Namechain uses zero-knowledge rollups, reducing Ethereum transaction costs.
ENS Labs' Namechain to operate off-chain while maintaining Ethereum's security.
Namechain aims to launch in 2025, enhancing ENS domain management efficiency.
ENS Labs, the Ethereum Name Service (ENS) organization, has introduced a new layer-2 solution called Namechain. This innovation seeks to improve the standards and usability of blockchain identities. Namechain revealed at the "friendly" conference in Bangkok, leverages roll-up technology to reduce operational costs and simplify processes for users managing ENS domains.
https://twitter.com/ensdomains/status/1855826392283525496
Greg Skril, Developer Relations Lead at ENS Labs, stated that integrating ENSv2 with Namechain would simplify the registration and management of ENS domains. ENSv2, an update to the protocol, expands ENS's compatibility across Ethereum's layer 2 solutions, streamlining the user experience significantly.
Rollup Technology Drives Efficiency
The core technology behind Namechain is zero-knowledge rollups, which condense transactions into single proofs. This method decreases the data required for transaction verification on the Ethereum blockchain, reducing gas fees and enhancing transaction speed without compromising security. Katherine Wu, ENS Labs' Chief Operating Officer, emphasized that this technology allows Namechain to operate off the main Ethereum network while maintaining robust security protocols at a lower cost.
Namechain will operate alongside the established ENS protocol, ensuring that the popular “.eth” domains remain anchored to the Ethereum mainnet. This approach retains the foundational security and reliability of the Ethereum network while expanding functionality and accessibility through the layer 2 framework.
Strategic Developments and Industry Impact
The launch of Namechain marks a significant stride in ENS Labs' commitment to innovating within the blockchain identity space. Before this, ENS Labs had explored various layer 2 technologies, settling on zero-knowledge rollups after extensive research and development phases. This strategic decision underscores ENS Labs' focus on user experience and cost efficiency.
Furthermore, ENS's expansion into layer 2 solutions mirrors a broader trend within the crypto industry, where major platforms like Uniswap and Kraken are also developing their roll-up networks. By creating its own layer 2 solution rather than integrating with an existing one, ENS Labs tailor-fits Namechain to meet the specific needs of ENS users, potentially setting a precedent for other blockchain services looking to enhance scalability and efficiency.
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