TL;DR
- Coinbase announces two new wallet solutions: a smart wallet that eliminates seed phrases and a wallet SDK that enables on-chain integration for apps.
- The smart wallet uses biometric, cloud, and social recovery methods to secure and restore the user’s funds and identity. It runs on Base, a layer-2 network by Coinbase that supports account abstraction.
- The wallet SDK allows developers to create applications that interact with the blockchain without requiring a separate wallet app. It supports various use cases and provides a user-friendly interface.
Coinbase, one of the leading cryptocurrency platforms, has announced two new wallet solutions that aim to improve the user experience and adoption of on-chain transactions. The first solution is a smart wallet feature that eliminates the need for lengthy seed phrases, which are often difficult to remember and store securely.
The second solution is a wallet SDK that allows developers to easily integrate on-chain functionality into their applications. The smart wallet feature, which is currently in beta testing, uses a combination of biometric authentication, cloud backup, and social recovery to protect the user’s funds and identity.
Users can access their wallet using their fingerprint or face scan, and restore their wallet from the cloud if they lose their device. Additionally, users can designate trusted contacts who can help them recover their wallet in case of an emergency.
The crypto wallet is a test version that runs on Base, a layer-2 network by Coinbase. It uses account abstraction, a blockchain feature that lets users get their accounts back if they forget their keys.
Wallet SDK Allows Developers to Integrate On-Chain Functionality into Their Apps
In their blog post, the Base team said they want smart wallets to be the norm by 2024. Smart wallets can overcome the security and usability issues that prevent more people from using on-chain services. They can also make it easier for users to join and for developers to create better experiences.
The wallet SDK, which is available for iOS and Android, enables developers to create applications that interact with the blockchain without requiring the user to download a separate wallet app. The SDK supports various use cases, such as sending and receiving crypto, paying with crypto, and accessing decentralized applications (DApps).
The SDK also provides a user interface that guides the user through the on-chain process and educates them about the benefits and risks of using crypto. Coinbase’s new wallet solutions are part of its vision to make crypto more accessible and mainstream.
By simplifying the on-chain experience and empowering developers to build innovative applications, Coinbase hopes to attract more users and foster more adoption of the decentralized web.
