The Ethereum Name Service will now extend to Ethereum Layer Two (2) according to a recent announcement by NFT domain name provider ENS Labs. Dubbed “ENSv2”, the ENS Labs believes they can fundamentally redesign and improve the service.
Per the ENS Labs, this will make ENS more decentralized and adaptable to new use cases, integrations, and opportunities previously constrained by Ethereum’s mainnet limitations.
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 which enables users to use friendly names instead of complex hexadecimal addresses for various blockchain-related activities.
Since its launch in 2017, the Ethereum Name Service (ENS) has evolved significantly. Initially, it started as a simple tool for naming Ethereum addresses. However, over the years, ENS has developed into a fundamental component of the Internet’s infrastructure, particularly in the context of web3 (the decentralized web).
The rise of layer 2 solutions came as a result of the limitations of the Ethereum network and they seek to improve the usability and effectiveness of the Ethereum ecosystem. These improvements are in areas of scalability, transaction cost, and speed amongst several others.
The essence of layer-2 blockchains in web3 lies in their role to enhance the efficiency of layer-1 blockchains without compromising the decentralized nature of the network.
A few months ago, executive director at Ethereum Name Service Khori Whittaker shared insight into the organization’s strategic focus on exploring opportunities within the L2 ecosystem. The director hinted at 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, which means 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 across different blockchains.
This will be achieved using a CCIP-Read Gateway and a compatible resolver, allowing .eth names to connect trustlessly across networks.
