ENS Labs unveils plans to launch its Layer 2 network named Namechain, poised as an innovative solution for enhancing the Ethereum Name Service.
Goals and Features of Namechain
The goal of creating Namechain is to improve the scalability and accessibility of the Ethereum Name Service (ENS). The new network approach will enable human-readable names to be tied to crypto addresses more affordably, ensuring access across multiple Layer 2 networks.
Technical Aspects and Interoperability
Namechain will be built on zero-knowledge proof (zk-proof) technology, allowing transactions to process outside of Ethereum's mainnet. This will ensure Ethereum-level security with reduced costs. It also supports L2-to-L2 bridging, making it convenient for users to interact with different networks.
Cost Reduction and Future Prospects
With the launch of Namechain, costs for name registration and management are expected to decrease by 99% compared to current Tier 1 fees. The chain will leverage zkEVM for fast transaction finality, maintaining ENS’s decentralized foundation and focusing on open-source development.
The introduction of Namechain could significantly lower entry barriers and enhance user experience, making ENS more accessible to a broader audience.
