Coinbase, one of the world’s leading cryptocurrency exchanges, made an exciting announcement on November 9th. The company revealed a new feature that allows users to attest their account and country credentials directly on the blockchain. This innovative move aims to provide users with a “trusted badge” that will grant them access to on-chain apps and additional benefits.
By verifying their credentials, users will initially receive a badge in Base’s Guild, Coinbase’s membership program for its second-layer network. This membership also grants users access to a private Discord channel. However, Coinbase has more plans in the pipeline for verification-based benefits. In the near future, verified users will gain access to gasless transactions, meaning feeless transactions, as well as other participating apps on the Base network.
Coinbase’s effort to incentivize user verifications seems to be successful. According to community data from Dune Analytics, Coinbase has already issued over 9,700 attestations to more than 6,200 unique recipients since late October. This significant number indicates a growing interest in the verification feature and suggests that more users are willing to participate in the ecosystem.
Verifications issued by Coinbase can be associated with any self-custodial Ethereum (EVM) wallet address. However, it’s important to note that these verifications cannot be transferred to other addresses. Coinbase allows users to associate their verification with up to three addresses, including popular wallets like MetaMask and Coinbase Wallet. This flexibility aims to accommodate users’ preferences and ensure a seamless verification process.
Coinbase acknowledges the importance of user privacy and ensures that information will not be published on-chain without user consent. While attesting one’s country of residence is optional, gaining access to certain apps may require this information. It’s reassuring to see Coinbase being transparent about the data they collect and prioritize user consent in their verification process.
Coinbase’s long-term vision for this verification feature involves opening it up to third parties so they can also issue verifications. This expansion would create more avenues for users to get verified and potentially unlock more benefits within the ecosystem. Coinbase’s collaboration with the Ethereum Attestation Service (EAS), a popular Ethereum community project utilized by other platforms like Optimism, demonstrates the company’s commitment to innovation and collaboration within the blockchain space.
Coinbase’s introduction of on-chain user verifications signifies a major step towards creating a trustworthy ecosystem for its users. By providing verifications that are tied to the blockchain, Coinbase enhances the security and reliability of user credentials. This new feature not only benefits users by granting them access to additional perks but also contributes to the broader adoption and use of cryptocurrencies.
Coinbase’s recent announcement of their on-chain user verification feature showcases their dedication to improving user experiences and fostering a more secure ecosystem. The future of cryptocurrency exchanges lies in innovative features like this, designed to empower users and make their interactions with digital assets seamless and convenient.
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