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The ENS service has become more crucial in the last two years as crypto adoption has skyrocketed.
Web3-focused address naming protocol, Ethereum Name Service (ENS), is working on developing an in-house layer-2 network, according to an exclusive report. Speaking in an exclusive report, ENS executive director Khori Whittaker said the blockchain protocol has invested heavily in research toward meeting its L2 needs. However, the issue is still being debated internally, as there are still discussions about the modalities of the project.
One area of concern is whether integrating with a pre-existing solution would be a better alternative to developing a new product. Whittaker shared some details about the proposal. He said the L2 protocol would be dubbed the ‘identity layer’ when it launches.
ENS is a Web3 equivalent of a Domain Name Service (DNS) that assigns addresses on the internet. The blockchain protocol often converts lengthy Ethereum addresses, consisting of random numbers and letters, into human-readable names. These names are usually denoted with the ‘.eth’ tag. This allows users to send Ethereum-backed tokens to these human-readable names more easily.
At its core, ENS is distributed, open, and an extensible naming system operating on the Ethereum protocol. The ENS service has become more crucial in the last two years as crypto adoption has skyrocketed.
Now, more developers are creating Web3-themed decentralized applications (dApps) but have to tackle lengthy wallet addresses that are not memorable and user-friendly. ENS is the bridge towards creating a sustainable and easily accessible environment for all users.
Sharing more details, the ENS executive revealed that many of its developers are leaning towards building on another zero-knowledge (zk) rollup protocol Optimism. He, however, claimed that the research results will be forthcoming in the next weeks.
ENS Building Strong Fundamental Base with Web2 Firms
While ENS solely focuses on the Web3 ecosystem, the blockchain protocol has been gaining mainstream adoption across the legacy tech space. Earlier this week, the protocol partnered with popular domain registrar GoDaddy.
ENS made the announcement on X (formerly Twitter) on its official handle, stating that its naming service will now be accessible to the 20 million plus customers GoDaddy serves.
We're thrilled to announce our partnership with @GoDaddy 🎉
Millions of customers can now use their DNS domains in the ENS ecosystem!
Let's dive into what this means👇 pic.twitter.com/PyrZi4e5cV
— ens.eth (@ensdomains) February 5, 2024
The partnership would allow ENS users to link their Web3 domains to traditional domains for free.
Additionally, Web2 users can import their ‘.com,’ ‘.xyz,’ and other DNS data to ENS, thanks to the protocol’s Gasless DNSSEC product, which was launched on January 29.
This integration is powered by our recent Gasless DNSSEC launch ⛽
Read all about Gasless DNSSEC in the thread below! https://t.co/a2UGB8WOKi
— ens.eth (@ensdomains) February 5, 2024
The ENS native token powers the ENS ecosystem. Following this GoDaddy announcement, the ENS token flipped bullish. The daily trading volume grew by almost 200%. In the last 24 hours, ENS has surged 0.88% and is trading at $20.94, according to CoinMarketCap.
