Coinbase Wallet Launches Messaging Similar to WhatsApp
Introducing a direct messaging function that enables users to speak with one another on the platform is Coinbase Wallet, a self-custody cryptocurrency wallet.
Users will be able to send and receive messages using their blockchain addresses to other users on the wallet thanks to the new functionality, which is supported by the Extensible Message Transport Protocol (XMTP) protocol.
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Message Direct on Crypto
Users can connect to Web3 and blockchain-based websites and services, gather NFTs, buy and sell bitcoin, and transfer digital assets between networks using the Coinbase Wallet platform.
However, users would use third-party messaging services like Twitter, Discord, and Telegram to get in touch with other users regarding transactions. The process would become time-consuming and vulnerable to fraud as a result of an external back-and-forth while seeking to confirm transaction data.
Users with usernames ending in cb.id,.eth, or Lens will be able to message one another using this functionality. The messaging tool is end-to-end encrypted, giving privacy and protection from unauthorised access, claims Coinbase.
The function provides the opportunity to block accounts from which one would prefer not to receive messages, much like Whatsapp.
According to Coinbase, lowering fraud in the bitcoin business was one of the reasons the feature was released. Direct communication with the recipient’s Web3 identification helps avoid problems like inadvertent cryptocurrency transactions to the wrong address.
Users are also shielded against fraudulent social media identities claiming to possess wallet addresses and misleading claims of.eth address ownership. According to Coinbase, the chat tool might “eliminate unnecessary risk and potential losses”.
Siddharth Coelho-Prabhu, director of product management at Coinbase, said in a statement to TechCrunch: “You won’t have to worry about if you’re actually talking to Punk6529, you can see their balances and transactions — and that level of safety, security and convenience is a big upgrade.”
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Independent Communication
The majority of the time, communications functions are centralised and tailored to the platform. In order to decentralise communication, Coinbase selected the XMTP protocol, allowing users to keep and carry on their chats on other XMTP-based services like Lenster or OrbApp.
“Now that your message data and chats are linked to your wallet address and not just one firm, you may take them with you. Your conversations are always portable to any other XMTP-compatible application. Your chats will automatically transfer, allowing you to concentrate on connecting, according to the cryptocurrency company.
Users with a Lens profile or those who scan the QR code on the company’s blog post can access the functionality, which is still in the early stages of rollout. Based on its Q1 2023 shareholder letter, it will eventually be fully accessible to all 1.3 million Ethereum addresses in the 100 nations where the Coinbase Wallet is available.
The new function will provide users the opportunity to make new relationships in the NFT area in addition to message sending. Owners of NFTs and POAPs will have direct access to other people who possess the same asset as them. They can also make an offer to the owner of a resource they are interested in.
This breakthrough opens up a brand-new front in the cryptocurrency world. There are two different categories of people who will use the texting feature, according to Coelho-Prabhu. One category is people who want to transact money in more reliable settings.
The other category consists of early adopters who are already a part of the ecosystem and are seeking for ways to get in touch with other companies operating in the same niche. “Even without crypto transactions, the idea that communication can happen under this paradigm is new,” he asserts.
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