ENS Labs, the organization behind the Ethereum Name Service (ENS), has introduced a new Ethereum Layer-2 solution called “Namechain.” This announcement was made during the frENSday event held in Bangkok on November 11, followed by additional details shared via social media. The upcoming Namechain aims to optimize ENS operations by incorporating roll-up technology, offering reduced transaction costs and more streamlined domain registration and management processes.
Namechain is specifically designed to tackle scalability challenges and lower expenses associated with blockchain-based identity systems. By utilizing roll-up technology, Namechain intends to minimize the volume of data published on-chain, significantly reducing gas fees for users on the Ethereum mainnet. These improvements are expected to make it easier for users to register names, update records, and manage decentralized websites.
Enhancing ENS with Namechain and ENSv2
The new solution will work in tandem with ENSv2, an upgraded version of the Ethereum Name Service. This dual approach is intended to simplify management for users while maintaining the security of names linked to Ethereum’s mainnet. Greg Skril, who leads Developer Relations at ENS Labs, highlighted that this initiative is a direct response to the growing demand for user-friendly and accessible blockchain-based naming systems.
The integration of ENSv2 with Namechain aims to decentralize the naming system further and reduce its operational costs. Unlike many other blockchain projects that rely on Optimism’s OP Stack, ENS Labs opted for a bespoke Layer-2 solution based on zero-knowledge (ZK) rollups. This decision was made to enhance both security and cost-efficiency.
ENS Labs’ Chief Operating Officer Katherine Wu mentioned that the team is in the process of finalizing its zkEVM solution. Once completed, this technology will enable the platform to scale Namechain effectively without compromising security. The concept of a proprietary Layer-2 solution was first proposed by ENS Labs in early 2024, with the organization aiming for a full launch by the end of next year. The company expects the project to bring significant improvements in scalability, integration, and user accessibility.
Nick Johnson, co-founder of ENS Labs, expressed optimism about Namechain’s potential to make blockchain-based identities more accessible to the general public.
Rising Demand for Blockchain Identity Amid Security Risks
The launch of Namechain comes at a time when demand for blockchain identity solutions is on the rise, particularly amid growing concerns over identity fraud. A recent report by AU10TIX ranked the crypto industry as the second most exploited sector for identity theft in Q2 2024, accounting for nearly 29% of global cases.
Emerging threats such as impersonation bots and deepfakes have further compounded these risks. High-profile figures, including Elon Musk and Tim Cook, have recently been targeted in crypto-related scams involving deepfake technology.
ENS Labs sees Namechain as a critical tool in addressing these challenges, providing a secure and scalable platform for managing blockchain-based identities. As the platform prepares for its launch, it aims to establish a safer and more efficient ecosystem for users while supporting the broader adoption of decentralized identity solutions.