✍️ 27 March, 2023 – 4:29 👤 Editor: Jakub Motyka
- Coinbase will give out ENS usernames for free.
- The use of “name.cb.id” or web3 usernames makes it easier to send and receive cryptocurrencies.
- Simplified wallet addresses became very popular during the bear market.
Coinbase, the largest cryptocurrency exchange in the United States, will give Web3 usernames to your clients for free. At the moment, the process will be done through the Coinbase Wallet browser extension, and will allow its owners to carry out cryptographic transactions in a simple way.
According to the Coinbase blog, to create an open and accessible financial system for everyone, it is necessary to ensure that anyone can use it. Due to this, the creation of an intuitive, simple and reliable identity system that allows people to easily transact cryptocurrencies is proposed. This is where web3 usernames (ENS) come into play.
What Is A Web3 Username Or Ethereum Name Service (ENS)?
The vast majority of cryptocurrency users know how complicated it can be to make a transaction from one wallet to another. This is mainly due to the fact that the structure of wallet addresses is made up of 42 different characters. The Ethereum Name Service (ENS) seeks to simplify operations by providing a username “name.cb.id” to its clients. In this way they will be able to send and receive cryptocurrencies using their Web3 username in instead of the 42 characters of your wallet address. This will serve in the long run to facilitate transactions without necessarily sharing a large sequence of characters.
Cryptos, The Web3 Identity Within Coinbase And Their Usernames
A user requires an identity to interact with the web. On Web2, data is stored within specific servers, reducing or almost eliminating users’ control over their personal information. In Web3, on the other hand, it is reliable and decentralized, but difficult to use without basic knowledge. By uniting both concepts, it is possible to create a system that is flexible and easy to use, such as Web2 usernames, without sacrificing privacy, security and data control.
Coinbase notes that the use of “human readable” usernames is an important step in making Web3 more user-friendly. In addition to helping to lower the barrier to entry into the world of cryptocurrencies, an ENS is a powerful tool to start creating a Web3 identity.
Latest crypto news:
- This Terra Luna Classic (LUNC) Burn Tracker Updates In Real Time
- The United States Already Allows Paying Taxes With Crypto
- TerraPoker (TPT), P2E Game Based On Terra Blockchain, Launch Date Revealed
- Who Is The Creator Of Binance? - 14 de December de 2022
- How Many Satoshis In A Bitcoin? How Many Sats Has 1 BTC? - 28 de November de 2022
- 5 Best Cheap Crypto To Buy Now - 28 de November de 2022