- A username can be obtained via Coinbase Wallet’s browser extension.
- By using the simplified name, users can both send as well as receive crypto tokens.
- Users will be able to establish their online identity.
The popularity of simplified wallet addresses in the blockchain has led to Coinbase integrating with ENS or Ethereum Name Service. This will allow them to offer their customers usernames and replace traditional wallet addresses.
The exchange has announced giving away free “name.cb.id” usernames. Via the browser extension of Coinbase wallet, individuals can claim a new address and utilize it to carry out transactions.
Furthermore, the exchange shared that it is a required step for an open financial system. Using “human-readable” usernames will make the web3 even user-friendly.
Coinbase further said that usernames will benefit the users to create their online identity. The company also mentioned that this is just the initial step and a lot more needs to be done in “identity-based gaps” that must be acknowledged before billions of users are welcomed by web3.
It was during the bear market when simplified wallet addresses earned popularity. In July, ENS registrations spiked by 200%. In just one week, a total of 126,141 registrations were recorded. This happened since the average gas fees of Ethereum network declined to $1.57.
Founder of ENS, Nick Johnson, shared that he had no idea that ENS would turn out so valuable while creating it the first time. He has faith in the fact that users will register ENS names, as doing so will help them with a decentralized identity that works through a number of platforms.