30s Summary

ENS Labs, creator of the Ethereum Name Service system, is developing a secondary network called Namechain, which will be operational by the end of 2022. The Namechain will employ zero-knowledge rollups, technology that boosts blockchain transactions speed while relieving strain on the primary Ethereum network. They’re also planning a major overhaul for a new system called ENSv2, aligned with the existing Ethereum setup, promising a reduction in user fees. Other crypto entities such as Uniswap, Kraken and Sony’s Blockchain Labs are also developing layer-2 projects.

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ENS Labs, the creators of the Ethereum Name Service, are planning to launch their own secondary, or layer-2 network. They’ve dubbed it “Namechain.” The plan is to have it up and running by the end of next year.

The super cool thing about Namechain is that it’ll use something called zero-knowledge rollups. It’s a kind of tech that speeds up blockchain transactions and takes the pressure off the main Ethereum network. Basically, it’ll do all the heavy lifting off-stage and then compress that data to fit onstage with Ethereum – all without compromising security and at a fraction of the cost. The team hasn’t picked a software, or zkEVM, yet but they’re close to reaching a decision.

ENS works a bit like the domain names on the internet like “Amazon.com” but instead of a website, you get a crypto wallet. It’s designed to be easier to remember, like Ethereum founder Vitalik Buterin’s handle “Vitalik.eth” instead of his actual address (a random string of numbers and letters).

The team is also planning to completely overhaul their system using this new layer-2 tech. It’ll be called ENSv2 and it’s a pretty big project. Not only will they need to add this layer-2, but the system also needs to work seamlessly with the current Ethereum setup from day one. Katherine Wu, the chief operating officer for ENS Labs, assured that all users will notice is a drop in fees.

Other big names in crypto are also building their own layer-2 projects, like decentralized finance project Uniswap, crypto exchange Kraken, and Sony’s Blockchain Labs. So watch this space!