Updated on January 9, 2023 12:51 PM
In order to provide its clients with usernames in favour of their standard Coinbase crypto wallet addresses as simplified wallet addresses gain popularity within the blockchain community, cryptocurrency exchange Coinbase collaborated with Ethereum Name Service (ENS).
The exchange said in a post that it will be giving out free "name.cb.id" usernames. People may utilise their new address for transactions by claiming it using the Coinbase Wallet browser plugin. Users may send and receive crypto tokens using the shortened name rather than the standard 42-word alphanumeric address thanks to this.
Additionally, the exchange stated in the release that this is a crucial step in developing a more liberal financial system for the entire world. The introduction of "human-readable" identities, according to Coinbase, is a step toward making Web3 more user-friendly. The company emphasised that having short usernames might relieve some of the stress that comes with transmitting tokens and nonfungible tokens (NFTs) via conventional wallet addresses.
Coinbase claimed that users might gain from the usernames in addition to being user-friendly in terms of having a basis to create their online identity. However, the company also acknowledged that this is only the first step and that more work needs to be done in order to solve "identity-related gaps" before Web3 can enrol billions of users.
During the bear market, simplified wallet addresses increased in popularity. Back in July, there was a 200% increase in ENS registrations, with 126,141 total registrations being reported in a single week. This happened at the same time as the second-most expensive eth domain was sold and the average gas fee for the Ethereum Network dropped to $1.57.
The creator of ENS, Nick Johnson, recently admitted in an interview with a reliable digital news portal that their team had no idea how valuable ENS would end up being when it was originally developed. According to the creator, people register ENS identities so they may have a decentralised identity that works on several platforms.