The ENS token just shot up more than 10% after ENS Labs unveiled its exciting new Ethereum layer-2 solution, dubbed Namechain.
Ethereum layer 2 solutions LFG!
So, what’s Namechain all about? It’s designed to make registering names and managing decentralized websites a whole lot easier and cheaper.
During the “frENSday” conference in Bangkok on November 11, ENS Labs executives explained that Namechain will use rollups to streamline the process of blockchain identity.
This new layer-2 solution will work alongside ENSv2, the protocol that allows ENS to expand into Ethereum’s layer-2 ecosystem.
As Greg Skril, the developer relations lead at ENS Labs, put it, their main goal was the simplification.
“With ENSv2 and Namechain, it will be significantly easier to register names, update records, manage decentralized websites, and more.”
ENS is that big deal?
For those who might not know, the Ethereum Name Service, ENS is like the internet’s version of top-level domains such as “.com” or “.org.” Instead of having to remember numerical IP addresses, you can use easy-to-read names.
Even Ethereum co-founder Vitalik Buterin is on board, his Ethereum address can be found by simply typing in Vitalik.eth in an Ethereum block explorer.
After the announcement, the token spiked from $19.46 to $21.56 in just 30 minutes, but that excitement was short-lived, now ENS is back down to around $19.22.
The future of ENS
Jeff Lau from ENS Labs mentioned that the “.eth” domain will remain firmly anchored on the Ethereum mainnet while also being supported on other layer-2 solutions.
He explained that creating a user-friendly experience was a key reason for building their own layer 2 instead of just integrating with another chain.
Back in February, ENS Labs hinted that they were heavily focused on developing their own Ethereum layer 2.
They also teased a partnership with a major industry player to help with this expansion but kept the details under wraps.
In September, ENS made headlines by integrating its name service protocol with payment giants PayPal and Venmo for crypto transfers. This move is expected to reach over 270 million users across the United States alone.
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