Coinbase‘s Ethereum Name Service (ENS) integration is live, changing wallet usernames to an ENS subdomain of Coinbase IDs.

Users can change their ENS names once a year and use them in any manner they choose to, as long as it complies with Coinbase’s Subdomain Terms — which have but to be introduced.

ENS, or Ethereum Name Service, is a distributed and extensible naming system primarily based on the Ethereum blockchain. The protocol permits crypto pockets addresses to have human-readable extensions — .eth.

ENS is a decentralized id infrastructure supplier, and its integration will enable Coinbase customers to make use of a customized and decentralized type of identification inside the Web3 area. To make the ENS migration as quick as doable, Coinbase will retailer the brand new usernames off-chain in the intervening time. The trade stated it’s planning to additional decentralize by carrying them on-chain.

The scope of the ENS

The present Coinbase usernames are additionally constructed on prime of ENS infrastructure and, subsequently, a sort of ENS. The present usernames that belong to the Coinbase Domain Name System (CDS) have the “cb.id” extension on the finish of the usernames. After the ENS change, the usernames may have a “.eth” extension on the finish.

Based on Coinbase’s announcement, the ENS can be utilized to ship, obtain, and commerce cash by common and professional customers. On the opposite hand, pockets accounts can solely ship and obtain utilizing their ENS.

Wallet buying and selling will turn out to be out there sooner or later, in line with the trade.

Regions supporting ENS

Germany and Japan are the one nations that don’t assist ENS.

In addition, ENS solely helps a handful of crypto-to-fiat exchanges. Users can trade their crypto for {dollars} within the U.S. and euros within the EU and the U.Ok.

However, exchanging it for {dollars} in Europe and euros within the U.S. is not possible.

ENS reaches 2 million names

ENS began working to undertake Ethereum Layer-2 assist in January 2022.

As of Aug. 18,  2 million ENS names have been created.

According to gross sales information, 92% of ENS gross sales have been made through the ENS Registrar Controller, whereas the remaining 7.5% have been offered on OpenSea.





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