Coinbase Unveils User-Friendly Smart Wallet for Seamless Digital Transactions
Summary:
Coinbase is launching a user-friendly smart wallet to facilitate seamless transactions and eliminate the need for gas fees and recovery phrases. Designed to sync with major apps, the smart wallet will allow users and developers to create and integrate a new wallet within a blockchain without requiring a new app or recovery phrase. It will support payments through a Coinbase wallet or account, and will offer a primary platform for managing assets and transactions. Initially, the smart wallet will support established networks like Base, Ethereum, and others, and will be available to users and developers free of charge.
In a new development, digitally native investment space Coinbase is launching a sophisticated yet user-friendly digital wallet, coined the 'Coinbase Wallet'. This exciting launch aims to enhance user experience, making it seamless and effortless to navigate transactions while eliminating the need for gas fees and convoluted recovery phrases.
The diligent thought process behind the smart wallet facilitates the procedure of creating a new wallet and integrating it within a blockchain without requiring a new app or an additional recovery phrase. It goes a step further by integrating with prime apps and enabling users to use Face ID, Google Chrome profile, Fingerprint ID or Yubikey as a passkey to get started, which will conveniently be saved on the user's device.
Priding itself on self-custody, the smart wallet enables payments through the user's unique Coinbase Wallet or the Coinbase account. Developers are given the flexibility to eliminate gas fees by covering the transaction cost via a paymaster. An accompanying web application stands as the primary platform for users, providing an avenue for managing assets and identity, facilitating purchase, sending, swapping, nonfungible tokens and maintaining a transaction history - all within a fluid, user-friendly environment promised by Coinbase.
Coinbase anticipates an endless horizon of collaborative potential with Ethereum and USDC via their smart wallet. Initially, the smart wallet is set to support Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB Chain and Zora networks, and this service will be available to both users and developers cost-free.
Meanwhile, Coinbase hinted at the simplicity blended with multi-chain support in the smart wallet stating, "This effortless blend with popular applications will make the transition to blockchain as simple as logging onto your favourite website." via its Canadian blog.
Present users can look forward to using the new wallet "in the coming months" once all migration preparations are settled. Interestingly, smart wallet technology is not a fresh concept. Trailblazers Loopring and Argent initially introduced the technology back in 2020, which was then acknowledged by Ethereum developer Vitalik Buterin in 2021 in his blog due to its tight security and the elimination of recovery phrases, dubbing them as "social recovery" features.
The real revelation was Ethereum's "account abstraction", which was the fundamental technology behind smart wallets, incorporated in March 2023 via the ERC-4337 standard. Buterin once again applauded the smart wallet innovation in his June 2023 blog, considering its several benefits.
Coinbase started offering smart wallets to developers in March, clearly recognizing the ability of 'Account abstraction' to greatly boost Ethereum wallets, as per a Dummies guide published in a magazine.
Published At
6/5/2024 8:43:33 PM
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