Coinbase's Base network unveils innovative onchain identity system
Coinbase's Base network unveils innovative onchain identity system
The Base's network team is set to launch a groundbreaking identity tool, Basenames, designed to simplify how developers and users interact on the blockchain.
Coinbase's Base blockchain is set to launch a new onchain identity system, Basenames, designed to enhance how developers and users interact. Building on the Ethereum Name Service (ENS), Basenames will allow users to convert complex wallet addresses into simple, human-readable names ending in "base.eth."
Since its public launch, Base has quickly become the second-largest Ethereum Layer 2 chain by total value locked (TVL). The introduction of Basenames marks another step in its evolution.
According to details by DailyCoin, Basenames, first announced during the BaseCamp Summit on August 1, will function as subdomains under existing ENS names, providing a separate identity and asset management layer on the Base chain. Developers envision Basenames as a critical component for creating onchain profiles that showcase skills and proficiencies, making it easier for builders to collaborate.
"Claim a unique base.eth username to make it easier to connect, collaborate, and contribute onchain," says Base's team at X.
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Base lead developer Jesse Pollak supported the above teaser.
The initial public availability of Basenames will be through a 36-hour Dutch auction, starting with a premium price of 100 ETH and decreasing over time, giving users a fair opportunity to secure their preferred names. After this auction, registering a Basename will be a straightforward process accessible through Base's website.
In overall, the introduction of Basenames is not only about simplifying transactions by replacing alphanumeric addresses but also about fostering a stronger sense of community within the Base network.
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