The ENS Labs has introduced a new Ethereum-based Layer-2 scaling solution dubbed Namechain to enhance user experience
ENS Labs, the organization behind the Ethereum Name Service (ENS), has introduced a new Layer-2 protocol called “Namechain.” According to the announcement, Namechain is a Layer 2 solution designed to improve how people register and manage ENS domains.
Namechain uses roll-up technology to make it easier and cheaper for people to manage blockchain-based identities. Intriguingly, Namechain is a major improvement in the ENS system. ENS helps turn complicated Ethereum addresses into simple names, like “username.eth.” This feature is now an essential part of blockchain identity. However, as more people use Ethereum, they tend to face problems like high transaction fees and network congestion.
Namchain Brings Lots of Improvement to ENS Labs
The ENS is a decentralized, open-source naming system built on the Ethereum blockchain. It allows users to replace long, complicated wallet addresses with simple, readable names, similar to how domain names work for websites. Therefore, ENS Labs is using Layer 2 rollups to solve these problems. This technology processes transactions outside the main Ethereum blockchain and settles them on-chain in batches.
Meanwhile, Namechain will work seamlessly with ENSv2, an earlier upgrade that enables ENS usage with Ethereum Layer 2 solutions. ENSv2 helps users manage their blockchain identities on different Layer 2 networks. Namechain aims to improve these interactions specifically for ENS needs. By working together, these technologies can make ENS registrations faster, cheaper, and easier for users.
Additionally, Namechain is set to help more people use blockchain-based identities. As Ethereum grows, projects like Namechain show how important it is to improve core infrastructures. This improvement can achieve the benefits of a decentralized identity. Namechain is set to launch fully in 2025.
Two months ago, American multinational financial technology corporations PayPal and Venmo, a peer-to-peer payment platform, incorporated the ENS into their payment platforms. This new feature will make cryptocurrency transactions more accessible to everyday users, enhancing the overall user experience for both platforms.
However, Hayden Adams, the founder of the decentralized crypto exchange (DEX) Uniswap, has warned users against fake ENS domain scams. Adams asked investors to remain cautious and avoid using deceptive user interfaces (UIs) in crypto wallets.
A New Era in Decentralization
Ethereum co-founder Vitalik Buterin said the multi-signature (multi-sigs) projects have not witnessed any major failure in recent years, much less 26%.
He added that the stage 1 milestone set for L2 projects is reasonably moderate. Furthermore, Buterin pointed out that the current era of rollups treated as simple multi-signature solutions is winding up.
He highlighted a transition towards the era of cryptographic trust, suggesting a transition towards stage 2, where rollups are backed by code. Overall, Buterin’s focus on stage 1 L2 projects highlights his determination to ensure continuous growth in the Ethereum network.
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