THE DAILY ENCRYPT

September 25, 2022

Coinbase to give Users ENS Usernames to Replace Traditional Wallet Addresses

Coinbase Wallet's browser extension allows users to create a username and send and receive crypto tokens using it....
coinbase
Image by The Daily Encrypt

Coinbase Wallet’s browser extension allows users to create a username and send and receive crypto tokens using it. Coinbase, a crypto exchange, integrated with Ethereum Name Service to provide their customers usernames to replace traditional Coinbase wallet addresses.

The exchange posted a statement stating that it will give away free usernames at “name.cb.id”. People can use Coinbase Wallet’s browser extension to claim their new address and use that address for their transactions. 

Coinbase ENS usernames will simplify transactions

This allows users to send and receive crypto tokens with a simplified name rather than the 42-word alphanumerical addresses.

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In its announcement, the exchange stated that this was a necessary step towards creating a more open global financial system. Coinbase claims that the introduction of human-readable usernames will make Web3 easier to use. 

Simplified usernames can help eliminate the anxiety that comes with sending tokens or NFTs via traditional wallet addresses, according to Coinbase.

Coinbase will give ENS usernames to users for free

Coinbase claimed that usernames are user-friendly and can be used to help users build an online identity. The firm acknowledged that this was only the beginning and that Web3 still needs to address “identity-related gaps”.

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During the bear market, simplified wallet addresses were more common. In July, ENS registrations soared by 200% with 126,141 total registrations in a single week. This happened as the average Ethereum network gas fees dropped to \$1.57, and the second-most expensive.eth domain sold.

Nick Johnson, founder of ENS, told Cointelegraph recently that the team didn’t realize how valuable ENS would be when it was first created. According to the founder, users should register ENS names as it allows them to have a decentralized identity that can be used across multiple platforms.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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