Coinbase's New Domain Name Service: BaseNames
CryptoNewsTerminal Staff20 Aug, 2024
Coinbase's New Domain Name Service: BaseNames
Coinbase, a popular cryptocurrency exchange, has recently launched a new domain name service called BaseNames. This service will allow users to purchase and manage domain names using cryptocurrency. BaseNames is built on the Base FSD, a decentralized file storage system. This means that domain names purchased through BaseNames will be stored on a blockchain, making them more secure and resistant to censorship. To prevent bots from buying up all of the available domain names, Coinbase will be using an on-chain Dutch auction for the first 36 hours after BaseNames launches. This means that the price of domain names will start high and gradually decrease over time. BaseNames is a significant development for the cryptocurrency industry. It is the first major domain name service to be built on a blockchain, and it could potentially make it easier for people to create and use decentralized websites.
