ENS Labs Proposes ENSv2 Upgrade to Enhance Ethereum Name Service
In a bid to revolutionize the Ethereum Name Service (ENS), ENS Labs has unveiled a groundbreaking proposal for ENSv2, which involves migrating the service to a Layer 2 network.
This move is aimed at significantly enhancing scalability and decreasing gas fees, marking a pivotal development in the Ethereum ecosystem.
According to ENS Labs, the proposed ENSv2 upgrade seeks to transfer core functionalities from the Ethereum mainnet to a Layer 2 chain, thereby paving the way for reduced transaction fees for users. This migration is set to bring about substantial benefits for the Ethereum community.
While ENS Labs has not yet finalized the specific stack or Layer 2 network for the migration, once selected, this network will serve as the new platform for user interactions with ENS after the migration process is completed.
Additionally, the upgrade introduces a novel “hierarchical registry system” for more efficient management of .eth domain names, empowering users with capabilities for managing subdomains and configuring resolvers.
Introducing ENSv2: The Next Generation of ENS 🎉🎉🎉
— ens.eth (@ensdomains) May 28, 2024
ENS Labs is excited to announce our proposal to extend the ENS protocol to a Layer 2 network. This move isn't just about migrating parts of the protocol; we're re-envisioning the architecture from the ground up! pic.twitter.com/3xM6owTpKk
Nick Johnson, Lead Developer and Founder of ENS Labs, highlighted the significance of the proposed hierarchical registry system, stating, “ENSv2 will introduce a hierarchical registry system to .eth name management. Nameholders will have access to a unique name registry, where they will be able to manage subdomains and configure resolvers.”
ENS is primarily known for providing the .eth name service, offering a simplified alternative to lengthy Ethereum addresses.
To date, over two million .eth names have been registered on the mainnet. The proposed ENSv2 upgrade holds the potential to enhance multi-chain interoperability, extending the utility and reach of ENS across various blockchain ecosystems.
The decision to pursue the ENSv2 upgrade was significantly influenced by the release of Ethereum Improvement Proposal (EIP) 4844, which substantially reduced costs associated with Layer 2 networks through blob transactions.
Eskender Abebe, Head of Product and Strategy at ENS Labs, emphasized the importance of EIP4844, stating, “The release of EIP4844 has made Layer 2 networks based on Ethereum vastly more affordable and scalable, which was a big driving factor for ENS’s proposal.”
The proposal for ENSv2 represents a pivotal step forward in enhancing the functionality and accessibility of the Ethereum Name Service, ushering in a new era of efficiency and cost-effectiveness for users within the Ethereum ecosystem.
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