The Evolution of Ethereum Name Service (ENS)

ENSv2 Upgrade: Enhancing Scalability

The Ethereum Name Service (ENS) has unveiled an ambitious proposal for an ENSv2 upgrade, aiming to migrate to Layer 2 in order to tackle gas fees and transaction speeds. ENS Labs envisions a significant shift towards Layer 2, with a focus on reducing gas fees and enhancing transaction speeds. According to ENS Labs, the ENSv2 upgrade will entail a “comprehensive overhaul” to Layer 2, introducing a hierarchical registry to streamline the management and customization of .eth domain names.

“Nameholders will have access to a unique name registry, where they will be able to manage subdomains and configure resolvers,” said Nick Johnson, the lead developer and founder of ENS Labs.

Johnson further elaborated, stating that “Nameholders can customize their name’s governance, like choosing the terms for name expiration and transfer rules.”

EIP4844 Implementation: Driving Factors

The introduction of EIP4844, also known as proto-danksharding, brings a more cost-effective method for Layer 2 rollups to relay transaction data to the Ethereum network. Eskender Abebe, the head of product and strategy at ENS Labs, emphasized the importance of EIP4844 in enhancing affordability and scalability for Layer 2 networks. The implementation of EIP4844 played a key role in motivating ENS’s proposal for the ENSv2 upgrade.

“As Web3 continues to revolutionize, ENS does too, and we want to ensure we are delivering a product that has the best user experience possible,” added Abebe.

If the ENSv2 upgrade proposal is approved, developers stand to gain from the enhanced flexibility offered by the new registry design. Additionally, users can expect reduced transaction fees and improved throughput by hosting their names on Layer 2, while retaining the option to maintain the security and availability guarantees of hosting their name on Layer 1.

ENS Labs plays a pivotal role in mapping human-readable names like ‘alice.eth’ to machine-readable identifiers such as Ethereum addresses, cryptocurrency addresses, content hashes, metadata, and more. The ENS also facilitates ‘reverse resolution’, enabling the association of metadata with Ethereum addresses, like primary names or interface descriptions.

Within the ecosystem, the ETHRegistrarController serves as the primary entity for managing the ETH Registrar, offering a streamlined registration and renewal process. Regarding pricing, the ETH Registrar imposes a registration fee in ETH to deter spamming. Any protocol fees collected are directed to the ENS Treasury.

Total
0
Shares
Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Article

Enhancing Focus on Zero-Knowledge Technology at Polygon Labs

Next Article

The Rise of BlackRock’s iShares Bitcoin Trust as the Leading Fund in the Crypto Industry

Related Posts