Ethereum

2024

Bitcoin

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<h4><strong><a href="https://www.altcoinbuzz.io/?s=ens" target="_blank" rel="noopener noreferrer nofollow">ENS</a> is like your online phonebook, giving you your own “domain” name that you can use in the world of blockchain. </strong></h4>
<p>Now, the team behind ENS is taking things up a notch by building a new network called “Namechain.”</p>
<h5><strong>What is Namechain?</strong></h5>
<p>Namechain is a new type of blockchain, called a “layer-2” or L2 network, that’s designed to make transactions faster and cheaper. Think of it as adding a fast lane on the blockchain highway. It works with a technology called a <a href="https://chain.link/education-hub/zero-knowledge-rollup" target="_blank" rel="noopener noreferrer nofollow">zero-knowledge rollup</a>, which helps to bundle and process transactions off the main Ethereum network, saving both time and money. This new network will keep the security of Ethereum but without all the extra costs.</p>
<p>Zero-knowledge rollups sound like a fancy term, but they’re simply a technology that helps make blockchain transactions more efficient. Imagine folding a big, messy pile of papers into a single, tidy folder – that’s what zero-knowledge rollups do with transaction data. They reduce the amount of data that has to be stored on the Ethereum blockchain while keeping it just as secure.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Announced live at <a href="https://twitter.com/hashtag/frENSday?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#frENSday</a><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f3a4.png" alt="🎤" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>
 <p>Namechain by <a href="https://twitter.com/ensdomains?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@ensdomains</a> , a purpose-built Layer 2 solution!</p>
 <p>This is the next evolution in ENS and part of the larger ENSv2 direction. By dramatically reducing costs, improving performance, and providing a familiar Ethereum developer experience our… <a href="https://t.co/bIwHa22vJL" rel="noopener noreferrer nofollow">pic.twitter.com/bIwHa22vJL</a></p>
 <p>— ens.eth (@ensdomains) <a href="https://twitter.com/ensdomains/status/1855826392283525496?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 11, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>With this setup, Namechain can run faster, cost less, and still use Ethereum’s secure technology.</p>
<h5><strong>When Will Namechain Be Ready?</strong></h5>
<p><a href="https://www.enslabs.org/" target="_blank" rel="noopener noreferrer nofollow">ENS Labs</a>, the company behind ENS, plans to launch Namechain by the end of 2025. This project has been in the works for a while, and ENS Labs’ Chief Operating Officer Katherine Wu has said they’re almost done picking the final pieces to make Namechain work smoothly. The team is deciding on which zero-knowledge Ethereum Virtual Machine, or zkEVM, they’ll use to power Namechain. The zkEVM is a tool that makes it easy for Ethereum apps to run on this new network.</p>
<p>By creating Namechain, ENS is making it easier and cheaper for people to use blockchain technology. Right now, using Ethereum can be costly, especially when there’s a lot of activity on the network. With Namechain’s zero-knowledge rollup, more people will be able to use ENS without breaking the bank.</p>
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<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/ens-domains-new-layer-2-namechain-is-coming-soon/" rel="noopener noreferrer nofollow">ENS Domains’ New Layer-2, “Namechain,” Is Coming Soon</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

ENS Domains’ New Layer-2, “Namechain,” Is Coming Soon

Altcoin Buzz

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