ENS Labs, the team behind the Ethereum Name Service (ENS), is moving forward with plans to launch a dedicated layer-2 network called Namechain. According to Katherine Wu, ENS Labs’ chief operating officer, Namechain will go live by the end of next year and leverage zero-knowledge rollup.
The ENS token surged almost 11% from $19.46 to $21.56 within 30 minutes of the announcement. However, the rally was brief as the token is back to trading below its pre-announcement price of $19.78.
ENS Labs is developing Namechain as a layer-2 solution
ENS Labs executives said in a presentation at the ” frENSday” conference in Bangkok on November 11 that Namechain is a purpose-built Ethereum layer-2 solution targeted at scaling blockchain identification by making it easier to register names at lower prices through rollups.
ENS Labs noted that this technology enables Namechain to process transactions off the main Ethereum network while still benefiting from Ethereum’s robust security at a fraction of the cost.
The network will operate on a zero-knowledge chain compatible with the Ethereum Virtual Machine (zkEVM), and ENS Labs is finalizing its choice of zkEVM provider.
ENS, akin to the internet’s domain name system, simplifies complex crypto addresses with easy-to-remember names. For example, Ethereum creator Vitalik Buterin’s ENS address, “Vitalik.eth,” is far more user-friendly than the long alphanumeric wallet address it represents.
ENS Labs’ ENSv2 overhaul aligns with industry layer-2 solutions trend
In May, ENS Labs introduced a proposal to revamp the ENS registry system as a layer-2 solution. This overhaul, known as ENSv2, will involve re-architecting the ENS protocol and extending it to the new layer-2 network.
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. [To] a user, there should be no difference on the front end/user experience as we launch Namechain, except for lower gas fees.
~Katherine Wu
ENS’ decision to proceed with ENSv2 follows a succession of other announcements by big crypto businesses launching their layer-2 utilities.
Recently, the teams behind the decentralized finance project Uniswap cryptocurrency exchange and Sony’s Blockchain Labs announced plans to establish their roll-up networks. Instead of ZK rollups, these projects utilize layer-2 Optimism’s OP Stack technology, which enables developers to clone code and create their own blockchains.
According to Nick Johnson, co-founder and lead developer of ENS Labs, Namechain is the next evolution of ENS, promising significant improvements in scalability and cost. He also said he expects it to unlock new application possibilities.
Source: https://www.cryptopolitan.com/ens-labs-to-launch-namechain/