- 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.
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.
Read CRYPTONEWSLAND on
google news
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.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
