- Base rolls out ENS subnames, transforming complex addresses into readable names.
- ENS subnames on Base will launch through a fair Dutch auction, enhancing accessibility.
- Base’s new feature allows unlimited ENS subname creation for enhanced user management.
The Layer 2 network based on Ethereum, created by Coinbase, has added a new feature called Basenames. This feature harnesses the Ethereum Name Service (ENS) to convert the alphanumeric characters into readable names.
Nevertheless, Base users are in a position to create a much more transparent and more individual online persona. Basenames act as an on-chain piece of the puzzle for the Base network and greatly improve the user experience of blockchain technology.
Functionality and Utility of Basenames
Basenames run on an existing ENS similar to subdomains on standard websites and thus enable a person to have several subnames. For instance, a holder of an ENS domain with a name such as ‘base.eth’ can have many subnames, such as ‘Alice.base.eth’.
This feature allows the users to effectively handle various aspects of their digital identity within a single ENS domain. Furthermore, the Basenames feature enhances a neat and comfortable way of performing different tasks and operations related to blockchain systems, thus improving the platform’s usability.
Dutch Auction Facilitates Fair Acquisition
Base plans to implement a Dutch auction system to ensure equitable access to these Basenames. This auction will list all names, with prices progressively decreasing over a 36-hour period, starting from a high of 100 ETH and reducing to 0.39 ETH in the initial phase.
Such a pricing strategy democratizes the purchasing process and caters to a broad spectrum of the community, allowing participants from various economic backgrounds to engage fairly. Additionally, this method aims to prevent early monopolization and encourage widespread participation.
Anticipated Impact and Future Prospects
However, the introduction of Basenames is poised to redefine how users interact with the Base platform in the Ethereum ecosystem. Base’s lead, Jesse Pollak, expressed enthusiasm about the launch, emphasizing its ease of use and the potential it unlocks for individuals to build or live on-chain.
As the auction date approaches, the crypto community watches keenly, anticipating how this innovation could drive further adoption of blockchain technology in everyday activities. The rollout of Basenames through a Dutch auction exemplifies Base’s commitment to fostering an inclusive and user-centric blockchain environment, which could potentially set new trends in blockchain usability and accessibility.
The post Base to Offer ENS Subnames via Dutch Auction appeared first on Crypto News Land.
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