Coinbase, one of the leading cryptocurrency exchanges, has recently unveiled a groundbreaking feature on November 9. This new feature allows users to attest their account and country credentials directly on the blockchain, granting them unparalleled access to a range of benefits and applications. With this move, Coinbase aims to establish a new standard of trust and accessibility within the crypto industry.
Verified Badges and Exclusive Access
Coinbase’s newly introduced verification process serves as a “trusted badge” for users, granting them access to various on-chain apps and benefits. Initially, verification provides users with a badge in Base’s Guild, an exclusive membership program for its second-layer network. This badge not only showcases their verified status but also rewards them with access to a private Discord channel, fostering a sense of community among verified users.
In the near future, Coinbase plans to expand the benefits of verification even further. Verified users will soon have access to gasless transactions, eliminating the need for fees when conducting transactions on the blockchain. Additionally, verified users will gain entry to a selection of decentralized finance (DeFi) platforms on the Base network. These platforms include notable names such as Index Coop, Perennial, and Volmex, providing users with exciting opportunities to engage in the growing DeFi ecosystem.
Impressive Adoption and Flexibility
Since late October, Coinbase has already issued over 9,700 attestations to more than 6,200 unique recipients, according to community data from Dune Analytics. This rapid adoption demonstrates the growing demand for enhanced accessibility and the value users place on having a verified status. To cater to users’ diverse needs, Coinbase allows attestations to be tied to any self-custodial Ethereum wallet address. Although verifications are not transferable to other addresses, users can associate their verification with up to three addresses, including popular wallets like MetaMask and Coinbase Wallet.
Coinbase understands the importance of privacy and reassures users that their information will not be published on-chain without their consent. The verification process is optional, but certain apps may require users to go through this step to unlock their full potential. Coinbase is committed to maintaining the highest standards of privacy and security for its users, ensuring a safe environment for all participants.
Future Expansion and Collaboration
While Coinbase currently operates the verification process, it ultimately aims to open the doors for third parties to issue verifications using their service. This forward-thinking approach will allow for greater flexibility and innovation within the verification ecosystem. Moreover, Coinbase seeks to expand the range of ways users can be verified, exploring new avenues to cater to the diverse needs of its rapidly growing user base.
Coinbase’s verification system operates through the Ethereum Attestation Service (EAS), a community-driven project adopted by various initiatives, including Optimism. This integration ensures the credibility and reliability of the verification process, as it leverages the power of the Ethereum blockchain, a trusted and established platform within the crypto space.
Coinbase’s introduction of on-chain verification is a groundbreaking development in the cryptocurrency industry. By allowing users to confirm their account and country credentials directly on the blockchain, Coinbase is revolutionizing trust, accessibility, and security. With access to exclusive benefits, gasless transactions, and participation in DeFi platforms, users can now tap into the full potential of the crypto ecosystem. As Coinbase continues to expand and collaborate, the future of verification holds immense promise, propelling the industry towards new heights of innovation and inclusivity.