Coinbase and ENS Unite to Simplify Crypto Addresses with Usernames

Streamlining Crypto Transactions

In a move that blends tech with convenience, Coinbase has partnered with the Ethereum Name Service (ENS) to introduce usernames for their users. Forget about struggling to copy-paste that 42-character string just to send a couple of tokens. The new format allows users to use something far less intimidating, like ‘name.cb.id’ instead. It’s as if your wallet now has a name tag!

The Launch: Free Usernames for All

To celebrate this grand union, Coinbase is giving away free usernames that rock the ‘.cb.id’ domain. All you need to do is grab the Coinbase Wallet’s browser extension, and voila—you’re on your way to a more user-friendly crypto experience. Just think of it as the equivalent of switching from a flip phone to a smartphone—goodbye clunky digits, hello simplicity!

The Bigger Picture: Web3 and Financial Accessibility

Coinbase isn’t just in it for the usernames. They see this initiative as a stepping stone toward a more open financial system. In their eyes, using these “human-readable” names is bound to reduce the stress associated with crypto transactions. Gone are the days when sending a token felt like sending a deeply encrypted message from a spy movie.

Building Online Identities

There’s more to these usernames than just convenience; they also serve as a foundation for building digital identities. With Web3 gaining traction, Coinbase hopes to create an ecosystem where individuals can claim their online persona. But hold your horses; they acknowledge this is merely the first flicker of lights in a much larger journey, addressing identity-related gaps to truly onboard global users.

ENS: Riding the Trend Wave

The trend of simplified wallet addresses has been gaining momentum lately, especially during the bear market! Believe it or not, in July alone, ENS registrations jumped by 200%, resulting in over 126,000 shiny new registrations in just a week. This leap coincided with a plunge in Ethereum’s average gas fees, now at a tantalizing $1.57. It seems the crypto community has taken a liking to simpler, cheaper ways to express their digital wealth.

The Visionary Behind ENS

As the mastermind behind ENS, Nick Johnson, recently reflected on how his team probably underestimated the cultural significance of their creation. In today’s world, having an ENS name gives users a sense of decentralized identity that transcends platforms. It’s like having a social media handle but for your cryptocurrency transactions; how neat is that?