Highlights:
- Redesigning ENS’s current architecture will alter how the current procedure operates while also assisting in cost reduction and transaction speed.
- ENS serves as the blockchain equivalent of the domain name system on the internet.
ENS Labs Ltd. is set to launch ‘Namechain,’ a layer 2 scaling network for its blockchain-backed name service. The parent company of Ethereum Name Service announced the launch to happen around the year’s end.
To process transactions off the main chain and turn them into cryptographic proofs that may subsequently be sent back to the main blockchain, the blockchain network will employ zero-knowledge rollups, or ZK-rollups, according to the business. This is accomplished by submitting all the transactions at once to the main blockchain, in this case Ethereum, after rolling up several transactions in a secondary, or layer 2, blockchain in legitimate batches.
“This technology allows Namechain to process and execute transactions off of the main Ethereum network while still inheriting the full security of Ethereum, but at a fraction of the cost,” ENS Labs reported.
The ENS Labs team is still in the final phase of deciding which ZK-rollup Ethereum virtual machine the business will use to finish this process, Chief Operating Officer Katherine Wu reported. Redesigning ENS’s current architecture will alter how the current procedure operates while also assisting in cost reduction and transaction speed.
“The heavy technical lift here will be in making sure that Namechain is backward compatible with ENSv1 (the current setup on Ethereum mainnet) from day one of launch,” Wu stated. “(To) a user, there should be no difference on the front end/user experience as we launch Namechain, except for lower gas fees.”
ENS serves as the blockchain equivalent of the domain name system on the internet. ENS names convert readable names into Ethereum wallet addresses, much like online domain names must shift from Google.com or Amazon.com to IP addresses for the internet to function.
“Namechain represents ENS’ next evolution, and I am excited for the huge improvements it will bring in scalability and cost, and the new applications it will enable,” said Co-founder and Lead Developer Nick Johnson.
To scale their networks, a number of blockchain initiatives have begun constructing layer 2 networks. This is due to Ethereum’s transaction congestion, despite being a well-liked destination for blockchain applications. When trying to develop apps on the main blockchain, this results in sluggish speeds and expensive fees.
Examples include an application-specific layer 2 network by Uniswap Labs, the platform that created the well-known decentralized cryptocurrency exchange, and the developer-friendly Ethereum layer 2 network Base by Coinbase Inc.