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News

Ethereum Name Service Is Expected to Transform to Layer 2

May 28, 2024 - Around 2 mins mins to read

Key Points:

  • ENS Labs proposes upgrading the Ethereum Name Service to a layer-2 blockchain to reduce costs and improve scalability.
  • The ENS DAO will vote on the transition, which might use Matter Labs’ ZK Stack for enhanced security.
  • ENSv2 aims to improve domain management and multi-chain interoperability, aligning with industry trends.
ENS Labs, the entity behind Ethereum Name Service (ENS), has unveiled plans for a comprehensive overhaul of its domain name protocol, aiming to transition the network into a Layer-2 blockchain infrastructure.
Ethereum Name Service Is Expected to Transform to Layer 2
Ethereum Name Service Is Expected to Transform to Layer 2 2

ENS Labs Proposes Layer-2 Upgrade for Ethereum Name Service

Dubbed “ENSv2,” the proposed redesign entails a revamp of the project’s registry system, targeting enhanced scalability and reduced transaction costs by operating as a layer-2 solution. The restructuring would allow transactions to be settled on the Ethereum-based blockchain.

ENS Labs is contemplating utilizing technology from Matter Labs‘ ZK Stack to facilitate this transition, leveraging zero-knowledge proofs for heightened privacy and security measures. However, the final decision hinges on approval from the ENS DAO, the decentralized governance body overseeing the protocol, a process expected to span two months.

While the specific stack or Layer 2 network for migration remains undecided, once implemented, the chosen network will serve as the new platform for user interactions with Ethereum Name Service.

Key features of the upgrade include a hierarchical registry system for streamlined management of .eth domain names, empowering users with enhanced capabilities for managing subdomains, and configuring resolvers. With over two million .eth names registered on the mainnet, Ethereum Name Service primarily offers the .eth name service, simplifying Ethereum address identification.

ENSv2 to Enhance Domain Management and Interoperability

The proposed ENSv2 upgrade not only promises improved multi-chain interoperability but also aligns with a broader trend in the blockchain space. Similar initiatives, such as Celo’s recent migration to Layer 2 infrastructure, underscore a growing demand for cost-effective solutions and customization within blockchain communities.

The unveiling of the proposal initiates a voting process within the ENS DAO, marking the beginning of collaborative deliberations among stakeholders regarding the protocol’s future trajectory.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Ethereum Name Service Is Expected to Transform to Layer 2

Key Points:

  • ENS Labs proposes upgrading the Ethereum Name Service to a layer-2 blockchain to reduce costs and improve scalability.
  • The ENS DAO will vote on the transition, which might use Matter Labs’ ZK Stack for enhanced security.
  • ENSv2 aims to improve domain management and multi-chain interoperability, aligning with industry trends.
ENS Labs, the entity behind Ethereum Name Service (ENS), has unveiled plans for a comprehensive overhaul of its domain name protocol, aiming to transition the network into a Layer-2 blockchain infrastructure.
Ethereum Name Service Is Expected to Transform to Layer 2
Ethereum Name Service Is Expected to Transform to Layer 2 4

ENS Labs Proposes Layer-2 Upgrade for Ethereum Name Service

Dubbed “ENSv2,” the proposed redesign entails a revamp of the project’s registry system, targeting enhanced scalability and reduced transaction costs by operating as a layer-2 solution. The restructuring would allow transactions to be settled on the Ethereum-based blockchain.

ENS Labs is contemplating utilizing technology from Matter Labs‘ ZK Stack to facilitate this transition, leveraging zero-knowledge proofs for heightened privacy and security measures. However, the final decision hinges on approval from the ENS DAO, the decentralized governance body overseeing the protocol, a process expected to span two months.

While the specific stack or Layer 2 network for migration remains undecided, once implemented, the chosen network will serve as the new platform for user interactions with Ethereum Name Service.

Key features of the upgrade include a hierarchical registry system for streamlined management of .eth domain names, empowering users with enhanced capabilities for managing subdomains, and configuring resolvers. With over two million .eth names registered on the mainnet, Ethereum Name Service primarily offers the .eth name service, simplifying Ethereum address identification.

ENSv2 to Enhance Domain Management and Interoperability

The proposed ENSv2 upgrade not only promises improved multi-chain interoperability but also aligns with a broader trend in the blockchain space. Similar initiatives, such as Celo’s recent migration to Layer 2 infrastructure, underscore a growing demand for cost-effective solutions and customization within blockchain communities.

The unveiling of the proposal initiates a voting process within the ENS DAO, marking the beginning of collaborative deliberations among stakeholders regarding the protocol’s future trajectory.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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