Although traditional cryptocurrency addresses may look secure, related transactions could be panic-inducing as it is pretty easy to make a mistake and irrevocably lose your coins. Today, Cryptocurrency exchange Coinbase has revealed interesting new features that would allow its wallet users to send supported coins using their own personalized human-readable names instead of the standard 42-character public key.
Coinbase Wallet now allows users to send all cryptocurrency payments to other people’s usernames like @walletfan, meaning there’s no longer any need to worry about the complicated wallet names. Instead of typing their full-length crypto address, just write the username of the person who will receive the transaction and click the send button.
In practice, when users type a recipient’s Coinbase username, the wallet automatically searches the database for the address registered to that account and inputs the associated destination.
Product lead Sid Coelho-Prabhu said in a press release that the initiative would make the user experience easier and friendlier while making it significantly harder for funds to be sent to the wrong address.
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Coinbase CEO wins patent to “email” Bitcoin
Furthermore, Coinbase has also integrated the Ethereum Name Service (ENS), which allows users to leverage their domain names or hostnames (like walletfan.eth) as various identifiers within the Ethereum ecosystem. With more coins picking up support for this protocol, Coinbase clients are now able to reference their wallets and send all the currencies currently supported using a domain name instead of a native Ethereum address.
The standard crypto wallets, originally developed by Satoshi, didn’t involve special measures to recover the lost funds or even private keys, which made it pretty easy to type an incorrect address and send coins to the wrong destination. Due to the low value of Bitcoin at these early days, such mistakes weren’t a big concern, but things have changed after all crypto prices surged in recent years, and holders started to look at more simplified methods to facilitate their transactions.
Earlier in December, Coinbase CEO Brian Armstrong has been granted a U.S. patent associated with the development of a new system to enable users to make Bitcoin payments more easily. The patent, filed by Armstrong in 2015, allows users to make payments directly from their email addresses that are connected to their hot wallets.
The proposed system makes crypto transactions easier for dummies as they can cryptocurrency payments to other people’s email addresses, meaning they don’t need to worry about the intimidating and long crypto address.