Coinbase’s Layer 2 Network Introduces Basenames: A Game-Changer for Cryptocurrency Transactions

Coinbase’s Layer 2 Network has unveiled a revolutionary new feature called Basenames, which enables users to create human-readable names from their hexadecimal addresses. The primary goal of this innovative feature is to make cryptocurrency transactions more accessible and facilitate user-friendly interactions.

Basenames are generated using the Ethereum Name Service (ENS) infrastructure, which provides users with the ability to map decipherable names to Ethereum addresses. This feature will allow users to create and maintain secure sub-brands, making it easier to manage their online presence.

How Basenames Work

To ensure a fair and transparent allocation process, Basenames must be listed through euthanasia via negotiated bidding. This mechanism is designed to prevent bots from stealing sub-benefits, which can be problematic in standard auctions. The auction process for Basenames will last for 36 hours, during which the prices will gradually decrease.

Each sub-name will have a starting price of 100 ETH, followed by 0.39 TH in 12 hours and 0.0015 EST in 24 hours before it reaches zero. This reduction mechanism is aimed at preventing bots from dominating the auction process and providing authentic users with a fair opportunity to purchase their desired sub-names.

Benefits of Basenames

The introduction of Basenames will be particularly beneficial for organizations and individuals, allowing them to manage multiple addresses or identities more efficiently. Domain owners of ENS will have unlimited options to create and manage sub–name lists, giving them more control over their online presence.

Current State of Base

According to CoinSeeks.com, the number of active addresses on Base has reached an unprecedented 4 million weekly. This surge in user activity is a result of the growing popularity of Base and the trust that users have placed in the network.

Future of Digital Assets

The inclusion of Basenames is expected to improve the overall user experience on Base, simplifying cryptocurrency transaction processing. By offering a user-friendly and easily understandable naming system, Basenames will help to alleviate the complexity of cryptocurrency transactions, which can be daunting for beginners.

New features like Basenames will be pivotal in shaping the future of digital assets as the cryptocurrency industry continues to evolve. With its growing popularity and user-friendly features, Base is poised to become a leading player in the Layer 2 network landscape.