Tuesday, December 6, 2022
HomeTechnologyCoinbase offers ENS username for faster transaction to the users

Coinbase offers ENS username for faster transaction to the users

The digital currency exchange Coinbase announced a collaboration with Ethereum Name Service (ENS) on September 20 to provide their users with ENS username in place of their usual Coinbase crypto wallet addresses as shorter wallet addresses gain popularity inside the blockchain community.

ENS username

The exchange declared in a blog post that “name.cb.id” usernames will be given away without charge. Individuals can register their new address and start using it for payments via the internet surfing extension of the Coinbase Wallet.

An alternative to the conventional 42-word alphanumeric address is a shorter name that users can use to transfer and get crypto tokens.

The declaration from the exchange also stated that this is a crucial step in developing a more liberal monetary framework for the entire world. As per Coinbase, the utilisation of “human-readable” identities is a step forward in creating Web3 more customer-friendly.

The company emphasised that simplified usernames assist in reducing the stress involved with transferring tokens and non-fungible tokens (NFTs) via conventional wallet addresses.

In addition to being user-friendly, Coinbase claimed that users may gain from the usernames by using them as a base to create their internet presence.

Nonetheless, the company acknowledged that this is just the beginning and that there are still “identity-related gaps” that need to be resolved before Web3 can enroll billions of customers.

During the bearish trend, 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 as the average gas fee on the Ethereum Network dropped to $1.57 and the second-most expensive.eth domain was auctioned.

The creator of ENS, Nick Johnson, recently said to the media platform that his team could not anticipate the value of ENS when it was first developed. According to the founder, people who use ENS identities register them so they can have a decentralised identity that works on a variety of platforms.

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