Basenames by Base will Use the Dutch Auction Model

Bittime - Base will launch a new feature called Basenames. What is the function of this feature? Read this article to find out more!

What are Basenames?

Basenames is a feature that allows users to claim a unique username with the suffix .eth. 

These names will not only serve as digital identities, but also make it easier for users to interact and contribute to the blockchain network. 

By having a .eth-based username, users will have an identity that is more easily recognized and completely unique to the Base blockchain network. 

Also Read: Base Launches Basenames, a Blockchain Identity System Inspired by ENS

Basenames: Dutch Auction Model  

To ensure that all users have an equal chance of getting a unique username, Base will use a model Dutch auction or the Dutch auction when launching Basenames. 

In this model, all names will be auctioned at gradually decreasing prices over 36 hours. Users who want to get a certain name can choose to buy while the price is still high or wait until the price falls, but at the risk of being taken by someone else.

The Dutch auction model is designed to provide a fair chance for everyone and prevent the use of robots or bots. This way, every user has the same opportunity to get a unique name without having to compete with bots.

Build On-Chain Identity with Basenames

A strong and unique digital identity is essential in the blockchain world. With Basenames, Base hopes to help users start building digital profiles in a safe and easy way. 

Having a .eth based username will make transactions easier. Base also invites users to start thinking about how to build an on-chain identity, starting from making transactions, collaborating with other projects, to participating in various activities in the crypto world.  

Also Read: ZAP Launches ZAP Launch, Meme Coin Launch Platform on Base 

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.