In a bold move set to shake up the Ethereum ecosystem, ENS Labs, the company behind the widely-used Ethereum Name Service (ENS), has unveiled plans to launch its own layer-2 network. Dubbed “Namechain,” this ambitious project is slated to go live by the end of 2025, promising to bring significant enhancements to scalability and cost-efficiency.
Harnessing the Power of Zero-Knowledge Rollups
At the heart of Namechain lies the cutting-edge technology of zero-knowledge rollups (ZK rollups). By leveraging this innovative scaling solution, Namechain aims to process and execute transactions off the main Ethereum network while still inheriting its robust security. The result? Dramatically reduced costs and improved efficiency.
This technology allows Namechain to process and conduct transactions outside of the main Ethereum network while still inheriting the full security of Ethereum, but at a fraction of the cost.
– ENS Labs press release
Building on Established Infrastructure
Rather than starting from scratch, Namechain will utilize the infrastructure of an existing zero-knowledge chain compatible with the Ethereum Virtual Machine (EVM). According to ENS Labs COO Katherine Wu, the team is in the final stages of selecting which zkEVM will serve as the foundation for their groundbreaking network.
Revolutionizing the ENS Protocol
The launch of Namechain is part of a broader overhaul of the ENS protocol, dubbed ENSv2. This comprehensive upgrade will see a complete re-architecture of the system, with the extension to a layer-2 solution being a key component. Wu emphasized that the technical heavy lifting lies in ensuring seamless backward compatibility with the current ENSv1 setup on the Ethereum mainnet from day one.
For a user, there should be no difference in the front end/user experience as we launch Namechain, other than lower gas fees.
– Katherine Wu, COO of ENS Labs
Following in the Footsteps of Giants
ENS Labs’ decision to forge ahead with ENSv2 and Namechain comes on the heels of similar announcements from other major players in the crypto space. Recently, teams behind decentralized finance project Uniswap, crypto exchange Kraken, and Sony’s Blockchain Labs have all revealed plans to launch their own layer-2 projects. However, while those initiatives rely on Optimism’s “OP Stack” technology for cloning its code to create new blockchains, Namechain is taking a different approach with its focus on ZK rollups.
Ushering in a New Era for ENS
ENS co-founder and lead developer Nick Johnson expressed his enthusiasm for the potential of Namechain, stating:
Namechain represents the next evolution of ENS, and I’m excited for the tremendous improvements it will bring to scalability and cost, and the new applications it will enable.
– Nick Johnson, ENS Labs co-founder and lead developer
As the crypto community eagerly awaits the arrival of Namechain, speculation abounds regarding the transformative impact it could have on the Ethereum Name Service and the broader blockchain ecosystem. Will this bold move by ENS Labs usher in a new era of accessibility and adoption for Ethereum-based applications? Only time will tell, but one thing is certain: the race to scale Ethereum has just kicked into high gear, and Namechain is poised to be a major contender.
Stay tuned as this exciting development unfolds, and prepare to witness the dawn of a new age in Ethereum’s evolution. The future of blockchain is looking brighter than ever, and ENS Labs is leading the charge.
