Coinbase has continually proved to be one of the first cryptocentric companies in this nascent industry. And today's announcement has only cemented this theme, with Coinbase making a move to renew the popular Toshi mobile wallet to better adapt to the company's relentless drive towards innovation.
This change happens through a post made on Medium, with Siddharth Coelho-Prabhu, a Toshi developer (Coinbase by extension), writing, "hello Toshi, (e) hello Coinbase Wallet."
Toshi is now Coinbase Wallet! 🎉 https://t.co/GEi9roFmlL
You might think, "It's great and everything, but what does this mean for consumers like you? same? "Well, with this move, Toshi will become a native member of the Coinbase ecosystem and will be renewed to become even better in trying to meet the goals and aspirations of the Menlo Park company. As Coinbase Wallet's Product Pass explains:
"This is not just a new name, but part of a major effort to invest in products that will define the future of the decentralized web and make this future accessible to everyone." [19659007] For those who are not aware, the Toshi project was launched just over a year ago and presents the world's first decentralized decentralized application (DApp) browser. Only a few months later, Toshi became the first portfolio to support collectible cryptography, such as CryptoKitties and the like. Although these moves were appreciated by many, the main goal of Toshi (Coinbase) was to facilitate an easy-to-use decentralized ecosystem through a simple mobile app.
Image courtesy of Coinbase
Unlike the competition, Toshi, now called Coinbase Wallet, allows users to store their private keys inside the device, rather than in a centralized server (easily hackable). Not only are funds controlled by the user, but private keys are protected by the so-called "secure enclave" and through biometric authentication methods.
But for Coinbase, this portfolio is much more than a place to store your cryptocurrencies, but more than a "starting point for exploring the decentralized web and its possibilities." To this fact, the cryptocurrency giant listed the features supported by the application, which are as follows:
Manage ETH and all your ERC-20 tokens (very soon we will support BTC, BCH and LTC).
Receive ICO tokens and tokens.
Buy and sell collectible crypts – non-fungible tokens that are unique – and use them in games, or exchange them on the markets.
Send payments to anyone anywhere, without geographical boundaries or commissions.
Access to decentralized exchanges and relays to buy and sell tokens.
Explore the entire universe of third-party DApp that allows everyone to get a loan or loan to others on the blockchain to earn crypts by answering questions, executing services, or completing tasks.
Taking these characteristics into account, Coinbase Wallet quickly became a preferred platform for many cryptocurrency users, including entrepreneurs and companies seeking DApp adoption.
Users expressed their excitement for this move, with a Reddit user going to Brady421, praising Coinbase for making moves in a bear market, writing:
The concluding remarks of the above medium post echo this sentiment, claiming that this was only a small move towards an" open financial system " "through the adoption and the real world use of crypto and DApps.
