Coinbase aims to remove friction points in crypto adoption with user-friendly applications, making blockchain accessible to a billion new users.
Coinbase, one of the leading cryptocurrency exchanges, is focused on eliminating barriers to mass adoption of blockchain technology. According to Chintan Turakhia, Coinbase’s senior director of engineering, creating beginner-friendly applications is crucial for bringing a billion new users into the crypto space.
Key Points:
Removing Friction Points:
The current onboarding process for new crypto users is complex and deters mass adoption.
Key friction points include setting up wallets, handling seed phrases, paying transaction fees, and acquiring blockchain-native tokens.
Coinbase Smart Wallet:
Coinbase’s new smart wallet simplifies user sign-ins with account names and passcodes, replacing the complex seed phrases.
The wallet supports the Ethereum mainnet and other Ethereum Virtual Machine (EVM)-compatible blockchains.
Gas fees for transactions are sponsored by Coinbase to further ease the onboarding process.
Consumer Applications for Mass Adoption:
Consumer apps with daily usage potential, enhanced by blockchain technology, are seen as the path to mass adoption.
An example is the Telegram-based mini-game Hamster Kombat, which rapidly gained over 239 million users.
Coinbase’s Vision:
Turakhia emphasizes that for crypto to reach mainstream adoption, applications need to be engaging and user-friendly.
Coinbase is committed to creating such applications to make the transition into the crypto world seamless for new users.
Coinbase’s efforts to simplify the crypto onboarding process are aimed at attracting the next billion users to the blockchain ecosystem. By addressing friction points and developing user-friendly applications, Coinbase is paving the way for the mainstream adoption of cryptocurrency.
Source: Cointelegraph
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