ENS Labs, the company behind Ethereum
$
3,203
Name Service (ENS), announced the development of a new Layer 2-focused network named Namechain. ENS operates as a decentralized naming system built on the Ethereum
blockchain
, allowing readable names to be assigned to
cryptocurrency
addresses.
Contents
Affordable and Secure Transactions
Future Goals of ENS
Affordable and Secure Transactions
Co-founder Jeff Lau stated at the “frENSday” event in Bangkok that “the success metric for rollups has become total value locked (TVL). However, ENS already has users, enabling us to focus on issues that other Layer 2 networks may overlook.” According to ENS Labs, the launch of Namechain is expected by the end of 2025.
Namechain will utilize zero-knowledge proof technology, executing transactions outside the Ethereum main network at lower costs. ENS Labs noted that this innovation would reduce transaction costs by up to 99% while maintaining Ethereum’s security features. Lau emphasized that Namechain is designed to be “Layer 2 independent,” enabling users to access ENS services from their preferred Layer 2 networks.
Future Goals of ENS
ENS Labs intends to launch Namechain with priorities including rapid transaction resolutions, open-source software, and the preservation of ENS’s decentralized structure. This new network aligns with ENS’s goal of providing a more accessible, secure, and user-friendly naming service by 2025. The initiative is part of the “ENSv2” protocol aimed at offering more flexible and cost-effective services on Ethereum Layer 2 networks, introduced by ENS Labs in May 2023.
Although ENS Labs has already identified Layer 2 partners for Namechain, they have not disclosed their names. In September, ENS announced that Paypal and Venmo integrated ENS into their payment platforms. During that time, ENS Labs reported over 2 million names registered on the blockchain and more than 4 million names registered off the blockchain.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
