Coinbase launches mnemonic-free, gas-free smart wallet! Can it spark mass adoption of Web3?

This site (120bTC.coM): Coinbase, a US-listed cryptocurrency exchange, announced on Wednesday the launch of a new product "Smart Wallets", aiming to solve the current cryptocurrency experience. The biggest pain points: complex onboarding process, expensive network fees and mnemonic phrases make the transition to the chain smoother than ever.

Coinbase stated that the smart wallet provides a simple, gas-free on-chain experience, supports multiple chains, and integrates major applications, making using the blockchain as easy as logging into a website.

Note: Coinbase claims to be free of gas fees because developers are willing to sponsor it, so it is not completely free.

Coinbase claims that the current on-chain process is slow, expensive and difficult, requiring a separate wallet application to be installed and using first-generation blockchain technology. However, the wallet is extremely easy to use and supports next-generation Layer 2 networks such as Base. , laying the foundation for more people to access on-chain transactions.

For existing Coinbase wallet users, officials stated that they will build a migration tool in the Coinbase wallet application and support smart wallets in the next few months.

Making on-chain transactions easier

Coinbase stated that the smart wallet allows users to create a free, secure self-hosted wallet in seconds. This wallet simplifies the onboarding process and reduces the number of signatures required. number of transactions and allows users to use their Coinbase balance on-chain, no longer having to top up with gas fees or struggling with portability across applications.

With this smart wallet, users can mint NFTs, trade on decentralized exchanges, or diversify their investments through DeFi applications with just a few mouse clicks. The wallet allows users to enjoy smooth and intuitive experience without sacrificing self-hosting or security.

Key benefits of this wallet include:

• Easy to get started: Create a new wallet and get started in seconds without leaving the app you want to use or dealing with helpers To remember words, applications or extensions, you can register using Face ID, Google Chrome profile, fingerprint or Yubikey.

• Easy on-chain payments: Pay with your self-hosted wallet balance or Coinbase account balance and never encounter an insufficient balance error again.

• Cross-application portability: Bring wallets, identities, and balances to thousands of popular on-chain applications.

• Gas-free transactions: Developers can choose to provide a gas-free experience and integrate services through payment agents to sponsor customers' transactions.

Coinbase also provides a smart wallet web version application that includes asset and identity management, purchase, send, exchange, NFT and transaction history functions, which will provide smart wallet users with the ability to manage their The main platform for wallets.

Coinbase’s smart wallet initially supports 8 networks including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, and plans to add support for more networks in the future.

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