ENS Labs, the team behind the Ethereum Name Service (ENS), has unveiled plans for a new network called Namechain, aimed at enhancing transaction efficiency. This initiative focuses on creating a Layer 2 network that works in tandem with the existing Ethereum blockchain, which allows users to assign easily-readable names to cryptocurrency addresses.
How Will Namechain Improve Transactions?
Co-founder Jeff Lau shared insights at the recent “frENSday” event in Bangkok, noting that while many Layer 2 networks gauge success by total value locked (TVL), ENS’s existing user base allows for a broader focus on efficiency. Set to launch by the end of 2025, Namechain aims to cater to the needs of its current users.
What Security Features Does Namechain Offer?
Utilizing zero-knowledge proofs, Namechain will process transactions off the main Ethereum network, significantly reducing costs—potentially by as much as 99%—while retaining Ethereum’s security standards. Lau emphasized that this system will be “Layer 2 independent,” allowing users to access ENS services across various Layer 2 networks.
Key Points about Namechain’s Development:
- Rapid transaction resolutions are a top priority.
- The network will be open-source to encourage community involvement.
- Maintaining ENS’s decentralized structure is crucial.
- Planned release aligns with ENS’s 2025 accessibility goals.
ENS Labs has already engaged with several Layer 2 partners for the Namechain project, although their identities remain undisclosed. In a recent move, ENS collaborated with PayPal and Venmo, integrating ENS into their platforms. Notably, more than 2 million names have been registered on the blockchain, with an additional 4 million registered off-chain.