diff --git a/compose/config/config.py b/compose/config/config.py
index f3b8e42fd..aa829a40e 100644
--- a/compose/config/config.py
+++ b/compose/config/config.py
@@ -404,11 +404,12 @@ def load_mapping(config_files, get_func, entity_type, working_dir=None):
 
             external = config.get('external')
             if external:
+                name_field = 'name' if entity_type == 'Volume' else 'external_name'
                 validate_external(entity_type, name, config)
                 if isinstance(external, dict):
-                    config['external_name'] = external.get('name')
-                else:
-                    config['external_name'] = name
+                    config[name_field] = external.get('name')
+                elif not config.get('name'):
+                    config[name_field] = name
 
             if 'driver_opts' in config:
                 config['driver_opts'] = build_string_dict(
diff --git a/compose/config/config_schema_v3.4.json b/compose/config/config_schema_v3.4.json
new file mode 100644
index 000000000..ce9512076
--- /dev/null
+++ b/compose/config/config_schema_v3.4.json
@@ -0,0 +1,538 @@
+{
+  "$schema": "http://json-schema.org/draft-04/schema#",
+  "id": "config_schema_v3.4.json",
+  "type": "object",
+  "required": ["version"],
+
+  "properties": {
+    "version": {
+      "type": "string"
+    },
+
+    "services": {
+      "id": "#/properties/services",
+      "type": "object",
+      "patternProperties": {
+        "^[a-zA-Z0-9._-]+$": {
+          "$ref": "#/definitions/service"
+        }
+      },
+      "additionalProperties": false
+    },
+
+    "networks": {
+      "id": "#/properties/networks",
+      "type": "object",
+      "patternProperties": {
+        "^[a-zA-Z0-9._-]+$": {
+          "$ref": "#/definitions/network"
+        }
+      }
+    },
+
+    "volumes": {
+      "id": "#/properties/volumes",
+      "type": "object",
+      "patternProperties": {
+        "^[a-zA-Z0-9._-]+$": {
+          "$ref": "#/definitions/volume"
+        }
+      },
+      "additionalProperties": false
+    },
+
+    "secrets": {
+      "id": "#/properties/secrets",
+      "type": "object",
+      "patternProperties": {
+        "^[a-zA-Z0-9._-]+$": {
+          "$ref": "#/definitions/secret"
+        }
+      },
+      "additionalProperties": false
+    },
+
+    "configs": {
+      "id": "#/properties/configs",
+      "type": "object",
+      "patternProperties": {
+        "^[a-zA-Z0-9._-]+$": {
+          "$ref": "#/definitions/config"
+        }
+      },
+      "additionalProperties": false
+    }
+  },
+
+  "additionalProperties": false,
+
+  "definitions": {
+
+    "service": {
+      "id": "#/definitions/service",
+      "type": "object",
+
+      "properties": {
+        "deploy": {"$ref": "#/definitions/deployment"},
+        "build": {
+          "oneOf": [
+            {"type": "string"},
+            {
+              "type": "object",
+              "properties": {
+                "context": {"type": "string"},
+                "dockerfile": {"type": "string"},
+                "args": {"$ref": "#/definitions/list_or_dict"},
+                "labels": {"$ref": "#/definitions/list_or_dict"},
+                "cache_from": {"$ref": "#/definitions/list_of_strings"}
+              },
+              "additionalProperties": false
+            }
+          ]
+        },
+        "cap_add": {"type": "array", "items": {"type": "string"}, "uniqueItems": true},
+        "cap_drop": {"type": "array", "items": {"type": "string"}, "uniqueItems": true},
+        "cgroup_parent": {"type": "string"},
+        "command": {
+          "oneOf": [
+            {"type": "string"},
+            {"type": "array", "items": {"type": "string"}}
+          ]
+        },
+        "configs": {
+          "type": "array",
+          "items": {
+            "oneOf": [
+              {"type": "string"},
+              {
+                "type": "object",
+                "properties": {
+                  "source": {"type": "string"},
+                  "target": {"type": "string"},
+                  "uid": {"type": "string"},
+                  "gid": {"type": "string"},
+                  "mode": {"type": "number"}
+                }
+              }
+            ]
+          }
+        },
+        "container_name": {"type": "string"},
+        "credential_spec": {"type": "object", "properties": {
+          "file": {"type": "string"},
+          "registry": {"type": "string"}
+        }},
+        "depends_on": {"$ref": "#/definitions/list_of_strings"},
+        "devices": {"type": "array", "items": {"type": "string"}, "uniqueItems": true},
+        "dns": {"$ref": "#/definitions/string_or_list"},
+        "dns_search": {"$ref": "#/definitions/string_or_list"},
+        "domainname": {"type": "string"},
+        "entrypoint": {
+          "oneOf": [
+            {"type": "string"},
+            {"type": "array", "items": {"type": "string"}}
+          ]
+        },
+        "env_file": {"$ref": "#/definitions/string_or_list"},
+        "environment": {"$ref": "#/definitions/list_or_dict"},
+
+        "expose": {
+          "type": "array",
+          "items": {
+            "type": ["string", "number"],
+            "format": "expose"
+          },
+          "uniqueItems": true
+        },
+
+        "external_links": {"type": "array", "items": {"type": "string"}, "uniqueItems": true},
+        "extra_hosts": {"$ref": "#/definitions/list_or_dict"},
+        "healthcheck": {"$ref": "#/definitions/healthcheck"},
+        "hostname": {"type": "string"},
+        "image": {"type": "string"},
+        "ipc": {"type": "string"},
+        "labels": {"$ref": "#/definitions/list_or_dict"},
+        "links": {"type": "array", "items": {"type": "string"}, "uniqueItems": true},
+
+        "logging": {
+            "type": "object",
+
+            "properties": {
+                "driver": {"type": "string"},
+                "options": {
+                  "type": "object",
+                  "patternProperties": {
+                    "^.+$": {"type": ["string", "number", "null"]}
+                  }
+                }
+            },
+            "additionalProperties": false
+        },
+
+        "mac_address": {"type": "string"},
+        "network_mode": {"type": "string"},
+
+        "networks": {
+          "oneOf": [
+            {"$ref": "#/definitions/list_of_strings"},
+            {
+              "type": "object",
+              "patternProperties": {
+                "^[a-zA-Z0-9._-]+$": {
+                  "oneOf": [
+                    {
+                      "type": "object",
+                      "properties": {
+                        "aliases": {"$ref": "#/definitions/list_of_strings"},
+                        "ipv4_address": {"type": "string"},
+                        "ipv6_address": {"type": "string"}
+                      },
+                      "additionalProperties": false
+                    },
+                    {"type": "null"}
+                  ]
+                }
+              },
+              "additionalProperties": false
+            }
+          ]
+        },
+        "pid": {"type": ["string", "null"]},
+
+        "ports": {
+          "type": "array",
+          "items": {
+            "oneOf": [
+              {"type": "number", "format": "ports"},
+              {"type": "string", "format": "ports"},
+              {
+                "type": "object",
+                "properties": {
+                  "mode": {"type": "string"},
+                  "target": {"type": "integer"},
+                  "published": {"type": "integer"},
+                  "protocol": {"type": "string"}
+                },
+                "additionalProperties": false
+              }
+            ]
+          },
+          "uniqueItems": true
+        },
+
+        "privileged": {"type": "boolean"},
+        "read_only": {"type": "boolean"},
+        "restart": {"type": "string"},
+        "security_opt": {"type": "array", "items": {"type": "string"}, "uniqueItems": true},
+        "shm_size": {"type": ["number", "string"]},
+        "secrets": {
+          "type": "array",
+          "items": {
+            "oneOf": [
+              {"type": "string"},
+              {
+                "type": "object",
+                "properties": {
+                  "source": {"type": "string"},
+                  "target": {"type": "string"},
+                  "uid": {"type": "string"},
+                  "gid": {"type": "string"},
+                  "mode": {"type": "number"}
+                }
+              }
+            ]
+          }
+        },
+        "sysctls": {"$ref": "#/definitions/list_or_dict"},
+        "stdin_open": {"type": "boolean"},
+        "stop_grace_period": {"type": "string", "format": "duration"},
+        "stop_signal": {"type": "string"},
+        "tmpfs": {"$ref": "#/definitions/string_or_list"},
+        "tty": {"type": "boolean"},
+        "ulimits": {
+          "type": "object",
+          "patternProperties": {
+            "^[a-z]+$": {
+              "oneOf": [
+                {"type": "integer"},
+                {
+                  "type":"object",
+                  "properties": {
+                    "hard": {"type": "integer"},
+                    "soft": {"type": "integer"}
+                  },
+                  "required": ["soft", "hard"],
+                  "additionalProperties": false
+                }
+              ]
+            }
+          }
+        },
+        "user": {"type": "string"},
+        "userns_mode": {"type": "string"},
+        "volumes": {
+          "type": "array",
+          "items": {
+            "oneOf": [
+              {"type": "string"},
+              {
+                "type": "object",
+                "required": ["type"],
+                "properties": {
+                  "type": {"type": "string"},
+                  "source": {"type": "string"},
+                  "target": {"type": "string"},
+                  "read_only": {"type": "boolean"},
+                  "consistency": {"type": "string"},
+                  "bind": {
+                    "type": "object",
+                    "properties": {
+                      "propagation": {"type": "string"}
+                    }
+                  },
+                  "volume": {
+                    "type": "object",
+                    "properties": {
+                      "nocopy": {"type": "boolean"}
+                    }
+                  }
+                }
+              }
+            ],
+            "uniqueItems": true
+          }
+        },
+        "working_dir": {"type": "string"}
+      },
+      "additionalProperties": false
+    },
+
+    "healthcheck": {
+      "id": "#/definitions/healthcheck",
+      "type": "object",
+      "additionalProperties": false,
+      "properties": {
+        "disable": {"type": "boolean"},
+        "interval": {"type": "string"},
+        "retries": {"type": "number"},
+        "test": {
+          "oneOf": [
+            {"type": "string"},
+            {"type": "array", "items": {"type": "string"}}
+          ]
+        },
+        "timeout": {"type": "string"}
+      }
+    },
+    "deployment": {
+      "id": "#/definitions/deployment",
+      "type": ["object", "null"],
+      "properties": {
+        "mode": {"type": "string"},
+        "endpoint_mode": {"type": "string"},
+        "replicas": {"type": "integer"},
+        "labels": {"$ref": "#/definitions/list_or_dict"},
+        "update_config": {
+          "type": "object",
+          "properties": {
+            "parallelism": {"type": "integer"},
+            "delay": {"type": "string", "format": "duration"},
+            "failure_action": {"type": "string"},
+            "monitor": {"type": "string", "format": "duration"},
+            "max_failure_ratio": {"type": "number"},
+            "order": {"type": "string", "enum": [
+              "start-first", "stop-first"
+            ]}
+          },
+          "additionalProperties": false
+        },
+        "resources": {
+          "type": "object",
+          "properties": {
+            "limits": {"$ref": "#/definitions/resource"},
+            "reservations": {"$ref": "#/definitions/resource"}
+          }
+        },
+        "restart_policy": {
+          "type": "object",
+          "properties": {
+            "condition": {"type": "string"},
+            "delay": {"type": "string", "format": "duration"},
+            "max_attempts": {"type": "integer"},
+            "window": {"type": "string", "format": "duration"}
+          },
+          "additionalProperties": false
+        },
+        "placement": {
+          "type": "object",
+          "properties": {
+            "constraints": {"type": "array", "items": {"type": "string"}},
+            "preferences": {
+              "type": "array",
+              "items": {
+                "type": "object",
+                "properties": {
+                  "spread": {"type": "string"}
+                },
+                "additionalProperties": false
+              }
+            }
+          },
+          "additionalProperties": false
+        }
+      },
+      "additionalProperties": false
+    },
+
+    "resource": {
+      "id": "#/definitions/resource",
+      "type": "object",
+      "properties": {
+        "cpus": {"type": "string"},
+        "memory": {"type": "string"}
+      },
+      "additionalProperties": false
+    },
+
+    "network": {
+      "id": "#/definitions/network",
+      "type": ["object", "null"],
+      "properties": {
+        "driver": {"type": "string"},
+        "driver_opts": {
+          "type": "object",
+          "patternProperties": {
+            "^.+$": {"type": ["string", "number"]}
+          }
+        },
+        "ipam": {
+          "type": "object",
+          "properties": {
+            "driver": {"type": "string"},
+            "config": {
+              "type": "array",
+              "items": {
+                "type": "object",
+                "properties": {
+                  "subnet": {"type": "string"}
+                },
+                "additionalProperties": false
+              }
+            }
+          },
+          "additionalProperties": false
+        },
+        "external": {
+          "type": ["boolean", "object"],
+          "properties": {
+            "name": {"type": "string"}
+          },
+          "additionalProperties": false
+        },
+        "internal": {"type": "boolean"},
+        "attachable": {"type": "boolean"},
+        "labels": {"$ref": "#/definitions/list_or_dict"}
+      },
+      "additionalProperties": false
+    },
+
+    "volume": {
+      "id": "#/definitions/volume",
+      "type": ["object", "null"],
+      "properties": {
+        "name": {"type": "string"},
+        "driver": {"type": "string"},
+        "driver_opts": {
+          "type": "object",
+          "patternProperties": {
+            "^.+$": {"type": ["string", "number"]}
+          }
+        },
+        "external": {
+          "type": ["boolean", "object"],
+          "properties": {
+            "name": {"type": "string"}
+          },
+          "additionalProperties": false
+        },
+        "labels": {"$ref": "#/definitions/list_or_dict"}
+      },
+      "additionalProperties": false
+    },
+
+    "secret": {
+      "id": "#/definitions/secret",
+      "type": "object",
+      "properties": {
+        "file": {"type": "string"},
+        "external": {
+          "type": ["boolean", "object"],
+          "properties": {
+            "name": {"type": "string"}
+          }
+        },
+        "labels": {"$ref": "#/definitions/list_or_dict"}
+      },
+      "additionalProperties": false
+    },
+
+    "config": {
+      "id": "#/definitions/config",
+      "type": "object",
+      "properties": {
+        "file": {"type": "string"},
+        "external": {
+          "type": ["boolean", "object"],
+          "properties": {
+            "name": {"type": "string"}
+          }
+        },
+        "labels": {"$ref": "#/definitions/list_or_dict"}
+      },
+      "additionalProperties": false
+    },
+
+    "string_or_list": {
+      "oneOf": [
+        {"type": "string"},
+        {"$ref": "#/definitions/list_of_strings"}
+      ]
+    },
+
+    "list_of_strings": {
+      "type": "array",
+      "items": {"type": "string"},
+      "uniqueItems": true
+    },
+
+    "list_or_dict": {
+      "oneOf": [
+        {
+          "type": "object",
+          "patternProperties": {
+            ".+": {
+              "type": ["string", "number", "null"]
+            }
+          },
+          "additionalProperties": false
+        },
+        {"type": "array", "items": {"type": "string"}, "uniqueItems": true}
+      ]
+    },
+
+    "constraints": {
+      "service": {
+        "id": "#/definitions/constraints/service",
+        "anyOf": [
+          {"required": ["build"]},
+          {"required": ["image"]}
+        ],
+        "properties": {
+          "build": {
+            "required": ["context"]
+          }
+        }
+      }
+    }
+  }
+}
diff --git a/compose/config/serialize.py b/compose/config/serialize.py
index 86fdac38f..6efe5fc9f 100644
--- a/compose/config/serialize.py
+++ b/compose/config/serialize.py
@@ -9,6 +9,7 @@ from compose.const import COMPOSEFILE_V1 as V1
 from compose.const import COMPOSEFILE_V2_1 as V2_1
 from compose.const import COMPOSEFILE_V3_0 as V3_0
 from compose.const import COMPOSEFILE_V3_2 as V3_2
+from compose.const import COMPOSEFILE_V3_2 as V3_4
 
 
 def serialize_config_type(dumper, data):
@@ -65,6 +66,9 @@ def denormalize_config(config, image_digests=None):
             if 'external_name' in conf:
                 del conf['external_name']
 
+            if 'name' in conf and config.version < V3_4:
+                del conf['name']
+
     return result
 
 
diff --git a/compose/const.py b/compose/const.py
index 6ea0ea79c..b5970f82a 100644
--- a/compose/const.py
+++ b/compose/const.py
@@ -31,6 +31,7 @@ COMPOSEFILE_V3_0 = ComposeVersion('3.0')
 COMPOSEFILE_V3_1 = ComposeVersion('3.1')
 COMPOSEFILE_V3_2 = ComposeVersion('3.2')
 COMPOSEFILE_V3_3 = ComposeVersion('3.3')
+COMPOSEFILE_V3_4 = ComposeVersion('3.4')
 
 API_VERSIONS = {
     COMPOSEFILE_V1: '1.21',
@@ -42,6 +43,7 @@ API_VERSIONS = {
     COMPOSEFILE_V3_1: '1.25',
     COMPOSEFILE_V3_2: '1.25',
     COMPOSEFILE_V3_3: '1.30',
+    COMPOSEFILE_V3_4: '1.30',
 }
 
 API_VERSION_TO_ENGINE_VERSION = {
@@ -54,4 +56,5 @@ API_VERSION_TO_ENGINE_VERSION = {
     API_VERSIONS[COMPOSEFILE_V3_1]: '1.13.0',
     API_VERSIONS[COMPOSEFILE_V3_2]: '1.13.0',
     API_VERSIONS[COMPOSEFILE_V3_3]: '17.06.0',
+    API_VERSIONS[COMPOSEFILE_V3_4]: '17.06.0',
 }
diff --git a/compose/volume.py b/compose/volume.py
index ab6a88fac..da8ba25ca 100644
--- a/compose/volume.py
+++ b/compose/volume.py
@@ -15,14 +15,15 @@ log = logging.getLogger(__name__)
 
 class Volume(object):
     def __init__(self, client, project, name, driver=None, driver_opts=None,
-                 external_name=None, labels=None):
+                 external=False, labels=None, custom_name=False):
         self.client = client
         self.project = project
         self.name = name
         self.driver = driver
         self.driver_opts = driver_opts
-        self.external_name = external_name
+        self.external = external
         self.labels = labels
+        self.custom_name = custom_name
 
     def create(self):
         return self.client.create_volume(
@@ -46,14 +47,10 @@ class Volume(object):
             return False
         return True
 
-    @property
-    def external(self):
-        return bool(self.external_name)
-
     @property
     def full_name(self):
-        if self.external_name:
-            return self.external_name
+        if self.custom_name:
+            return self.name
         return '{0}_{1}'.format(self.project, self.name)
 
     @property
@@ -80,11 +77,12 @@ class ProjectVolumes(object):
             vol_name: Volume(
                 client=client,
                 project=name,
-                name=vol_name,
+                name=data.get('name', vol_name),
                 driver=data.get('driver'),
                 driver_opts=data.get('driver_opts'),
-                external_name=data.get('external_name'),
-                labels=data.get('labels')
+                custom_name=data.get('name') is not None,
+                labels=data.get('labels'),
+                external=bool(data.get('external', False))
             )
             for vol_name, data in config_volumes.items()
         }
diff --git a/tests/unit/volume_test.py b/tests/unit/volume_test.py
index 24829192a..457d85581 100644
--- a/tests/unit/volume_test.py
+++ b/tests/unit/volume_test.py
@@ -21,6 +21,6 @@ class TestVolume(object):
         mock_client.remove_volume.assert_called_once_with('foo_project')
 
     def test_remove_external_volume(self, mock_client):
-        vol = volume.Volume(mock_client, 'foo', 'project', external_name='data')
+        vol = volume.Volume(mock_client, 'foo', 'project', external=True)
         vol.remove()
         assert not mock_client.remove_volume.called