CLIENTS CAN GET A USERNAME THROUGH COINBASE WALLET’S BROWSER EXTENSION AND USE IT TO SEND AND RECEIVE CRYPTO TOKENS
As simplified wallet addresses become increasingly popular in the blockchain space, crypto exchange Coinbase is integrating with the Ethereum Name Service (ENS) to provide its customers with usernames to replace their traditional Coinbase crypto wallet addresses.
In the post, the exchange announced that it will be giving away "name.cb.id" usernames for free. Through the Coinbase Wallet browser extension, people can claim their new address and use it for their transactions. This allows users to send and receive cryptographic tokens using a simplified name instead of the usual 42-word alphanumeric address.
The exchange also said in the announcement that this is a necessary step to create a more open financial system for the world. According to Coinbase, using "human readable" usernames is a step towards making Web3 more user-friendly. The firm emphasized that simplified usernames help erase the concerns associated with sending tokens and non-fungible tokens (NFTs) using traditional wallet addresses.
In addition to being user-friendly, Coinbase argued that users can benefit from usernames in terms of having a foundation to build their online identity. However, the firm also realized that this is only the first step and that more needs 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 bear markets. Back in July In July, ENS registrations increased by 200%, with a total of 126,141 registrations for the week. This happened when the average Ethereum network gas fees dropped to $1.57 and when the second most expensive .eth domain was sold.
Meanwhile, Nick Johnson, the founder of ENS, recently told Cointelegraph that their team didn't 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 multiple platforms.