ENS Labs, known for the Ethereum Name Service (ENS), has announced a new project called Namechain. The goal of this project is to enhance transaction efficiency within the Ethereum ecosystem.
Namechain is designed as a Layer 2 network, which means it will operate on top of the existing Ethereum blockchain. This allows for more streamlined transactions, reducing congestion and potentially lowering costs.
By integrating readable names with cryptocurrency addresses, Namechain aims to simplify how users interact with the blockchain, making it more accessible for everyday use.
