Ethereum
Ethereum-based domain protocol ENS seeks its own L2, possibly with ZkSync
Ethereum Name Service (ENS) Labs, the company behind the ENS domain name protocol, on Tuesday proposed a complete architectural overhaul that would transform the network into a layer-2 blockchain.
The proposal, dubbed “ENSv2,” sees the project’s ledger system overhauled as part of the transformation into Layer 2, which is an ancillary network that provides cheaper transaction fees that can then be settled on the blockchain. base, Ethereum.
Executive Director of ENS Laboratories Khor Whittaker said in an interview with CoinDesk that the project was moving towards using technology from the ZK Stack layer 2 chain development kit from Matter Labs, which was also the lead developer behind layer 2 zkSync.
The new ENS initiative follows a new blockchain trend, where some protocols on top of Ethereum and even some alternative layer 1 blockchains are migrating to become layer 2 networks, to meet the needs of their communities, such as desire for cheaper fees or customization. Earlier this month, the Celo layer 1 chain concluded an 8-month search for its new layer 2 home, relying on Optimism’s technology to help power them.
“I want the price of gas to be as close to zero as possible,” Whittaker said. “So I’m excited about the tons of activity using ENS names and profiles.”
ENS, founded in 2017 by Nick Johnson and Alex Van de Sande, former employees of the Ethereum Foundation, is designed to map cryptocurrency addresses – typically made up of long strings of letters and words – with human-readable names. man such as “Alice.eth“In its current configuration, the protocol simply exists as smart contracts on top of Ethereum.
The team spent time reviewing Layer 2 technologies from Arbitrum, Optimism and zkSync before choosing Matter Labs ZK Battery, Whittaker told CoinDesk. ZK Stack is a customizable software toolkit that allows developers to create their own channels based on zkSync technology. A key element of the ZK stack is that it uses proofs of zero knowledgea type of cryptography that is one of the hottest trends in blockchain.
When evaluating which stack to choose, privacy and security were at the top of the list, Whittaker said.
“From my perspective, that’s what I look at for the different L2 stacks,” Whittaker said.
With the publication of the proposal, the ENS DAO – the decentralized governing body behind the ENS protocol – will vote on whether it approves the changes, kicking off a period of back-and-forth dialogue.
“It’ll probably take about two months for this whole process to happen, and then once we’re all lined up and we have the green light, we’ll be off to the races to build,” Whittaker said.