1. BITBILIHome
  2. Article

Coinbase Wallet integrates encrypted messaging to enhance user communication

• 26 views

TL;DR Breakdown

  • Coinbase Wallet has unveiled an XMTP-based encrypted messaging service.
  • The feature aims to lower fraud by allowing direct, verifiable communication between crypto wallet owners.
  • The XMTP system ensures message continuity even if Coinbase ceases operation, marking a step towards decentralization.

Description

Coinbase has announced an innovative feature to its wallet: Encrypted messaging. This feature, designed to empower its user base with seamless communication, signifies an important stride in the firm’s commitment to harness the power of decentralization. Opening the conversation lines with XMTP Utilizing the Extensible Message Transport Protocol (XMTP), an instant messaging system built for … Read more

Coinbase has announced an innovative feature to its wallet: Encrypted messaging. This feature, designed to empower its user base with seamless communication, signifies an important stride in the firm’s commitment to harness the power of decentralization.

Opening the conversation lines with XMTP

Utilizing the Extensible Message Transport Protocol (XMTP), an instant messaging system built for blockchain addresses, Coinbase Wallet now enables its users to communicate directly. This applies to all wallet users, including those owning Web3 social platform Lens usernames, .eth, or cb.id identities.

Siddharth Coelho-Prabhu, Director of Product Management, stated, “Coinbase is enabling users to easily port their conversations from any of the ~450 applications built on XMTP to Coinbase Wallet.” The XMTP infrastructure promises the free flow of messages and offers users full ownership of their messages and transactions through their unique, on-chain identity.

Remarkably, while messages are exchanged using crypto wallets, they are not recorded on the blockchain, diverging from the usual asset transfer process. The messages traverse a permissioned network of nodes managed by XMTP Labs, a company working towards decentralizing its network.

A decentralized approach to combat fraud

Coinbase’s new feature, aimed initially at users scanning a QR code from their blog post or owning Lens profiles, is part of the broader strategy to counter fraud. By enabling direct communication to a wallet’s owner, it eliminates the need for external messaging platforms where a user’s Web3 identity could be unverified.

The move marks a significant improvement over popular crypto user chat platforms like Twitter, Discord, and Telegram, which currently lack the ability to confirm users’ Web3 identities. It offers an additional layer of security by reducing unnecessary risk and potential losses.

Moreover, the utilization of XMTP bolsters decentralization. Users will maintain their chat histories and view them using other XMTP applications, such as Lenster or OrbApp, even if Coinbase discontinues its wallet services or ceases operations.

By incorporating XMTP into its wallet, Coinbase amplifies the adoption of Web3 usernames. The decision followed the firm’s initiative in September to offer free cb.id usernames to all users, leading to a surge in registrations. The fact that the messaging platform uses human-readable names replaces complex crypto addresses, thus fostering Coinbase’s vision to make the crypto world more accessible and user-friendly.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Coinbase Wallet integrates encrypted messaging to enhance user communication

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月13日 16:29
Next 2023年7月13日 18:28

Related articles

  • Skip Protocol unveils innovative block building technique for Cosmos

    TL;DR Breakdown Skip Protocol’s new software, The Block SDK, allows Cosmos block builders to segment blocks into distinct “lanes” with unique functions, addressing vulnerabilities like transaction frontrunning. The SDK enhances the mempool layer, enabling transactions to be placed in specific lanes, and promotes the potential of app chains by allowing them to tailor block space to their needs. Description In a groundbreaking move, blockchain infrastructure provider Skip Protocol has introduced a novel software development kit (SDK) that promises to revolutionize the way blocks are constructed on the Cosmos platform. Dubbed “The Block SDK,” this toolkit is set to offer block builders unprecedented modular control over transaction sequencing. This comes as a response to the … Read more In a groundbreaking move, blockchain infrastructure provider Skip Protocol has introduced a novel software development kit (SDK) that promises to revolutionize the way blocks are constructed on the Cosmos platform. Dubbed “The Block SDK,” this toolkit is set to offer block builders unprecedented modular control over transaction sequencing. This comes as a response to the limitations of the conventional block construction method, CometBFT,…

    Article 2023年8月27日

  • The reason Apple lost $200 billion in less than two days

    Description Apple, the tech titan revered for its groundbreaking products, recently felt the heat from investor apprehensions. With a jaw-dropping dip of $200 billion in market value in a mere two-day span, one has to wonder what threw a wrench into Apple’s usually smooth operations. Unveiling the core reasons behind this nosedive reveals an intricate interplay … Read more Apple, the tech titan revered for its groundbreaking products, recently felt the heat from investor apprehensions. With a jaw-dropping dip of $200 billion in market value in a mere two-day span, one has to wonder what threw a wrench into Apple’s usually smooth operations. Unveiling the core reasons behind this nosedive reveals an intricate interplay of geopolitical tensions, robust competitors, and market dynamics. China’s Clampdown: A Spanner in the Works The root of Apple’s recent troubles can be traced back to Beijing. Rumblings suggest the Chinese government might be curbing the use of iPhones by its officials. While Apple might be on the brink of unveiling their latest smartphone – the iPhone 15, the Chinese debacle has cast a pall over…

    Article 2023年9月9日

  • Silicon Valley Bank England will get a new name

    TL;DR Breakdown Silicon Valley Bank’s UK branch is set to be renamed HSBC Innovation Banking next month. The sale of SVB UK to HSBC in March was facilitated by the British Government and the Bank of England. As the winds of change blow across the financial landscape, Silicon Valley Bank’s UK branch is poised to assume a new identity. The transformation is expected to be formalized in the coming month, with the once-innovative powerhouse transitioning into HSBC Innovation Banking, a move likely to stir excitement and speculation in equal measure. From Silicon Valley to London: The journey of a crisis-torn bank The Silicon Valley Bank, long hailed as a financial haven for startups, has had a tumultuous journey, culminating in the largest bank failure since the 2008 crisis. When the Californian regulators stepped in to close the beleaguered bank, the aftershocks reverberated through the global markets, leaving companies and investors grappling with the fallout. The Federal Deposit Insurance Corporation (FDIC) took up the mantle as the bank’s receiver, while the bank itself waded through bankruptcy proceedings. This crisis triggered the…

    Article 2023年6月2日

  • Binance.US pushes back against SEC’s “unreasonable” deposition requests: Details

    TL;DR Breakdown Binance.US has opposed the SEC’s demands for further depositions, calling them “unreasonable” and “overly broad.” The legal battle escalated after a protective motion was agreed upon, requiring confidential information to be filed under seal. Description In a recent legal development that has caught the attention of the cryptocurrency community, Binance.US has vehemently opposed the U.S. Securities and Exchange Commission’s (SEC) motion to compel further details from the exchange.  Attorneys for BAM Trading Services, the entity that operates Binance.US, filed sealed documents on September 12, arguing that the SEC’s requests for … Read more In a recent legal development that has caught the attention of the cryptocurrency community, Binance.US has vehemently opposed the U.S. Securities and Exchange Commission’s (SEC) motion to compel further details from the exchange.  Attorneys for BAM Trading Services, the entity that operates Binance.US, filed sealed documents on September 12, arguing that the SEC’s requests for production and interrogatories were “overly broad, unduly burdensome,” and went “beyond the scope of the consent order.” The SEC had demanded depositions from BAM CEO Brian Shroder and Chief Financial…

    Article 2023年9月13日

  • Coinbase makes move to buy back junk bond

    TL;DR Breakdown Coinbase plans to repurchase up to $150 million of its 3.625% junk bonds maturing by 2031. The move comes as Bitcoin’s value approaches its 2023 peak. Investors can earn between $615-$645 per $1,000 principal in the buyback. Description In a bold financial move, Coinbase Global Inc., a leading force in the world of cryptocurrency, has signaled its intention to reclaim a chunk of its outstanding junk bonds. This maneuver comes as the cryptocurrency giant’s valuation teeters close to its annual zenith. A closer look at Coinbase’s offer Coinbase’s announcement indicated its willingness to … Read more In a bold financial move, Coinbase Global Inc., a leading force in the world of cryptocurrency, has signaled its intention to reclaim a chunk of its outstanding junk bonds. This maneuver comes as the cryptocurrency giant’s valuation teeters close to its annual zenith. A closer look at Coinbase’s offer Coinbase’s announcement indicated its willingness to repurchase up to $150 million of its 3.625% notes, which mature by October 2031. Those investors opting for the buyback stand to earn between $615 and $645…

    Article 2023年8月9日
TOP