Ethereum Name Service (ENS) Partners to Develop Its Own Layer 2 Network! Here Are the Details
The post Ethereum Name Service (ENS) Partners to Develop Its Own Layer 2 Network! Here Are the Details appeared on BitcoinEthereumNews.com.
Ethereum Name Service (ENS), the blockchain-based service that simplifies address resolution, has announced plans to develop its own Layer 2 network, dubbed Namechain, using Linea’s advanced technology stack. Ethereum Name Service Partners with Linea to Build ‘Namechain’ Layer 2 Network ENS selected Linea, a Layer 2 solution based on zkEVM, for its ability to maintain full compatibility with Ethereum’s existing smart contracts and tools. As ENS shared in a recent blog post, zkEVM technology enables reliable and seamless interactions between Ethereum’s Layer 1 and the new Namechain Layer 2. Linea is also recognized as the first Layer 2 team to implement a trust-minimized version of ERC-3668 and provide decentralized cross-chain name resolution for ENS altcoins. The Linea platform is powered by Consensys, a leading Ethereum-focused research and development firm. The Namechain initiative is at the core of ENSv2, an upgrade introduced earlier this year that aims to increase the scalability and affordability of the Ethereum Name Service. This upgrade includes: Tier 2 Adoption: Domain name registrations and renewals will move to Tier 2 Name Chaining, reducing transaction costs and increasing efficiency. Layer 1 Integration: Name resolution services will remain on Ethereum Layer 1 to maintain ENS’s decentralized infrastructure and compatibility. The move to Tier 2 is expected to increase ENS’s capacity to process larger volumes of domain name registrations and renewals, improving overall user experience and cost efficiency. With Namechain, ENS aims to further expand its use in decentralized finance (DeFi), non-fungible tokens (NFTs), and other blockchain-based ecosystems. This development underscores ENS’s commitment to remain at the forefront of blockchain innovation while maintaining compatibility with Ethereum’s core network. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/ethereum-name-service-ens-partners-to-develop-its-own-layer-2-network-here-are-the-details/
Filed under: News - @ December 18, 2024 4:27 pm