Sunday, June 23, 2024

Ethereum-Based Domain Protocol ENS Explores Creating Its Own Layer 2, Possibly Utilizing ZK Rollups.

The organization that created the ENS domain name system, Ethereum Name Service (ENS) Labs, suggested on Tuesday that the network undergo a thorough architectural overhaul that would convert it into a layer-2 blockchain.

As part of the project’s transition to layer 2, or an auxiliary network that offers lower transaction costs that can eventually be resolved to the foundation blockchain, Ethereum, the plan, nicknamed “ENSv2,” would redesign the registry system.

In an interview with CoinDesk, ENS Labs Executive Director Khori Whittaker first stated that the project was leaning toward utilizing technology from Matter Labs’ layer-2 chain-development kit, ZK Stack. Matter Labs was also the main developer behind Layer 2 zkSync.

Later, a representative for ENS Labs told CoinDesk that all possibilities were still open and that the company did not yet have a decided stack for the L2 expansion. ZK rollups in particular have been discussed, but no firm choices have been taken as of yet.

The new ENS initiative is in line with a growing trend in blockchain technology, whereby several protocols running on top of Ethereum and even some alternative layer-1 blockchains are transitioning to become layer-2 networks in order to meet community needs, such as the need for more flexibility or lower fees. After eight months of looking for a new layer-2 home, the layer-1 chain Celo decided to use Optimism’s technology to help them advance earlier this month.

Whittaker declared, “I want us to get the gas price as close to zero as possible.” I’m therefore thrilled to see so much engagement with ENS profiles and names.

Putting security and privacy first

ENS was created in 2017 by Nick Johnson and Alex Van de Sande, two former workers of the Ethereum Foundation. Its purpose is to translate cryptocurrency addresses, which are often made up of lengthy strings of letters and words, into names that are understandable to humans, such as “Alice.eth.” As it is now, the protocol is nothing more than Ethereum smart contracts.

Whittaker first told CoinDesk that the team looked at layer-2 technologies from Optimism, Arbitrum, and zkSync before deciding on Matter Labs’ ZK Stack. However, the team later emphasized that they were looking at zero-knowledge rollups. Based on zkSync’s technology, developers can spin up their own chains with the ZK Stack, an adaptable software toolset. One of the most popular innovations in blockchain technology, zero-knowledge proofs, are a crucial part of the ZK stack and other ZK rollups.

Many of the top layer-2 projects have their own stacks that may be customized. For example, Polygon’s CDK is home to OKX’s layer 2 “X Layer,” and Optimism’s OP Stack is home to Celo, Coinbase’s “Base,” and Worldcoin’s “Worldchain.”

According to Whittaker, security and privacy came first when deciding which stack to choose.

Whittaker stated, “From my perspective, that’s what I’m looking at in the various L2 stacks.”

Following the proposal’s release, a period of back-and-forth discussion will begin before the ENS DAO, the decentralized governing body behind the ENS protocol, votes on whether to approve the revisions.

“The entire process will probably take two months or so, and once everything is in order and approved, we’ll head to the races to start building,” Whittaker stated.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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