Coinbase’s Ethereum layer-2 network, Base, is making strides in simplifying blockchain technology with the introduction of Basenames, a new feature designed to enhance the user experience on the Ethereum network. The launch, which will be conducted via a Dutch auction, is set to begin on Tuesday and aims to make Ethereum more accessible to everyday users.
The Basenames system leverages the Ethereum Name Service (ENS) infrastructure to convert lengthy and complex hexadecimal addresses into easy-to-read, human-friendly names. Users can replace cumbersome addresses with concise identifiers like “bob.base.eth,” providing a smoother and more intuitive interaction with the Ethereum blockchain.
Easier Access Through Basenames
The use of Basenames allows users to establish a recognizable and personalized identity on the Ethereum network. Much like subdomains in traditional web addresses, Basenames operate under a primary ENS domain. For example, the holder of the domain “base.eth” will be able to create and manage subdomains such as “bob.base.eth.” This simplifies the process of managing multiple personas or addresses within the blockchain environment.
Dutch Auction System to Ensure Fair Participation
To kick off the Basenames launch, Base will implement a Dutch auction pricing model. In this format, the starting price for each name will begin at 100 ETH, gradually decreasing over a 36-hour period until it reaches 0 ETH. This descending price model is designed to ensure equitable access, giving all participants a fair chance to secure the Basename they desire. After the auction concludes, any remaining Basenames will be available without a premium charge.
Jesse Pollak, the head of Base, announced the Basenames launch on X (formerly Twitter), emphasizing its importance for the growth of on-chain activities. “We’re making Basenames the easiest way to start building or living on-chain,” Pollak stated.
Streamlining Ethereum for Users and Developers
The introduction of Basenames is expected to open new doors for both users and developers, making it easier to interact with Ethereum addresses in much the same way that people currently navigate the traditional internet. By reducing the complexity of blockchain transactions, Basenames have the potential to bring Ethereum usage to a wider audience, fostering innovation and adoption in the decentralized space.
This strategic move by Coinbase’s Base is yet another step towards bridging the gap between blockchain technology and mainstream consumers, ensuring that Ethereum becomes more approachable and user-friendly for a broader range of individuals and businesses.
Related topics:
Justin Sun Sparks Rumors of China Lifting Its Ban on Crypto
Number of companies applying for Turkish crypto licenses rises to 76
Wintermute has accumulated deposits of 4,229 WBTC and 273 million USDT to CEX in the past two days.
