Coinbase, one of the leading cryptocurrency exchanges, made a groundbreaking announcement on November 9th, unveiling a new feature that allows users to attest their account and country credentials on-chain. This move marks a significant step forward in decentralized identity verification and grants users enhanced benefits in the crypto space. Let’s delve deeper into this innovative development and explore its potential impact on the industry.
Coinbase’s new on-chain account attestation feature aims to serve as a “trusted badge” that provides users with exclusive access to various benefits. Initially, verified users will receive a badge in Base’s Guild, the membership program for Coinbase’s second-layer network, Base. Alongside this, they will gain entry into a private Discord channel, fostering networking and collaboration within the crypto community.
As the verification process progresses, Coinbase plans to offer users even more advantages. In the near future, verified users will have access to gasless (feeless) transactions, streamlining their interaction with the blockchain. Additionally, they will be able to enjoy other participating applications on the Base network, including notable DeFi platforms like Index Coop, Perennial, and Volmex.
Based on community data from Dune Analytics, Coinbase has already issued over 9,700 attestations to more than 6,200 unique recipients since late October. This indicates a growing interest and adoption of Coinbase’s verification feature, highlighting the industry’s readiness for decentralized identity solutions. As more users attest their identities on-chain, a wealth of valuable data will be collected, contributing to the ongoing development of this groundbreaking technology.
Coinbase’s on-chain account attestations provide flexible options for users. By associating their verification with up to three addresses, including popular wallets like MetaMask and Coinbase Wallet, users can conveniently manage multiple crypto accounts without sacrificing security. It’s important to note that verifications cannot be transferred to other addresses, ensuring the integrity of the attestation process.
To address privacy concerns, Coinbase assures users that their information will not be published on-chain without their explicit consent. This commitment to user privacy ensures that individuals have full control over their personal data and can choose to disclose it only when necessary. Coinbase remains dedicated to providing a secure and transparent user experience.
The Future of Verification
While Coinbase currently handles the issuance of verifications, there are ambitious plans to expand this service. The ultimate goal is to allow third parties to issue verifications using Coinbase’s infrastructure, further increasing the accessibility and credibility of on-chain attestations. This development holds tremendous potential for establishing a standardized identity verification process across the blockchain ecosystem.
Coinbase’s on-chain account attestation feature leverages the Ethereum Attestation Service (EAS), an Ethereum community project that is also adopted by other prominent projects like Optimism. By utilizing this established infrastructure, Coinbase ensures compatibility with existing frameworks and paves the way for streamlined integration within the Ethereum ecosystem.
Coinbase’s introduction of on-chain account attestations marks an exciting new era in decentralized identity verification. With the potential for gasless transactions and access to a diverse range of participating apps, verified users will undoubtedly enjoy enhanced benefits. As the crypto industry embraces this innovative solution, the standardization of identity verification on the blockchain draws closer. The future is bright for decentralized finance and secure digital identities.
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