- The exchange would provide free “name.cb.id” usernames to users.
- Despite the recent market downturn, simpler wallet addresses gained traction.
With the rise in popularity of more user-friendly wallet addresses in the blockchain industry, cryptocurrency exchange Coinbase collaborated with ENS to provide users with unique usernames in lieu of their standard Coinbase crypto wallet addresses.
The exchange stated in a post that it would provide free “name.cb.id” usernames to users. A new address may be claimed and used for transactions with the help of the Coinbase Wallet browser plugin. The shortened name may be used in place of the lengthy 42-character alphanumeric address for sending and receiving cryptocurrencies.
More Convenient Approach
In addition, the release said that this action is critical to establishing a globally accessible financial system. Coinbase claims that “human-readable” usernames will help make Web3 more approachable. The company stressed the importance of simple usernames. Especially in removing the worry of transmitting tokens and NFTs using conventional wallet addresses.
Coinbase defended its choice of usernames by pointing out that, in addition to being user-friendly. They provide customers with a solid foundation upon which to construct a unique digital persona. The company acknowledged, however, that this is only the beginning and that further work is needed to fill up “identity-related gaps” before Web3 can enroll billions of users.
Despite the recent market downturn, simpler wallet addresses gained traction among users. In July, 126,141 people signed up for the ENS in a single week, an increase of 200 percent from the previous month. This happened when the average price of gas on the Ethereum network dropped to $1.57, making it the second most costly network.
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