Cryptocurrency exchange Coinbase has announced that, together with the Ethereum Name Service (ENS), it will provide its customers with human-readable names instead of long crypto wallet addresses.
The American trading platform announced that with the help of the Coinbase Wallet browser extension, users will be able to request a new “name.cb.id” address and use it for transactions. With the address, users can send and receive cryptocurrency using a simplified name instead of the usual 42-word alphanumeric address.
Coinbase believes that using “human-readable” usernames is a step towards making Web3 more user-friendly. Simplified usernames help get rid of the fear of sending cryptocurrencies and non-fungible tokens (NFTs) to the wrong address, losing your assets.
The platform team believes this is just the first step and there is still a lot to be done in terms of “identity gaps” that need to be addressed before Web3 can reach billions of users.
The use of human-readable names creates certain risks for users of cryptocurrencies. True Names, the parent organization of ENS, recently reclaimed the eth.link domain name through an Arizona court. Previously, hackers stole almost $3.3 million from Ethereum users who created human-readable addresses using the Profanity service.
Source: Bits
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