$BTC $ETH #Megadrop #MtGox $ENS #EarnFreeCrypto2024 ##ENS/USDT✅✅✅✅✅ According to CoinDesk, Ethereum Name Service (ENS) Labs, the firm responsible for the ENS domain name protocol, has proposed a comprehensive architectural redesign. The proposed 'ENSv2' would transform the network into a layer-2 blockchain. This transformation would involve a complete overhaul of the project's registry system. Layer-2 networks are auxiliary networks that offer cheaper transaction fees, which can then be settled on the base blockchain, in this case, Ethereum.

ENS Labs Executive Director Khori Whittaker revealed in an interview that the project is considering using technology from the layer-2 chain-development kit ZK Stack from Matter Labs. Matter Labs is also the primary developer behind the layer 2 zkSync. This move by ENS is in line with a new trend in blockchain, where some protocols on Ethereum and even some alternative layer-1 blockchains are migrating to become layer-2 networks. This migration is driven by the needs of their communities, such as the desire for cheaper fees or customization.

ENS was established in 2017 by former Ethereum Foundation employees Nick Johnson and Alex Van de Sande. It is designed to map cryptocurrency addresses, which typically consist of long strings of letters and words, to human-readable names like 'Alice.eth.' Currently, the protocol exists merely as smart contracts on Ethereum. The team considered layer-2 technologies from Arbitrum, Optimism, and zkSync before deciding on Matter Labs’ ZK Stack. ZK Stack is a customizable software toolkit that allows developers to create their own chains based on zkSync’s technology. It uses zero-knowledge proofs, a type of cryptography that's one of the hottest trends in blockchain.

The ENS DAO, the decentralized governing body behind the ENS protocol, will vote on whether it approves the changes. This will initiate a period of dialogue. 'That'll probably take two months or so for that whole process to go, and then once we're all aligned and we get to build,' Whittaker said. #Layer2Coin $