Coinbase Blockchain Company Base Announces Sale of ENS DID Domain

Base, a Layer 2 network built by Coinbase on Ethereum, has announced the launch of Basenames, an innovation that promises to transform the way users interact with digital identities on the blockchain.

Based on the Ethereum Name Service (ENS) infrastructure, this new functionality will allow complex hexadecimal addresses to be converted into human-readable names, facilitating the management of digital identities onchain.

Basenames will be constructed from ENS subnames, a feature that allows the creation of multiple identities under one main ENS name.

For example, the owner of an ENS domain such as “base.eth” will be able to create unlimited subnames, such as “bob.base.eth,” allowing users to personalize and manage their digital identities in a more intuitive and accessible way.

According to Base’s official website, the implementation of Basenames will be a key milestone for the onchain ecosystem, offering users a powerful tool to establish and manage their digital identities on the network.

“We will make Basenames the easiest way to start building (or living) onchain,” said Jesse Pollak, Base lead, in a statement on X (formerly Twitter).

He also announced that the functionality will be launched next Tuesday, generating great anticipation in the crypto community.

Coinbase

The Basenames acquisition process will be carried out through a Dutch auction, a sales method where the initial price is high and gradually decreases until the item is sold.

For Basenames, the premium fee will start at 100 ETH and will be reduced to 0.39 ETH for the first 12 hours, providing a fair opportunity for all interested parties to secure their specific name. After the auction ends, the premium fees will be eliminated, making the process more affordable for users.

This initiative by Base represents another significant step in strengthening the digital identity ecosystem on Ethereum. The introduction of Basenames, by simplifying the process of creating and managing identities, has the potential to attract a wider audience to the onchain universe, increasing the adoption of decentralized technologies.

By integrating this functionality with ENS, Base not only expands the possibilities for personalization and management of digital identities, but also reinforces Coinbase’s position as a leading enabler of innovation in the blockchain space.

The sale of DID ENS domains promises to be a landmark event, capable of defining new trends in the digital identities and onchain services market.

Follow Todaysgist on