What is the biggest minus of cryptography transactions? Especially for new users these are long addresses consisting of chaotically arranged numbers and numbers. What if they were to be simplified in some way? Bitcoin’s adoption could have speeded up… That’s what Coinbase wants to do.
@Bitcoin, @Coinbase, @tom1987, etc. – new addresses on the BTC network
The Coinbase trading platform introduces a new way of sending each other a crypto. Within it, copying a long and inconvenient address disappears. BTC transmission will be realistic with short, human-friendly addresses.
How is this supposed to work? Every user of Coinbase wallet has a username (e.g. @Jacek198). The latter will now serve as the address. This will obviously make it easier to send funds.
This new feature is compatible with all currencies already supported by Coinbase Wallet, including Bitcoin, Bitcoin Cash, Litecoin, Ether, Ethereum Classic, XRP tokens, DogeCoin and all ERC20 tokens (based on the Ethereum platform). For anyone with privacy concerns, the wallet application has been updated. The “privacy switch” added to it in the settings menu will allow you to return to “old” addresses.
“Wallet users often tell us how tedious it is to deal with long and meaningless cryptographic addresses, such as 0x89136a83664fa067393030be34463e444260775dc or 3GVBSgLLjAoNRKxw5hm7kANN2P2mEQJy. They also tell us how stressful it is to send money because of the fear of copying and pasting the address incorrectly.
– explained Sid Coelho-Prabhu from the Coinbase Wallet team and added that the new form of transfer will facilitate the process.
Ethereum Name Service
Coinbase Wallet also integrates the Ethereum Name Service (ENS), which means that users can now send crypto to .eth addresses. The ENS supports not only ETH payments, but also BTC, BCH, LTC and many others, including all currencies currently supported by Coinbase Wallet.
ENS is an open source project managed by a non-profit organization, supported mainly by grants from the Ethereum Foundation. Software developers see it as a key element of the emerging decentralized network.
The developers of Coinbase Wallet believe that these improvements will greatly facilitate the use of cryptocurrencies and thus speed up the adoption of blockchain on the financial market itself.