Coinbase to hand out ENS usernames to simplify wallet transactions

Coinbase to hand out ENS usernames to simplify wallet transactions
In order to provide their customers 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 away free "name.cb.id" usernames. People can utilise their new address for transactions by claiming it through the Coinbase Wallet browser extension. Users can send and receive crypto tokens using the shortened name rather than the standard 42-word alphanumeric address thanks to this.

The exchange also said in the announcement that this is a necessary step in creating a more open financial system for the world. According to Coinbase, the use of “human-readable” usernames is a step toward making Web3 more user-friendly. The firm highlighted that simplified usernames help erase the anxiety associated with sending tokens and NFTs using traditional wallet addresses.

Apart from being user-friendly, Coinbase argued that users can benefit from the usernames in terms of having a foundation to build their online identity. However, the firm also recognized that this is only the first step and that there are more to be done in terms of “identity-related gaps” that need to be addressed before Web3 can onboard billions of users.

Simplified wallet addresses became more popular during the bear market. Back in In July, ENS registrations surged by 200%, with 126,141 total registrations recorded in a week. This occurred as the Ethereum network’s average gas fees fell to $1.57 and as the second most expensive .eth domain was sold.

Meanwhile, Nick Johnson, the founder of ENS, recently told Cointelegraph that their team did not realize how valuable ENS would become when they first created it. The founder believes that users register ENS names because it helps them have a decentralized identity that works across many platforms.
Chima Ugo is a patriotic Nigerian, a journalist, blogger and singer who is so much interested in the internet, journalism, and blogging and have been for half a decade.