ENS Labs, the domain naming system behind Ethereum Name Service (ENS), has put forward a proposal to upgrade to ENSv2 and migrate to Layer 2. This move aims to reduce gas fees and improve transaction speeds. The upgrade will involve a comprehensive overhaul, including the re-architecting of ENS to incorporate a hierarchical registry, enhancing the management and customization of .eth domain names.
According to Nick Johnson, the lead developer and founder of ENS Labs, nameholders will have access to a unique name registry where they can manage subdomains and configure resolvers. They can also customize their name’s governance, such as choosing expiration terms and transfer rules.
ENS, which was launched in 2017, is a well-known on-chain naming tool. Over two million .eth names have been registered across various applications, wallets, domains, and browsers.
The proposal for the ENSv2 upgrade comes after the release of Ethereum Improvement Proposal (EIP) 4844, commonly referred to as proto-danksharding. This proposal provides a more cost-effective way for Layer 2 rollups to post transaction data to Ethereum. Eskender Abebe, head of product and strategy at ENS Labs, stated that the release of EIP4844 has made Layer 2 networks based on Ethereum more affordable and scalable, which influenced ENS’s proposal.
If the ENSv2 upgrade is accepted, developers will benefit from the increased flexibility offered by the new registry design and other infrastructure deployed during the migration. Users will also enjoy reduced transaction fees and improved throughput by hosting their names on Layer 2, while still having the option to retain the security and availability guarantees of hosting on Layer 1.
ENS Labs works by mapping human-readable names like ‘alice.eth’ to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata. It also supports reverse resolution, allowing the association of metadata with Ethereum addresses.
The ETH Registrar, managed by the ETHRegistrarController, provides a simple registration and renewal mechanism. The ETH Registrar charges a registration fee, paid in ETH, to prevent spamming. Protocol fees are sent to the ENS Treasury.
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