Coinbase Wallet launches instant messaging functionality with XMTP
The new feature offers end-to-end encrypted private messaging for anyone with a cb.id username, an .eth domain or a Lens ID.
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Coinbase Wallet users can now IM each other using their Ethereum identities, according to a July 12 Coinbase blog post. The new feature is based on the Extensible Message Transport Protocol (XMTP), an instant messaging system that allows users to communicate using blockchain addresses. XMTP is also used by the decentralized social media network Lens.
Demo of the Coinbase Wallet instant messaging feature. Source: CoinbaseAccording to Coinbase's post, some wallet users can now message each other's cb.id, .eth, or Lens usernames. The feature is first rolling out to all users who scan a QR code from the blog or have Lens profiles, with all users accessing it at some point in the future. Messages are end-to-end encrypted to ensure privacy, and users can block addresses whose messages they don't want to see.
Coinbase said one of the motivations for releasing the feature was to reduce fraud in the crypto community. Since users can now send messages directly to the owner of a wallet address, they won't need to rely on a separate platform for messaging where the recipient's Web3 identity may not be verifiable. Coinbase said this could "eliminate unnecessary risk and potential loss".
Currently the most used chat apps for crypto users are Twitter, Discord, and Telegram, none of which currently allow users to verify their Web3 identity.
The company also argued that using XMTP for messaging reduces centralization. If Coinbase ceases offering its wallet or ceases to exist as a company, users can still retain their XMTP chat histories and view them using other XMTP applications such as Lenster or OrbApp. "Your chats will transfer automatically, so you can focus on logging in," Coinbase said.
According to XMTP documents, the messaging protocol operates on a network whose nodes are 100% owned by its developer, XMTP Labs. However, the documents also indicate that the company...
The new feature offers end-to-end encrypted private messaging for anyone with a cb.id username, an .eth domain or a Lens ID.
News
Join us on social networks
Coinbase Wallet users can now IM each other using their Ethereum identities, according to a July 12 Coinbase blog post. The new feature is based on the Extensible Message Transport Protocol (XMTP), an instant messaging system that allows users to communicate using blockchain addresses. XMTP is also used by the decentralized social media network Lens.
Demo of the Coinbase Wallet instant messaging feature. Source: CoinbaseAccording to Coinbase's post, some wallet users can now message each other's cb.id, .eth, or Lens usernames. The feature is first rolling out to all users who scan a QR code from the blog or have Lens profiles, with all users accessing it at some point in the future. Messages are end-to-end encrypted to ensure privacy, and users can block addresses whose messages they don't want to see.
Coinbase said one of the motivations for releasing the feature was to reduce fraud in the crypto community. Since users can now send messages directly to the owner of a wallet address, they won't need to rely on a separate platform for messaging where the recipient's Web3 identity may not be verifiable. Coinbase said this could "eliminate unnecessary risk and potential loss".
Currently the most used chat apps for crypto users are Twitter, Discord, and Telegram, none of which currently allow users to verify their Web3 identity.
The company also argued that using XMTP for messaging reduces centralization. If Coinbase ceases offering its wallet or ceases to exist as a company, users can still retain their XMTP chat histories and view them using other XMTP applications such as Lenster or OrbApp. "Your chats will transfer automatically, so you can focus on logging in," Coinbase said.
According to XMTP documents, the messaging protocol operates on a network whose nodes are 100% owned by its developer, XMTP Labs. However, the documents also indicate that the company...
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