Regulation
ENS Labs to Bring Ethereum Name Service to Layer 2 | CryptoTvplus
Ethereum Name Service will now expand to Ethereum Layer Two (2) according to a recent announcement by NFT domain name provider ENS Labs. Called “ENSv2”, the ENS Labs believe they can fundamentally rethink and improve the service.
According to ENS Labs, this will make ENS more decentralized and adaptable to new use cases, integrations, and opportunities previously limited by the limitations of Ethereum’s mainnet.
The Ethereum Name Service (ENS) is a decentralized naming system that allows users to associate human-readable names with Ethereum addresses, making it easier to interact with the blockchain.
ENS is a crucial component of the Web3 ecosystem that allows users to use user-friendly names instead of complex hexadecimal addresses for various blockchain-related activities.
Since its launch in 2017, the Ethereum Name Service (ENS) has evolved considerably. It started out as a simple tool for naming Ethereum addresses. However, over the years, ENS has become a fundamental component of Internet infrastructure, particularly in the context of web3 (the decentralized web).
The rise of Layer 2 solutions is a result of the limitations of the Ethereum network and they seek to improve the usability and efficiency of the Ethereum ecosystem. These improvements concern, among other things, the areas of scalability, transaction cost and speed.
The essence of layer 2 blockchains in web3 lies in their role in improving the efficiency of layer 1 blockchains without compromising the decentralized nature of the network.
A few months ago, Khori Whittaker, Executive Director of Ethereum Name Service, shared his views on the organization’s strategic focus on exploring opportunities within the L2 ecosystem. The director suggests the possibility of launching a dedicated L2 solution.
According to ENS Labs, with the implementation of ENSv2, gas fees will be significantly reduced, making transactions more economical for users. ENSv2 will also introduce a hierarchical registry system, meaning that each .eth name will have its registry.
This will give users greater control over the ownership and management of their names. Additionally, by moving to Layer 2, ENSv2 will enable smoother integration of .eth names into different blockchains.
This will be achieved using a CCIP-Read gateway and compatible resolver, allowing .eth names to connect confidently across networks.