The Ethereum Layer2 solution Base developed by the cryptocurrency exchange Coinbase will undergo identity verification through the Ethereum Attestation Service (EAS) and Coinbase.
What is the Ethereum Attestation Service (EAS)?
The Ethereum Attestation Service (EAS) is an infrastructure that aims to create on-chain or off-chain multi-dimensional attestations for users, including identity, asset ownership, reputation, certificates, etc. It is expected to become a universal verification service for the blockchain ecosystem.
Anthony Bassili, the Tokenization Lead at Coinbase, announced at the TokenizeThis 2024 conference held in Miami that Base, the Ethereum Layer2 solution developed by Coinbase, will optimize identity verification through the Ethereum Attestation Service (EAS) and Coinbase.
According to Bassili, Base will use the Ethereum Attestation Service for identity verification on Coinbase, thus improving the efficiency of Know Your Customer (KYC) and Anti-Money Laundering (AML) verification. This technology will automatically generate labels on users’ smart wallets, speeding up the entire verification process.
In simple terms, once users complete the EAS on Base, they will meet Coinbase’s KYC requirements. Initially, this may only be supported by the Coinbase exchange, but there are hopes to expand it to the entire Base ecosystem.
Bassili also predicts that the market will eventually evolve into a KYC-dependent model and form a market structure.
Furthermore, Bassili has a larger vision that when robust tokenized assets appear in various asset classes, transactions between assets will not need to rely on the US dollar as the anchor asset. However, Bassili acknowledges that achieving this goal will take some time.
At the same time, Bassili points out that cryptocurrencies are a perfect embodiment of a free and open market structure, where users can design various complex transaction forms and achieve direct transactions between assets without relying on the US dollar as the trading pair.