Thanks to a partnership between Coinbase and Ethereum (ENS), users will now be able to have their own name or nickname. A decision that would make exchanges between users easier. They had to use their Coinbase crypto wallet address before. A bygone era!
A crucial step for Coinbase
In its press release, Coinbase called this step “crucial”. In order to create a more human financial system, the crypto platform indeed believes that it is essential to make usernames easier to read. The new user names will then be distributed free of charge, in the format “nom.cb.id”. A real step forward knowing that previously, users had to use an alphanumeric address of 42 words.
With this move, Coinbase also hopes to make its platform more user-friendly. The thing is, displaying “human-readable” usernames is a big step forward for Web3. Users will be less anxious during trades. Above all, they will not have to verify their address several times. What further optimize the experience of using the crypto platform.
Ethereum Name Service registrations explode
In just a few months, there has been a strong enthusiasm for simplified wallet addresses. In July, for example, the ENS enrollment reached over 125,000 registrations in one week. This enthusiasm can be explained in particular by the ease of use of a simplified name. Added to this is the ability to have a decentralized identity that works across many cryptocurrency platforms.
With this onboarding of Coinbase users, ENS is well on its way to acquiring millions more users. A situation that still surprises its founder, Nick Johnson. He recently said that he does not yet realize the scale of Ethereum Name Service.
For Coinbase, this step is just the first step towards building an online identity for every user. Eventually, this crypto platform hopes to integrate billions of users, each with their own secure identity on Coinbase. However, much remains to be done, especially in terms of security. The main issue being the treatment of “identity gaps”.
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