Everyone can agree that blockchain addresses are long and complex to deal with. They can even pose security risks due to their length and difficulty remembering. Many users have lost their funds due to issues like the inability to verify a copied address or sending it to the wrong blockchain. This necessitates an easier way to remember and share wallet addresses.

Basenames, a new solution developed by Base Name Service and released just a few months ago, aims to solve these issues. This solution will allow users and developers to create and name their own wallet addresses, thus boosting the experience and overall blockchain adoption.

What are Basenames?

Source: base

Basenames (not to be confused with Base Name Service) is a native naming service built on Base. Basenames aims to simplify blockchain use for developers and users by providing human-readable names (like alex.base) that can be registered as crypto wallet addresses.

This service extends beyond regular crypto wallets; it also works with other solutions like AA addresses, decentralized webs, hashes, and metadata.

Basenames is an on-chain solution built on the same technology used to create ENS names. It is fully flexible across all apps in the Base ecosystem, as users can incorporate it while using apps like base.org, Onchain Registry, and Onchain Summer Pass. Developers can also easily integrate Basenames into their projects by leveraging the BNS SDK and API.

The product is originally targeted at developers looking for collaborators, serving as an on-chain resume. They can customize their profiles with a bio and skills section. This allows them to connect easily with like-minded developers and mentors, and also share their growth within the Base ecosystem. However, it is still available for use by the general public.

History of Basenames

The story of Basenames would be incomplete without mentioning the Base Name Service (BNS), which was launched as an independent project by a team of builders, including Itgel Ganbold (popularly known as JackJack), Sabit Bazar and Gabit Bazar at ETHDenver 2023. It was initially created as the original onchain identity solution for the Base platform.

After the launch of Basenames, the BNS team strategically decided to pause operations to ensure a more unified name service and on-chain identity experience for every Base user. Because of this thoughtful decision, all BNS name holders are eligible for a special discount on Basenames when registering with the same wallet containing their BNS name.

Basenames was unveiled by the Head of Product at Base, Thomas Viera, at Coinbase’s BaseCamp Summit on August 20th, 2024. Less than 36 hours after its launch, over 70 thousand names were already claimed, and afterward hitting an all-time high of over 400 thousand names about two days later.

The project launched using a Dutch Auction. Every name started out at higher prices before decreasing over the next 36 hours until it reached normal pricing. This was designed so that users could acquire the names they like in time without being outcompeted by bots. After the auction, the Basenames returned to normal pricing based on name length.

How Does Basenames Work?

Basenames leverages the Ethereum Name Service (ENS) protocol by simplifying complex wallet addresses into readable names and titles. This decentralized architecture allows ENS domain owners to create sub-usernames with the suffix base.eth, functioning as a subdomain service to the ENS.

Additionally, Basenames are interoperable with non-custodial wallets such as MetaMask, Rainbow, and Coinbase Wallet, and are compatible with any chain as long as the dApp involved is ENSIP-10 compliant.

How to Set Your Basename

Source: base

Setting your basename as your primary name will also link your wallet address to your .base name, thus allowing web3 apps to display it as your profile when connected. To set up your basename:

• Simply visit the basenames site and type out the name you want. If the name is unavailable, the site will recommend similar variants that are.
• After picking the one you want, you can select the number of years you want to hold the name for, and whether you want to set it as your primary name.
• You will then receive a pop-up menu indicating the amount to pay.
• Click ‘register name’, sign the transactions, and you have successfully registered your basename.

Basenames also allows users to renew their names yearly, and provides a grace period for users who cannot renew their usernames on time. If the user doesn’t renew after the grace period expires, the name will become available for other users to take. This will happen through a Dutch auction starting at 100ETH and reducing exponentially after 21 days.

Developers can also register a Basename for their app. If the name is currently unavailable, it may have been reserved. As such, developers are encouraged to contact the Basenames team or fill out this form, and the team will contact them with instructions.

For more information, please go through the Basenames FAQs.

Registration Fees

The charges to register your basenames depend on the name length and number of years you want to keep the name. A three-letter name costs the equivalent of 0.1 ETH, while a four-letter name costs 0.01 ETH, a 5-9 letter name costs 0.001 ETH, and a 10+ letter name costs 0.0001 ETH.

However, you can get a free Basename of 5+ letter for a year if you meet any of the following criteria. If you are an onchain summer buildathon NFT holder, a base.eth NFT holder, CB Verification holder, CB1 subscriber with verification and an active subscription, an onchain summer pass holder (level 3 and above), a cb.id owner, and a holder of a name from Base Name Service.

Main Features of Basenames

Basenames are quickly becoming a household name due to the following features:

Fostering an Onchain Identity

Instead of using long and complicated wallet addresses, you can interact and trade cryptocurrency with others using regular human-like names. This makes it easier for everyone, regardless of their experience level with blockchain technology, to navigate and use the platform.

Easier Transactions

With Basenames, users can seamlessly send and receive crypto without risking human errors like “fat finger” syndrome. This groundbreaking method will enhance the user experience, since users no longer have to copy and paste long and complex wallet addresses. As such Basenames will help to simplify and massively scale blockchain adoption globally.

Connect and Collaborate

Basenames are key in connecting people and facilitating transactions within the Base community. They serve as a simpler method for users and developers to find mentor profiles, potential collaborators, and other members of the Base ecosystem. This fosters networking, collaborative efforts, and connecting individuals with common interests and objectives.

Decentralized and Open Source Infrastructure

Building on the decentralized and open-source ENS (Ethereum Name Service) protocol highlights Basenames’ commitment to decentralization and open-source innovation. As such, Base can guarantee the security and transparency of its transactions since it leverages a solution that is already well-established and widely accepted.

Basenames’ Roadmap

Part of Basenames’ future plans is to unlock more features in the Base profile. As such, the profiles will become a personalized on-chain space for developers where their followers can support and pay them. They will also be able to mint NFTs, allow followers to RSVP for their events, or buy their products directly from their Base profile. These features will be known as Frames, and different Frames in Base profiles will include:

• Pay me, where developers can get paid through Paycaster
• Nominate me, which allows users to nominate developers as their favorite builder on Build.top
• Buy from me, which will take users to the Slice.so store to buy your products without going through middlemen.
• Subscribe to me, which will drive subscriptions to your Hypersub account
• Mint me, which will redirect users to buy NFTs from your Highlight profile
• RSVP me, where users can RSVP to your event on events.xyz

You can pin any other frame by adding the link directly, as long as the frame follows the Open Frames standard. More updates are expected soon. The Frames feature will allow developers to connect better with their audience and followers and enable them fully express themselves through their Base profiles.

Conclusion

Basenames are quickly becoming a widely sought-after solution because of one major thing- that they can convert your bulky and hard-to-remember wallet address into a wallet that you can actually rename. This approach is expected to completely change how we use blockchain technology, and even how users interact with each other onchain.

Useful References

For the latest updates on Basenames, you can visit:

• Wesbite
• Twitter
• Blog