1. A method for a storage server within an object storage system to process a put transaction for a new version of an object associated with a new version manifest chunk, wherein the storage server contains an old version of the object associated with an old version manifest chunk, the method comprising: validating the new version manifest chunk; saving the new version manifest chunk to persistent storage; comparing a unique version identifier for the new version manifest with a unique version identifier for the old version manifest stored in a local name index and updating a local name index for the object's name if the unique version identifier for the new version manifest is more current than the unique version identifier for the old version manifest stored in the local name index; creating an entry in the storage server's local transaction log recording the existence of the new version manifest; sending an acknowledgement message for the put transaction; and asynchronously processing the entry to update one or more namespace manifests of the object storage system; wherein each transaction log entry specifying creation or deletion of version manifests is mapped into records to be distributed to namespace manifests, wherein the mapped records comprise inclusive mapped records and iterative mapped records; and wherein the inclusive mapped records each comprises type, enclosing directory name, the remaining portion of the fully qualified object name which is not part of the enclosing directory name, unique version identifier, and cryptographic hash identifying token of the version manifest, wherein the type comprises data indicating a version manifest exists or data indicating a version manifest does not exist.