The Ethereum Name Service (ENS) has proposed an upgrade to ENSv2, which involves migrating to Layer 2 to reduce gas fees and enhance transaction speeds.
According to ENS Labs, ENSv2 will entail a thorough overhaul to Layer 2 and a restructuring of ENS to include a hierarchical registry, aiming to improve the management and customization of .eth domain names.
Nick Johnson, the lead developer and founder of ENS Labs, stated in a press release that nameholders will gain access to a unique name registry, enabling them to manage subdomains and configure resolvers.
Johnson further elaborated that name holders will be able to customize their name’s governance, including selecting the terms for name expiration and transfer rules.
Since its launch in 2017, ENS has become a well-known on-chain naming tool. Over two million .eth names have been registered across various applications, wallets, domains, and browsers.
Proposal for Enhancing Ethereum (EIP) 4844
Proto-danksharding, or EIP4844, is a less expensive method for Layer 2 rollups to publish transaction data to Ethereum.
Head of product and strategy at ENS Labs Eskender Abebe stated, “The release of EIP4844 has made Layer 2 networks based on Ethereum vastly more affordable and scalable, which was a big driving factor for ENS’s proposal.”
According to Abebe, “ENS is revolutionizing along with Web3 and we want to make sure we are delivering a product that has the best user experience possible.”
The enhanced flexibility offered by the new registry architecture and other infrastructure installed as part of the migration will benefit developers if the ENSv2 upgrade proposal is approved.
What Is the Process of the Ethereum Name Service?
ENS Labs converts machine-readable identifiers, such as Ethereum addresses, other cryptocurrency addresses, content hashes, metadata, and more, from human-readable names like “alice.eth.”
Additionally, ENS allows for “reverse resolution,” which enables the association of Ethereum addresses with metadata like main names or interface descriptions.
The ETH Registrar’s primary controller, the ETHRegistrarController, offers a simple registration and renewal process.
In terms of cost, there is a registration fee levied by the ETH Registrar. This is set up to stop spamming the registrar and is paid in ETH. The ENS Treasury receives any protocol fees that are paid.
May 2024, Cryptoniteuae
