Coinbase’s Base Blockchain Bracing for an Explosion with “Most Consequential” Consumer Wallet Launch
In a recent tweet, crypto recruiter Dan Gambardello has sparked excitement about the imminent launch of Coinbase’s smart wallet, hailing it as the “most consequential consumer wallet launched in the last 5 years.” This development is poised to bridge web2 users into the world of web3 on an unprecedented scale, leveraging Coinbase’s colossal user base of over 100 million.
Gambardello, an early adopter of Coinbase’s Layer 2 solution, Base, has been impressed with its continuous improvement since its launch last summer. While acknowledging that Base may not be the decentralized solution some crypto purists desire, he firmly believes that its user-friendly approach will catalyze mass adoption.
The Coinbase smart wallet promises to revolutionize the user experience by offering several key features tailored to the needs of mainstream audiences. These include almost instant wallet creation without the hassle of seed phrases, seamless integration with decentralized applications (dApps), biometric security favored by many web2 users, and low fees.
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Show more +Jesse Pollak, the creator of Base, has underscored the significance of this wallet, dubbing it the “most consequential consumer wallet launched in the last 5 years.” This statement underscores the potential for a paradigm shift, where the barriers to entry into web3 are lowered for the masses.
While Gambardello recognizes that some crypto enthusiasts may resist the centralized aspects of Base, he remains bullish on the opportunities presented by this development. As Coinbase, the market leader in onboarding new users, launches this smart wallet, Gambardello foresees an “explosion” of activity on Base.
The article explains some key terms:
Web2 and Web3: Web2 refers to the current iteration of the internet dominated by centralized platforms, while Web3 represents the decentralized and blockchain-powered vision of the internet’s future.
Layer 2: A Layer 2 solution is a scaling technique that processes transactions off the main blockchain (Layer 1) to improve speed and reduce fees, while inheriting the security of the base layer.
Decentralized Applications (dApps): These are applications that run on decentralized networks like blockchains, rather than being controlled by a single entity.
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