Ethereum Name Service parent company ENS Labs Ltd. Today announced plans to launch its own layer 2 scaling network for its blockchain-based name service.
The new network is called Namechain and ENS Labs has announced plans to launch it towards the end of the year.
According to the company, the blockchain network will use zero-knowledge rollups, or ZK-rollups, a type of scaling technology designed to process transactions off the main chain and convert them into cryptographic proofs that can SO be submissive return to the main blockchain. This is done by “bearing» multiple transactions in a secondary blockchain, or layer 2, in valid batches, then sending them all at once to the main blockchain, in this case, Ethereum.
“Tits technology allows Namechain to process and execute transactions off the Ethereum mainnet while inheriting the full security of Ethereum, but at a fraction of the cost,» » said ENS Labs in a press release.
Katherine Wu, Chief Operating Officer, told CoinDesk The ENS Labs team is still in the final stages of choosing which Ethereum ZK-rollup virtual machine the company will use to complete this process. By overhauling the current architecture of ENS, he will change how the current process works, but help speed up transactions and reduce costs.
“TThe big technical work here will be to ensure that Namechain is backwards compatible with ENSv1 (the current configuration on the Ethereum mainnet) from day one of launch,» Wu said. “(For) a user, there should be no difference on the front-end/user experience when we launch Namechain, except lower gas fees.”
ENS acts as the blockchain version of the web domain name system. Just like web domain names need to switch from Google.com or Amazon.com to IP addresses to make the internet work, ENS names change readable names to Ethereum wallet addresses. For example, Ethereum creator Vitalik Buterin The ENS name is Vitalik.eth, which is easier to type than its Ethereum address: 0xd8dA6BF26964aF9D7eEd9e03E53415D37aA96045.
“Namechain represents ENS’ next evolution, and I am excited about the huge improvements it will bring in terms of scalability and cost, and the new applications that it will enable,» said co-founder and lead developer Nick Johnson.
Many projects in the blockchain industry have built layers 2 networks to help them evolve their networks. This it’s because Ethereum, despite being a popular landing spot for blockchain projects, suffers from transaction congestion. This results in slow speeds and high fees when try to build applications on the main blockchain.
Examples include Uniswap Labs, the developer behind the most popular decentralized cryptocurrency exchange, launch an application-specific layer 2 network and Coinbase Inc. launch of Basea developer-friendly Ethereum layer 2 network.
Image: Pixabay
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