Ethereum

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Ethereum Name Service

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ens-labs-introduces-namechain-for-transaction-efficiency" data-wpel-link="internal" rel="noopener noreferrer nofollow">ENS Labs Introduces Namechain for Transaction Efficiency</a><br></p>
<p style="text-align: justify">ENS Labs, the team behind the Ethereum Name Service (ENS), has unveiled plans for a new network called Namechain, aimed at enhancing transaction efficiency. This initiative focuses on creating a Layer 2 network that works in tandem with the existing Ethereum blockchain, which allows users to assign easily-readable names to cryptocurrency addresses.</p>
<h2 style="text-align: justify" id="strong-how-will-namechain-improve-transactions-strong"><strong>How Will Namechain Improve Transactions?</strong></h2>
<p style="text-align: justify">Co-founder Jeff Lau shared insights at the recent “frENSday” event in Bangkok, noting that while many Layer 2 networks gauge success by total value locked (TVL), ENS’s existing user base allows for a broader focus on efficiency. Set to launch by the end of 2025, Namechain aims to cater to the needs of its current users.</p>
<h2 style="text-align: justify" id="strong-what-security-features-does-namechain-offer-strong"><strong>What Security Features Does Namechain Offer?</strong></h2>
<p style="text-align: justify">Utilizing zero-knowledge proofs, Namechain will process transactions off the main Ethereum network, significantly reducing costs—potentially by as much as 99%—while retaining Ethereum’s security standards. Lau emphasized that this system will be “Layer 2 independent,” allowing users to access ENS services across various Layer 2 networks.</p>
<p style="text-align: justify">Key Points about Namechain’s Development:</p>
<ul>
 <li>Rapid transaction resolutions are a top priority.</li>
 <li>The network will be open-source to encourage community involvement.</li>
 <li>Maintaining ENS’s decentralized structure is crucial.</li>
 <li>Planned release aligns with ENS’s 2025 accessibility goals.</li>
</ul>
<p style="text-align: justify">ENS Labs has already engaged with several Layer 2 partners for the Namechain project, although their identities remain undisclosed. In a recent move, ENS collaborated with PayPal and Venmo, integrating ENS into their platforms. Notably, more than 2 million names have been registered on the blockchain, with an additional 4 million registered off-chain.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/ens-labs-introduces-namechain-for-transaction-efficiency" data-wpel-link="internal" rel="noopener noreferrer nofollow">ENS Labs Introduces Namechain for Transaction Efficiency</a></h5>

ENS Labs Introduces Namechain for Transaction Efficiency

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