- Coinbase has introduced on-chain verifications, allowing users to attest their account and country credentials directly on the blockchain.
- Verified users gain exclusive benefits, including access to on-chain apps and a private Discord channel within Coinbase’s Base Guild membership program.
- Gasless transactions and participation in upcoming DeFi platforms are among the exciting features that verified users can look forward to on the Base network.
Coinbase, one of the leading cryptocurrency exchanges in the market. On November 9, Coinbase announced a new feature that allows users to attest their account and country credentials directly on the blockchain. This innovative approach aims to provide users with enhanced benefits and improved access to a range of on-chain applications.
Accessing Additional Benefits with On-Chain Verifications
Coinbase’s newly introduced on-chain verifications act as a “trusted badge” that grants users access to exclusive benefits and on-chain apps. Initially, verified users will receive a badge within Base’s Guild, which is Coinbase’s membership program for its second-layer network, Base. Alongside this, they will gain access to a private Discord channel, fostering a community of verified members.
Gasless Transactions and Participating Apps
Coinbase has exciting plans for the future of on-chain verifications. In the near term, verified users will be able to enjoy gasless transactions, meaning feeless transactions on the Ethereum network. Additionally, they will have access to a variety of participating apps on the Base network. Notable upcoming apps include Index Coop, Perennial, and Volmex, all prominent decentralized finance (DeFi) platforms.
Growing Adoption and Community Engagement
The community response to Coinbase’s on-chain verifications has been remarkable. According to data from Dune Analytics, Coinbase has already issued over 9,700 attestations to more than 6,200 unique recipients since late October. This rapid adoption demonstrates the enthusiasm and demand for new opportunities within the crypto ecosystem.
Detailed Participation Requirements and Flexibility
Coinbase provides detailed information on participation requirements for on-chain verifications. Users can link their verifications to any self-custodial Ethereum wallet address. However, it’s important to note that verifications are non-transferable to other addresses. Coinbase allows users to associate their verifications with up to three addresses, including popular wallets like MetaMask and Coinbase Wallet.
Privacy and Consent
Coinbase places a strong emphasis on user privacy and consent. While attesting one’s country of residence is optional, access to certain apps may require this information. Coinbase assures users that their personal information will not be published on-chain without explicit consent. This commitment to privacy ensures a secure and transparent verification process.
Future Expansion and Third-Party Verifications
Coinbase has ambitious plans for the future of on-chain verifications. In addition to offering the service internally, Coinbase aims to enable third parties to issue verifications using their platform. This expansion will open up new avenues for users to be verified, further enhancing the accessibility and usability of the service.
Ethereum Attestation Service (EAS)
To issue verifications on-chain, Coinbase leverages the Ethereum Attestation Service (EAS), an Ethereum community project utilized by various projects, including Optimism. This collaboration demonstrates Coinbase’s commitment to leveraging existing infrastructure and fostering collaboration within the Ethereum ecosystem.
Conclusion
In conclusion, Coinbase’s introduction of on-chain verifications marks a significant milestone in the evolution of user benefits and access within the cryptocurrency landscape. By leveraging the Ethereum blockchain, Coinbase enhances user experiences, fosters community engagement, and paves the way for a more inclusive and efficient crypto ecosystem.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
