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ENSv2: The Future of Ethereum Name Service
DeFi
Published on: Jun 12, 2024
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In Brief
Explore the next generation of ENS and discover what ENSv2 means for decentralized domain names.
The Ethereum Name Service (ENS) provides human-readable names for crypto wallets and other blockchain resources. As Ethereum grapples with scalability issues, ENS is set to undergo a significant upgrade: ENSv2. ENSv2 promises to revolutionize the way we interact with decentralized applications (dApps) and usher in a new era for ENS domains.
Before You Get Started
Before you explore ENSv2 in more detail, remember that you can buy Ethereum using Trust Wallet.
You can also use Trust Wallet as your Ethereum wallet. Download Trust Wallet as a mobile app, or you can install the Trust Wallet Extension for your desktop browser.
In addition to ETH, Trust Wallet lets you manage and interact with 10M+ crypto assets across 100+ blockchains. You can also send ETH to your Ethereum wallet.
ENS: A Primer
Before diving into ENSv2, let's revisit the core functionalities of ENS. Traditionally, interacting with blockchain addresses has been cumbersome. Long strings of alphanumeric characters are difficult to remember and prone to human error. ENS solves this problem by introducing a naming system. Users can register ".eth" domains, creating a human-readable alias for their Ethereum wallet address and other blockchain data. This simplifies sending and receiving cryptocurrency, connecting to dApps, and managing digital identities.
The current ENS system operates on the Ethereum mainnet. This presents challenges. Ethereum's popularity has led to network congestion, resulting in high gas fees (transaction costs) and slow transaction times. This can be a significant barrier for users, especially those new to the crypto space.
ENSv2: A Scalable Future
ENSv2 will address these limitations by migrating core functionalities to a Layer 2 (L2) network. L2 solutions operate on top of the Ethereum mainnet, inheriting its security while offering faster transactions and lower fees. By leveraging L2 technology, ENSv2 promises significant benefits:
Lower gas costs: Registering and managing ENS domains will become significantly cheaper due to the reduced gas fees associated with L2 transactions. Lower gas costs open up ENS to a wider user base and fosters broader adoption.
Faster transactions: Transactions on L2 networks are processed much faster than on the Ethereum mainnet. Faster transactions enable a smoother, more responsive user experience when interacting with ENS domains.
Enhanced scalability: L2 networks can handle a larger volume of transactions compared to the Ethereum mainnet. L2 networks pave the way for future growth and innovation within the ENS ecosystem.
These improvements have far-reaching implications for the future of ENS domains and ens crypto:
Increased adoption: Lower costs and faster transactions will make ENS domains more accessible, attracting new users and developers to the Ethereum ecosystem.
Richer functionality: With the scalability bottleneck removed, ENSv2 can introduce more complex functionalities, such as subdomains and content management capabilities. Richer functionality opens up new possibilities for building decentralized websites and applications.
Improved user experience: Faster transactions and a more intuitive interface will make interacting with ENS domains a seamless experience for users of all technical backgrounds.
The ENSv2 Revolution
The move to L2 is just one aspect of the ENSv2 revolution. The developers are taking this opportunity to re-envision the entire architecture of ENS from the ground up. Here are some key changes to expect:
Hierarchical registry system: ENSv2 will introduce a hierarchical registry system. Hierarchical registry systems enable the creation of subdomains, enabling greater organization and flexibility for users. You will be able to register "yourname.eth" and then create subdomains for different purposes, such as "payments.yourname.eth" or "blog.yourname.eth."
Improved security: The new architecture will incorporate security best practices and on-chain governance mechanisms to ensure the long-term sustainability and security of the ENS system.
Multi-chain interoperability: With ENS on L2, .eth names will become more interoperable across different blockchains. Multi-chaine interoperability supports a more interconnected Web3 ecosystem where users can seamlessly use their ENS domains across various platforms and applications.
ENSv2 and the Ethereum Wallet
The integration of ENSv2 with Ethereum wallets is an important step forward. Users will be able to manage their ENS domains directly from their wallets, further simplifying the process and enhancing user experience. Once ENSv2 is released, users can connect to dApps, send and receive crypto, and manage their digital identity using a single, user-friendly interface tied to your ENS domain.
How to Connect to ENS With Your Trust Wallet
Here’s how you can connect to ENS with your Trust Wallet:
If you’re using the mobile app, open Trust Wallet and select the “Browser” tab, then enter the URL, ens.domains, into the search bar, and select the “Done” button. If you’re using the browser extension, simply navigate to the ens.domains URL site.
Select “Go to app,” and follow the steps below to connect your wallet.
The Road Ahead
The development of ENSv2 is ongoing, and the full scope of its influence remains to be seen. ENSv2 represents a significant leap forward for the Ethereum Name Service and the broader Web3 domain. By embracing L2 technology and reimagining its core architecture, ENSv2 paves the way for a more scalable, secure, and user-friendly decentralized naming system. ENSv2 will revolutionize the way we interact with the blockchain, enabling a more intuitive and accessible Web3 experience for everyone. As ENSv2 continues to develop and integrate with various platforms and applications, it has the potential to become the cornerstone of a truly decentralized internet, empowering users and promoting a vibrant and interconnected digital landscape.
Keep in mind that you can use Ethereum to acquire ENS domain names. You can easily buy Ethereum via our trusted partners, right inside Trust Wallet.
Disclaimer: Content is for informational purposes and not investment advice. Web3 and crypto come with risk. Please do your own research with respect to interacting with any Web3 applications or crypto assets. View our terms of service.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.
