By enabling a new suite of safety features, Coinbase Wallet will make the web3 exploration experience safer and more secure for everyone who uses it.
Focusing on the Security
Coinbase announced that it would be focusing on the security of Web3 use cases and that the company would be offering new features within the wallet. They believe that blockchain technology will allow for the development of new forms of digital ownership, as well as new ways of interacting and transacting with others in the future.
The social media landscape of today is often characterized by intimidating interactions and a lack of trustworthiness. This has led to a rise in phishing attacks, malicious airdrops, and other types of scams targeting web3 users as a result of this.
The company believes that smart contracts can be difficult to understand, but they should not be a distraction from your transactions. The Coinbase Wallet makes it easy for users to understand how dApps can interact with their assets by providing a clear picture of how a third-party dApp will interact with them.
The Coinbase Wallet has been enhanced with two new features as a result of this update. There are several things you can do with Transaction previews. With the aid of Coinbase Wallet, you will now be able to see an estimate of the change in your token and NFT balance before you confirm a transaction, giving you more peace of mind as you conduct swaps, mint NFTs, and transact in web3.
Another important change that has been made is the token approval alerts. A dApp may request your approval to withdraw your crypto or NFTs. Such action needs to be approved by you. While it is widely recommended that users conduct their research before permitting a dApp to access their assets, it is a good idea to do so as well.
Crypto and NFT users need these types of features to protect themselves since scammers/hackers are deploying an array of tools to hijack transactions and transfer funds to themselves rather than to the original recipient.
Malware is one of the most popular methods of duping even experienced crypto users, which includes phishing attacks and scam airdrops that direct people to click on links that contain malicious code. There may be some new features that can make them more secure.
Despite this, the most important way to deal with the challenges is through research and education. It is expected that the new move by Coinbase will result in more exchanges and companies developing and offering crypto wallets that are more secure and offer more features.