Toshi Is Now Coinbase Wallet, Coinbase Doubles Down On Digital Identity
Coinbase yet again has made a smart move and is expanding their current infrastructure, Toshi which is a multi-purpose wallet app through which Dapps can be accessed smoothly is now called Coinbase wallet.
It is no doubt that infrastructure products like wallets and interfaces similar to Toshi would be a huge part of the Crypto ecosystem it will be the gateway through which people will be accessing the decentralized web.
Toshi was developed by the Coinbase team a year ago as a Dapp browser, later expanded to be a wallet for Crypto collectibles like Crypto Kitties. They mention in their blog:
With Coinbase Wallet, your private keys are secured using your device’s Secure Enclave and biometric authentication technology.
By using the Coinbase wallet, now one can manage their ERC 20 tokens (BTC, CH and LTC soon), receive airdrop and ICO tokens, buy and store Crypto collectibles, send payments to anyone anywhere, access Decentralized exchanges and also explore various Dapps.
Interestingly a Twitterati Josh McGruff noted that 0x and Basic Attention Token were present in the Coinbase wallet picture “Uh, $BAT and $ZRX are in the wallet photo…?”.
These two tokens are among the five Crypto assets which Coinbase is looking to list in their exchange, it is fair to speculate that these two tokens could be listed first on the platform.
Toshi is now @CoinbaseWallet! This is not just a new name, but part of a larger effort to invest in products that will define the future of the decentralized web and make that future accessible to anyone. https://t.co/dIn5CRE6eZ pic.twitter.com/bmdQmpe6Gs
— Coinbase (@coinbase) August 15, 2018
Coinbase Acquires Digital identity startup Distributed systems
Coinbase also announced that they have acquired San Francisco based digital identity startup Distributed Systems. The startup composed of five people is working on a decentralized identity solution using Blockchain.
Online identity is a huge problem today where most of it is being handled by centralized companies like Facebook where the user is not exactly in control of his identity, Many believe that Blockchain could solve this problem in the new decentralized web where the user is in control of his identity and data and will choose on his own will to give access to third parties.
B Bryne, a product manager at Coinbase wrote in their blog:
A decentralized identity will let you prove that you own an identity, or that you have a relationship with the Social Security Administration, without making a copy of that identity. If you stretch your imagination a little further, you can imagine this applying to your photos, social media posts, and maybe one day your passport too.
Bryne also goes on to explain how we will own things in the decentralized web as opposed to just owning a copy in the current internet infrastructure, this could apply also to social security numbers where the users won’t have to share it with third-party companies to access their services.
With this acquisition, Coinbase will aim to integrate decentralized digital identity across their services.
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