One of the most common criticisms I heard during my trip (1 year around the world on 1 Bitcoin) was that crypto addresses were cumbersome, easy to forget, and mass adoption would never happen because the average person would not want to remember or write down a crypto address.
Well, well, well. What do we have here?
“Starting today, Coinbase Wallet users can send crypto using short human-friendly addresses instead of traditional long addresses.”
That’s right. No more headache-inducing hexadecimal addresses to memorize or write down and mix up a capital letter. Coinbase announced a revolutionary new feature for their platform — one that will be sure to encourage mass adoption.
“Wallet users often tell us how cumbersome it is to deal with long and nonsensical crypto addresses like 0x89136a83664fa0673930be34463e444260775dc or 3GVBSgLLLjAoNRKxw5hm7kANN2P2mEQJy.”
“Human-readable addresses help fix these problems. There are now services that let you associate a short human-readable name with your crypto addresses. We’re pleased to integrate them into the Coinbase Wallet experience.”
Now, if you have a Coinbase Wallet, you can send cryptocurrency to dedicated usernames. You can also create them using the Ethereum Name Service (ENS).
What will these Coinbase usernames look like?
Coinbase’s proprietary usernames will simply be: @username. So if you’re using Coinbase you can sign up and be @yourusername. Though you can also choose to use the ENS and create a crypto AND human-friendly name that looks like a URL: coinbase.eth.
What is The Ethereum Name Service?
The ENS started life as a smart contract-based distributed naming system. Naturally, the start of the system required your human-friendly name to be attached only to an Ethereum address. Then, finally, in October 2019 the ENS launched support for various other coins.
The way it works is simple: you can buy your name for Ether (ETH) at an auction. These auctions are smart contract-managed on-chain auctions. Of course, just like domain names back in the day, plenty of early-adopters jumped on the opportunity and scooped up usernames for cheap in the hopes of reselling them later for a profit. So you may need to add a number or something to your name if you have a common name.
But hey, we’re still in the early stages of this new crypto name/address tech. What are you waiting for? Get out there and snag your name!