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 will need to use their Coinbase crypto wallet address beforehand. A bygone era!
Ethereum Name Service (ENS) is more than happy to integrate Coinbase
A critical step for Coinbase
In its press release, Coinbase called this step “critical”. In order to create a more human financial system, the crypto platform indeed believes that it is necessary to make usernames easier to read. The new usernames will then be distributed free of charge, in the format “nom.cb.id”. True fate knowing that users previously had to use a 42-word alphanumeric address.
With this move, Coinbase also hopes to make its platform more user-friendly. The thing is, displaying “human readable” usernames is a big step from Web3. Users will be less anxious during trades. Above all, they won’t have to verify their address over and over again. How to optimize the experience of using the crypto platform.
Ethereum Name Service registrations explode
In a few months, there is a strong enthusiasm for simplified wallet addresses. In July, for example, registrations at the ENS reached more than 125,000 registrations in one week. This enthusiasm can be explained in particular by the ease with which a simplified name can be used. Plus you have the ability to have a decentralized identity that works across many cryptocurrency platforms.
With these Coinbase users on board, ENS is on its way to getting millions more users. A situation that still surprises its founder, Nick Johnson. He recently said that he still doesn’t understand the scale of the Ethereum Name Service.
For Coinbase, this step is just the first step towards building an online identity for each 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 was the handling of “identity gaps”.