Major crypto exchange Coinbase has announced that it is been dealing with decentralized identity infrastructure provider Ethereum Name Service (ENS) to provide Coinbase-managed web3 usernames liberated to users – enabling these to use that username rather of the traditional address to receive and send crypto.
Per the exchange’s announcement, to create transferring crypto or non-fungible tokens (NFTs) simpler and fewer intimidating, they labored with ENS to allow users to assert “name.cb.id” usernames via Coinbase wallet’s browser extension.
Coinbase added that,
“With this selection, anybody are now able to claim a totally free “name.cb.id” web3 username to receive and send crypto (rather of utilizing 42-character addresses), build relationships others, and for the building blocks of the web3 identity.”
The exchange’s FAQ page explains that the Coinbase username is really a decentralized type of ID that enables someone to personalize their wallet address. It’s a “subdomain” associated with Coinbase’s Website Name System (DNS) domain (cb.id), also is registered underneath the ENS protocol, they stated.
ENS usernames contain human-readable names having a ‘.eth’ in the finish (username.eth), while Coinbase’s usernames are ENS subdomains which contain a ‘.cb.id’ in the finish (username.cb.id).
The exchange argues that, to be able to come with an open economic climate, people “from all walks of life” need so that you can use web3, and “fostering adoption of the human-readable username standard” is essential to make web3 user-friendly for those.
Unlike web2, states the exchange, web3 is trutless and decentralized. While gaps in web2 could be clearly seen during, for instance, an information breach or perhaps a lack of access, web3 has “usability gaps.”
In addition, quarrelling these “identity-related” gaps have to be filled before web3 may be used by billions around the globe – having a username being only part of a web-based identity – the “ease of web2” must be coupled with “the privacy, security, and charge of web3.”
Coinbase noted that it’ll continue expanding its identity offering.
Users can claim their usernames by hitting the ‘Community’ tab within their Coinbase wallet extensions, selecting ‘Claim free of charge, after which following a prompts. New users need to produce a wallet first.
Once produced, the username can give the individual use of an account connected with this username, Coinbase stated.
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– Ethereum Name Service – What’s Human Readable Website Name Great For?
– Coinbase Offers MakerDAO 1.5% Interest on USDC held at Prime
– Coinbase Japan Almost Doubles the amount of Tokens it Lists
