Web3 usernames like ENS deliver a decentralized method to identify yourself that is easier to read and use. By using a Web3 username, your wallet address may appear simple for others to find, remember, and send money to (for instance, by using “alice.eth” rather than “0x7ec..”).
Coinbase web3 username vs ENS subdomain: Is there any difference?
Coinbases’s web3 username is basically a type of ENS domain. It is built on top of ENS infrastructure.
During times of network congestion, it may demand a high gas fee to acquire an ENS name on the Ethereum blockchain. In the past, this has been controlled by the adoption of human-readable IDs in the crypto-economy and limited downstream use cases.
To assist with that, Coinbase worked with ENS to offer Coinbase-managed Web3 usernames for free to our users. Coinbase purchased top-level domains on ENS and distributes free subdomains to users who do not want to pay the high gas fee as an alternative choice.
ENS domain names contain human-readable names with a ‘.eth’ at the end, while Coinbase’s web3 usernames are identical except they end with ‘.cb.id’.
The Ethereum Name Service (ENS) is a distributed, open, and expandable name system that is created on the Ethereum blockchain. ENS mainly alters names that humans can read, like “alice.eth,” into names that computers can read, like Ethereum addresses, addresses for other cryptocurrencies, content hashes, and metadata.
Ethereum Name Service can read files in both the .id and .eth formats. The crypto community has taken “.eth,” which is a better domain extension for the ENS system.
On using the ” .id” Coinbase mentions that the users who don’t know about ENS will think that the “.eth” domain can only be utilized to send or receive Ethereum. Because of this reason, they chose to start with “.id” for the first adoption. In addition, there are plans to offer subdomains with .eth extension in the near future.
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