Ethereum Name Service (ENS) is a decentralized protocol that allows users to convert complex Ethereum addresses into human-readable names, such as "alice.eth". This simplifies the process of managing crypto addresses and interacting with decentralized applications (dApps). ENS operates through smart contracts on the Ethereum blockchain and is governed by a decentralized autonomous organization (DAO), giving users control over domain registration, management, and associated metadata.
In 2024, ENS is undergoing significant upgrades, including the rollout of ENSv2, a Layer 2 solution aimed at improving scalability and reducing gas fees. This migration will allow users to register and manage ENS names on Layer 2, while still supporting Layer 1 functionality. ENSv2 also brings enhanced flexibility and new features for name management, which are designed to cater to both developers and end-users. The migration process is expected to be smooth, with ENS Labs working to ensure a seamless experience for existing domain holders.
Additionally, ENS has made strides in expanding its user base by integrating with traditional Web2 systems. A notable partnership with GoDaddy allows users to link ".eth" names to traditional domain extensions like ".com", bridging Web2 and Web3 technologies. This move aims to make Web3 more accessible to the general public, enhancing ENS's appeal beyond the crypto community as it continues to grow, with over 2.1 million registered domains in 2024.
