul of their registry system, opting to transition to a layer 2 solution. At first, they hadn’t decided on a specific method. However, ENS Labs has now made its decision and will go with ZK rollups through a project called Namechain. This new version, known as ENSv2, involves a comprehensive redesign of the ENS protocol, expanding it to encompass a layer 2 network.

Katherine Wu emphasized the importance of maintaining backward compatibility during this transition. She pointed out the substantial technical efforts required to make sure Namechain functions seamlessly with the current ENSv1 setup on Ethereum’s mainnet starting from its initial launch. Furthermore, she assured users that the user interface would remain consistent, except for a noticeable decrease in gas fees.

According to Wu, ensuring that Namechain is compatible with ENSv1 from its first day of operation will involve a significant amount of technical work. However, users won’t notice any changes in the interface or overall experience when Namechain launches, as the only difference they’ll see is lower gas fees.

Major Players Launch Rollup Networks

ENS Labs is progressing with ENSv2, following a trend in the crypto world towards tailored layer 2 solutions. Key players such as Uniswap, Kraken, and Sony’s Blockchain Labs have announced plans to launch their own rollup networks. Unlike these projects that are utilizing Optimism’s OP Stack for creating customized blockchains, ENS Labs is choosing a unique technical approach.

The main objective behind these projects is to enhance scalability and minimize transaction fees within the Ethereum network. The increase in layer-2 solutions highlights an increasing understanding across the industry that advanced, cost-effective blockchain frameworks are crucial for managing the escalating demands and intricacies of decentralized applications.

nick johnson, a co-founder and lead developer at ENS Labs, shared his enthusiasm regarding the imminent launch of Namechain. He emphasized that it has the capacity to enhance scalability, cut down costs, and create opportunities for innovative applications.

Johnson expressed his enthusiasm about Namechain being the next step in ENS’ development, bringing significant advancements in scalability, cost reduction, and enabling new application possibilities,” said Johnson.

Johnson’s enthusiasm underscores the potential impact Namechain might have on improving ease of use and reducing costs for individuals requiring Ethereum network services.

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2024-11-11 12:21