As a seasoned researcher who has spent countless hours navigating the complex world of blockchain and cryptocurrencies, I can confidently say that Base’s introduction of Basenames is a game-changer for Ethereum interactions. My personal experience with hexadecimal addresses is one that I wouldn’t wish on my worst enemy – it’s like trying to decipher ancient hieroglyphics!
The prominent Ethereum layer-2 network, referred to as Base, is about to revolutionize Ethereum transactions with its upcoming feature, Basenames. This groundbreaking system will be introduced through a Dutch Auction. By leveraging the Ethereum Name Service (ENS) framework, it converts intricate hexadecimal addresses into user-friendly names, making interactions simpler and more intuitive.
Starting from Tuesday, I, as an analyst, will be explaining how Basenames empowers users to establish a straightforward and succinct identity within Base. Notably, this feature enables the utilization of user-friendly names such as “bob.base.eth,” rather than laboriously typing long hex strings. This move aims to bridge the gap between Ethereum and everyday consumers, ultimately making it more accessible and intuitive to use.
An ENS subdomain could be explained as a unique name created within a specific ENS (Ethereum Name Service) domain. Similarly to traditional website subdomains, these allow users to manage multiple identities or personas. For example, the owner of the ENS domain “base.eth” can create and administer subdomains such as “bob.base.eth”.
To initiate the launch procedure, Base is planning to use a Dutch auction method. In this auction, the starting price for names will be set at 100 ETH and will gradually decrease to 0 ETH over a period of 36 hours. This strategy guarantees that everyone has an equal opportunity to secure their preferred name. Once the auction concludes, no additional premium fee will be applied.
Jesse Pollak, who leads at Base, announced on X that Basenames will facilitate the process of creating or residing in on-chain environments. “We aim to make Basenames the most straightforward method for starting to build (or live) on the blockchain,” Pollak stated. “You’ll definitely want one.”
Using base names instead of complex Ethereum addresses will make it just as simple for people to engage with Ethereum networks as they do with regular web addresses. This simplification offers fresh possibilities for both users and developers.
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2024-08-20 09:24