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The Ethereum Name Service (ENS), which operates as a domain naming system, has put forth a proposal for an ENSv2 upgrade that involves transitioning to Layer 2 to lower gas fees and enhance transaction speeds.
ENS Labs indicated that the ENSv2 upgrade will entail a “thorough redesign” to Layer 2 and will reconfigure ENS to incorporate a hierarchical registry aimed at improving the management and personalization of .eth domain names.
“Nameholders will gain access to a distinct name registry, enabling them to manage subdomains and set up resolvers,” stated Nick Johnson, the lead developer and founder of ENS Labs, in a press announcement.
“Nameholders can tailor their name’s governance, including selecting the conditions for name expiration and transfer regulations,” Johnson added.
Established in 2017, ENS is a prominent on-chain naming solution. To date, more than two million .eth names have been registered across various applications, wallets, domains, and browsers.
Ethereum Improvement Proposal (EIP) 4844
EIP4844, often referred to as proto-danksharding, offers a more cost-effective method for Layer 2 rollups to submit transaction data to Ethereum.
“The introduction of EIP4844 has significantly reduced costs and enhanced scalability for Layer 2 networks built on Ethereum, which was a major factor behind ENS’s proposal,” remarked Eskender Abebe, head of product and strategy at ENS Labs.
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“As Web3 continues to evolve, ENS is evolving as well, and we aim to provide a product that offers the optimal user experience,” Abebe added.
Should the ENSv2 upgrade proposal be approved, developers will gain from the enhanced flexibility afforded by the new registry structure, along with other infrastructure improvements resulting from the migration.
Users will also experience the advantages of lower transaction fees and increased throughput associated with hosting their names on Layer 2, while still having the option to maintain the security and availability assurances of hosting their name on Layer 1 if they choose.
How Does the Ethereum Name Service Work?
ENS Labs translates human-readable names like ‘alice.eth’ into machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, metadata, and more.
ENS additionally facilitates ‘reverse resolution’, allowing for the association of metadata such as primary names or interface descriptions with Ethereum addresses.
The ETHRegistrarController serves as the primary controller for the ETH Registrar and offers a simple mechanism for registration and renewal.
Regarding the pricing model, the ETH Registrar imposes a registration fee, payable in ETH, designed to deter spamming of the registrar. Any protocol fees collected are directed to the ENS Treasury.
The post Ethereum Name Service Proposes Protocol Migration to Layer 2 to Reduce Gas Fees appeared first on Cryptonews.
