Ethereum Name Service (ENS), one of the most established solutions for digital identity on blockchain, is preparing for a major update.
ENS Labs, the organization behind ENS, has announced the intention to launch a dedicated Layer-2 network called “Namechain”, based on zero-knowledge rollup (zk-rollups) technology.
This update, expected by the end of next year, promises to drastically reduce fees and improve the performance of ENS, attracting new users and expanding the possibilities of using this service.
What is Ethereum ENS?
Ethereum Name Service (ENS) is a system that allows users to register readable names for resources on the blockchain, such as wallet addresses, content hashes, or metadata. In practice, the ENS transforms long alphanumeric addresses into simple names, like “mionome.eth”, which can be used to simplify the sending and receiving of cryptocurrencies and other digital resources.
This naming system significantly improves the accessibility and usability of the Ethereum blockchain, making the use of digital wallets and other decentralized services more intuitive.
In recent years, Ethereum has faced significant challenges due to the increase in transactions and high gas fees. For this reason, Layer-2s have become increasingly popular as solutions to scale Ethereum-based applications, allowing for faster and more cost-effective transactions.
The dedicated Layer-2 network of ENS, called Namechain, will introduce a new level of efficiency using zero-knowledge rollups (zk-rollups), an advanced scalability technology.
Zk-rollups allow for a significant reduction in transaction fees without compromising security, an essential aspect for a platform that manages digital identities. This update will not only speed up transactions but also enhance the user experience, making ENS more accessible and competitive.
What are zero-knowledge rollups?
Zero-knowledge rollups (zk-rollups) are a blockchain scalability technology that compresses hundreds of transactions into a single operation on the main blockchain. Instead of validating each individual transaction, zk-rollups use a “zero-knowledge proof” system to demonstrate the validity of the transactions without revealing the underlying data.
This technology therefore allows maintaining the security of the main blockchain, drastically reducing fees and increasing processing speed.
With Namechain based on zk-rollups, ENS users will be able to register and update their names at much lower costs than today. For ENS, the introduction of zk-rollups is a technological breakthrough that paves the way for a new phase of growth and adoption.
The benefits of Namechain for ENS users
The introduction of Namechain will bring with it a series of concrete benefits for Ethereum ENS users:
Reduction of fees: Namechain will allow transactions to be executed at a reduced cost compared to the main Ethereum network.
Increase in speed: operations on Namechain will be faster, eliminating waiting times related to high fees and network congestion.
Scalability: with the support of zk-rollups, ENS will be able to handle a growing number of users and operations without compromising the efficiency of the service.
Security: even on a Layer-2, ENS will maintain high security standards, ensuring that digital identities remain protected.
This update of ENS represents a significant step forward in the Ethereum ecosystem, which is seeking to address the growing needs for scalability and usability.
The integration of a Layer-2 network like Namechain could encourage the mass adoption not only of ENS but also of other applications that use decentralized identities. With a more scalable and accessible network, Ethereum is getting closer to the goal of becoming the main blockchain infrastructure for decentralized applications.
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The introduction of Namechain and zk-rollups in the Ethereum ENS service is set to radically transform the use of ENS, making it more cost-effective and faster.
ENS Labs demonstrates once again its commitment to the evolution of blockchain technology, paving the way for a future in which digital identities based on Ethereum will be accessible to an increasingly wide audience.
With the update expected by the end of next year, 2024 is shaping up to be a decisive year for ENS and for the entire Ethereum ecosystem.
