Coinbase Wallet launches instant messaging feature with XMTP

Coinbase Wallet users tin present nonstop instant messages to each different utilizing their Ethereum identities, according to a  July 12 blog station from Coinbase. The caller diagnostic relies connected the Extensible Message Transport Protocol (XMTP), an instant messaging strategy that allows users to pass utilizing blockchain addresses. XMTP is besides utilized by decentralized societal media web Lens.

Demo of Coinbase Wallet instant messaging function. Source: Coinbase

According to Coinbase’s post, prime wallet users tin present nonstop messages to each other’s cb.id, .eth, oregon Lens usernames. The diagnostic is being rolled retired archetypal to each users who scan a QR codification from the blog station oregon who ain Lens profiles, with each users gaining entree astatine immoderate constituent successful the future. Messages are end-to-end encrypted to guarantee privacy, and users tin artifact addresses they don’t privation to spot messages from.

Coinbase stated that 1 of the motivations for releasing the diagnostic was to chopped down connected fraud successful the crypto community. Since users tin present nonstop messages straight to the proprietor of a wallet address, they won't request to trust connected a abstracted level for messaging wherever the recipient’s Web3 individuality whitethorn not beryllium verifiable. Coinbase said this whitethorn “eliminate unnecessary hazard and imaginable losses.”

Currently, the astir often utilized chat apps for crypto users are Twitter, Discord, and Telegram, nary of which presently let users to verify their Web3 identities.

The institution besides argued that utilizing XMTP for messaging reduces centralization. If Coinbase stops offering its wallet oregon ceases to beryllium arsenic a company, users tin inactive support their XMTP chat histories and presumption them utilizing different XMTP apps specified arsenic Lenster oregon OrbApp. "Your chats volition transportation automatically, truthful you tin absorption connected connecting," Coinbase stated.

According to the XMTP documents, the messaging protocol runs connected a web whose nodes are 100% owned by its developer, XMTP Labs. However, the documents besides accidental the institution is “working toward a phased decentralization of the network."

Related: Web3 usernames whitethorn spot greater adoption owed to caller advancements

In a speech with Cointelegraph, XMTP co-founder Shane Mac reiterated this constituent astir the worth of decentralization. He emphasized that XMTP is not a societal media oregon instant messaging app. Instead, it is simply a protocol that different applications similar Coinbase Wallet and Lens tin use. In his view, this allows users  to take which app they privation to usage without having to springiness up their identities oregon chat histories if they alteration apps.

“To truly person a web that is interoperable and decentralized, developers person to privation to physique connected apical of it. So we person implicit 400 developers gathering connected apical of XMTP[...]You truly person to incentivize developers to physique with you, not to physique a closed-walled silo.”

Coinbase Wallet has been portion of a increasing question to summation adoption of Web3 usernames. It offered escaped cb.id usernames to each users successful September, which helped to create a surge successful registrations arsenic the twelvemonth came to a close. Web3 usernames let users to nonstop crypto to a human-readable sanction alternatively of the agelong strings of characters that marque up a crypto address.

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