Coinbase Launches Verifications on Base Network, Revolutionizing Identity Verification on Blockchain
Coinbase has officially unveiled the Coinbase Verifications platform on Base, introducing identity verification (KYC) directly on the blockchain. The platform, now live for its vast user base of over 100 million users at http://coinbase.com/onchain-verify, aims to streamline the user experience without compromising on security and compliance.
Coinbase’s latest offering allows users to attest to account and country credentials on-chain, all verified by Coinbase. By integrating identity verification at the protocol level on the blockchain, the exchange believes it will significantly enhance security and transparency, providing a solution to common challenges associated with traditional KYC methods.
Introducing Coinbase verifications – Users can attest to account and country credentials onchain, all verified by Coinbase, now live for our 100M+ users at https://t.co/MhBwIpmwEv pic.twitter.com/gBuw7gmkw1
— Coinbase Cloud 🛡️📞 (@CoinbaseCloud) November 9, 2023
This move signals Coinbase’s entry into the decentralized identity verification sector. Jesse Pollak, the founder of Base, expressed that this service is a step towards “using public, open infrastructure to enable billions of users to participate on-chain.”
Coinbase is encouraging developers to incorporate sybil-resistance into their airdrop, quest, social, or gaming applications. The exchange asserts that implementing identity verification at the protocol level will bolster security and transparency, offering a solution to challenges associated with traditional KYC methods.
Sybil-resistance is particularly crucial in preventing Sybil attacks, where hackers use multiple wallets or nodes with fake identities to exploit services or launch attacks. Coinbase Verifications aims to fortify the platform against such malicious activities.
According to data from the analytics firm Dune, the Coinbase Verifications platform has already received approximately 9,727 attestations from users. The service is expected to be especially useful in countering Sybil attacks, providing a robust solution to the persistent challenge of false identities in the crypto space.
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