On 15th August, prominent digital currency exchange Coinbase announced on Twitter that Toshi, an Ethereum Wallet, and dApp browser would be rebranded as Coinbase Wallet. According to Coinbase, the rebranding effort was initiated to capitalize on products that would potentially decide the future of the decentralized web, effectively making it available to everyone.
Coinbase has stated that there will come a time when the world at large will own a cryptocurrency wallet that permits them access to decentralized applications [dApps] and that very wallet would then be their entry into the financial system. Their focus is therefore set with that vision in mind.
The Toshi Wallet which was developed by the Coinbase team about a year ago allows users to interact with Web3 decentralized applications [dApps] powered by Ethereum on the devices of the users. The wallet enables users to easily and securely store, send and receive Ether and ERC2O tokens. Toshi is said to be the world’s first mobile dApp browser when it was first introduced. It is also the first wallet to launch cryptocurrency collectibles.
The Coinbase team has assured users that the wallet will secure the private keys of users by using the secure Enclave and biometric authentication technology on their devices.
What can the refurbished wallet offer users?
- Users will be able to handle all ETH and ERC20 related transactions. [Future support will include BTC, BTH, and LTC]
- Customers will be able to receive airdrops as well as ICO tokens
- Cryptocurrency collectibles [Non-fungible tokens] can be bought and stored. They can be used for trading and in several games
- Without the hassle of geographical barriers, users can send payments to anyone, anywhere in the world
- One can gain entry to prominent decentralized exchanges in order to buy and sell tokens
- By entering into the world of third-party dApps, users will be able to take loans, lend currency to the blockchain and earn cryptocurrencies as well. Coinbase has stated that all this can be done by “answering questions, performing services, or completing tasks.”
Boyweiser, a Twitter user added:
“Very good for mass adoption. Keep up the good work. I remember when Toshi was Token wallet.”
A Twitterati named Miketroyan commented:
“This is pointless without support for BTC. You might as well make a website that doesn’t work with Chrome.”
Another Twitter user, HauntedTrading said:
“Too soon! Made the ultimate sacrifice. RIP Toshi, the Mega Whale!”
Twitter user, NotGoxed added:
“ConbaseWallet! Let me do you a favor, noobs. Use a REAL wallet solution like @SamouraiWallet and not this Mickey Mouse shit.”
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