Coinbase, a leading figure in the digital currency exchange, has rolled out a groundbreaking feature – the verification of users’ credentials on the blockchain. Launched on November 9, 2023, this feature marks a significant step towards enhancing security and offering exclusive benefits in the blockchain realm. Source here.
Empowering Users with Trusted Badges
Coinbase’s new feature enables users to validate their account and national credentials directly on the blockchain, providing them with a “trusted badge.” This badge not only acts as a hallmark of authenticity but also opens up a range of blockchain-based applications and advantages. For instance, badge holders within Base’s Guild, part of Coinbase’s Layer-2 network, gain exclusive access to a private Discord channel.
Expanding the Horizon: Gasless Operations and DeFi Access
Looking ahead, Coinbase aims to extend these perks by offering gasless operations and access to various applications on the Base network. This includes three noteworthy Decentralized Finance (DeFi) platforms: Index Coop, Perennial, and Volmex. The move towards gasless transactions is particularly significant, as it eliminates transaction fees, making blockchain operations more accessible and cost-effective.
Personalization and Privacy at the Core
A unique aspect of this feature is its flexibility in linking verifications with any self-custodial Ethereum (EVM) wallet. Users can link their verification with up to three wallet addresses, including those from Metamask and Coinbase Wallet. Moreover, Coinbase emphasizes privacy, ensuring that users’ information remains confidential and is not shared on the blockchain without explicit consent. This commitment to privacy is a crucial factor in fostering trust within the blockchain community.
Coinbase’s Vision: Broadening Blockchain Accessibility
Coinbase’s broader goal is to empower third-party issuers to provide verifications through its service, thereby widening the scope of verification methods available to users. These verifications are executed via the Ethereum Attestation Service (EAS), a collaborative project within the Ethereum community also utilized by other initiatives like Optimism. This vision highlights Coinbase’s commitment to not just evolving its services but also contributing to the broader development of the blockchain ecosystem.
Coinbase’s introduction of credential verification on the blockchain is more than just a feature; it’s a testament to the evolving landscape of blockchain technology. By enhancing security, offering exclusive benefits, and prioritizing privacy, Coinbase is setting a new standard in the blockchain industry, paving the way for a more secure, efficient, and accessible digital finance world.