As simplified wallet addresses become more popular within the blockchain space, cryptocurrency exchange Coinbase has integrated with Ethereum Name Service (ENS) to give its customers usernames that replace their traditional Coinbase cryptocurrency wallet addresses.
In a post, the exchange announced that will hand out free usernames “name.cb.id”. Through the Coinbase Wallet browser extension, people can claim their new address and use it for their transactions. With this, users can send and receive crypto tokens using the display name instead of the usual address 42 character alphanumeric.
The exchange also said in the announcement that this is a necessary step in creating a more open financial system for the world. According to Coinbase, using “human-readable” usernames is a step to make Web3 more user-friendly. The company highlighted that simplified usernames help eliminate the anxiety associated with sending tokens and non-fungible tokens (NFTfor its acronym in English) using traditional wallet addresses.
In addition to being easy to use, Coinbase argued that users can benefit from usernames in terms of having a foundation to build their identity online. However, the company also acknowledged that this is only the first step and that there is more to be done in terms of “identity gaps” that need to be addressed before Web3 can onboard billions of users.
Simplified wallet addresses became more popular during the bear market. In July, ENS registrations increased 200%, with 126,141 total registrations in one week. This happened when the average gas fees on the Ethereum Network fell to $1.57 and when the second most expensive .eth domain was sold.
Meanwhile, Nick Johnson, the founder of ENS, recently told Cointelegraph that his team did not realize how valuable ENS would become when they created it. The founder believes that users register ENS names because it helps them have a decentralized identity that works across many platforms.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.