- Coinbase launched Coinbase Verifications, allowing over 100 million users to prove on-chain that they control a Coinbase account and reside in a specific country. This uses the open source Ethereum Attestation Service standard.
- Decentralized identity has long been missing in web3. It can prevent attacks and enable unsecured loans and better governance. As the largest company using public blockchain for this, Coinbase could drive mass adoption.
- In the first day, over 9,300 Coinbase verifications were issued, representing 15% of all verifications on Ethereum Attestation Service so far. This is a promising start that could make decentralized identity ubiquitous.
Coinbase recently launched a major effort to introduce decentralized identity to over 100 million users. The exchange’s new “Coinbase Verifications” allows users to attest to account and country credentials on-chain, marking one of the largest implementations of this technology so far.
What is Coinbase Verifications?
The verification service is built on Coinbase’s Layer 2 network, Base, and utilizes the open source Ethereum Attestation Service standard. This ensures verifications are public and composable. Users can now prove on-chain that they control a Coinbase account and reside in a specific country.
The Promise of Decentralized Identity
A widely adopted decentralized identity (DID) system has long been a missing piece for web3. DIDs can help prevent Sybil attacks and enable use cases like unsecured loans and improved governance models.
While many have tried solving this problem, Coinbase is the largest company to introduce DID using a public blockchain. This could mainstream the concept and drive further adoption.
Early Traction
In the first day, over 9,300 Coinbase verifications were issued on Ethereum Attestation Service. This represents 15% of all verifications on EAS so far.
The launch is a promising start and some believe it will “change the game” for airdrops, marketing and referrals. While the service is limited to certain countries for now, it could eventually operate globally with providers collaborating.
Conclusion
With its massive user base, Coinbase has taken a major step in bringing decentralized identity mainstream. This long-missing component for web3 could soon become ubiquitous as more providers build on standards like Ethereum Attestation Service. The potential impacts on digital asset ownership, governance and finance are profound.
