Coinbase has relaunched its portfolio offering to try to become the "gateway to decentralized Internet access". We hope it's more than just a re-branding exercise.
In a recent blog post, Coinbase announced that it is renewing its portfolio offering, withdrawing Toshi and opening the door to Coinbase Wallet – an undeniably direct and to the point. Perhaps all the new users that Coinbase is recording have not understood what a "Toshi" is.
However, Coinbase wants to make it clear that this is not just a renaming or rebranding to increase awareness of a pre-existing product. The original Toshi app was launched about a year ago and has become one of the favorite choices for those in their cryptocurrency.
The popular exchange of cryptocurrency has highlighted some of the new features, which seem more complete than the typical stand-alone app wallet
As a user of Coinbase Wallet you will be able to do everything that you expect, how to manage and send cryptocurrency to another portfolio. For now, users will be able to use the portfolio with Ethereum ETH and all ERC20 tokens, but support for Btcoin, Bitcoin Cash and Litecoin is coming.
You will also be able to use the app to receive airdrop tokens, purchase and store non-fungible tokens (unique and non-receptive) and access a whole world of dApp (decentralized applications).
For some this may not be surprising, since Coinbase made a series of latley acquisitions. The most interesting thing was the acquisition of the decentralized browser and appp wallet, Cipher Browser. Not to mention Coinbase also announced this week the acquisition of Distributed Systems to help develop identity management apps. Perhaps Coinbase Wallet promises to include an identity management feature in the future.
In addition, Coinbase has stated that the app and private keys are stored and protected in the smartphone's "Secure Enclave" and authenticated using "biometric authentication technology."
Assuming that "Secure Eclave" is a type of trusted execution environment (TEE), (a section of the phone hardware that keeps sensitive information separate from the main CPU and from storage), the funds should be as safe as could be on a smartphone – at least in principle.
Considering our recent surveys on smartphones as cryptocurrency portfolios, the point that you should never store more than you can afford to lose on a phone should remain, even if the app wallet is the gateway to the phone. ; Decentralized Internet.
Published August 16, 2018 – 09:53 UTC