The Ethereum Identify Service protocol has unveiled its V2 iteration that can supply elevated flexibility for .eth area homeowners.
The Ethereum Identify Service (ENS) plans to transition to Layer 2 with its forthcoming V2 improve, aiming to scale back operational prices, improve scalability, and assist broader use instances for .eth domains.
ENS affords user-friendly blockchain addresses via its .eth area companies. The platform has seen widespread adoption, securing thousands and thousands of area registrations and forming partnerships with key gamers akin to Coinbase, GoDaddy, and Uniswap.
The shift to Layer 2 is a response to challenges posed by excessive transaction charges and restricted scalability on the Ethereum mainnet. By leveraging Layer 2 options, ENSv2 will decrease charges for area registrations and renewals, making it more cost effective for customers.
The venture is evaluating present Layer 2 networks and should choose to deploy its personal bespoke blockchain, in keeping with a submit in its governance discussion board.
The improve introduces a hierarchical area registry system that goals to offer customers with larger management over their .eth domains. ENSv2 additionally contains plans to boost cross-chain interoperability, permitting .eth domains to function seamlessly throughout completely different blockchain networks.
The protocol’s eponymous ENS token has practically doubled up to now two weeks and is buying and selling close to a two-year excessive.
