First experience with Coinbase Smart Wallet: Use an encrypted wallet like Alipay, achieve “free mint” with 0 gas

Recently, Coinbase announced the launch of Coinbase Smart Wallet to the public, bringing more than 1 billion users into the world of blockchain by simplifying the user experience of blockchain.

In February of this year, Coinbase announced the concept of its smart wallet for the first time on ETHDenver and provided a beta version to developers.

So, what does the Coinbase smart wallet look like from a user's perspective? What are their capabilities limitations? Is it safe?

ChainCatcher will help you experience it first.

Coinbase Smart WalletWhat is it

As a new and upgraded self-hosted wallet, Coinbase says its smart wallet solves the current cryptocurrency experience Several major pain points include the complex onboarding process, high network fees, and the need for cumbersome steps such as recovery phrases.

Coinbase Smart Wallet provides a simple, gas-free on-chain experience, supports multiple chains and integrates with major applications, allowing users to use blockchain technology as easily as logging into their favorite website Simple.

In addition, by integrating with next-generation Layer 2 networks (such as Base), Coinbase Smart Wallet further improves the efficiency and cost-effectiveness of on-chain, making on-chain easy, fast and cheap.

Coinbase said that for existing wallet users, officials will build migration tools in the wallet application and support smart wallets in the next few months.

Coinbase Smart WalletFirst experience

As Coinbase Senior Product Director Siddharth Coelho-Prabhu said, “Smart wallet is what we will achieve in more than 10 An important breakthrough for the goal of bringing blockchain to 100 million users."

The convenience and smoothness of Coinbase smart wallet reflect this.

When a new user enters the login interface, the smart wallet creation interface will appear.

After clicking the create interface, the user will see the wallet creation page. Select Passkey (Icloud Face ID, Google Chrome profile) to create a wallet smoothly.

Compared with most wallets that require independent creation of passwords and accounts, the creation of Coinbase smart wallet is more of a "fool operation" based on Web2, which is more convenient and simple.

In addition, the mnemonic phrase can be directly backed up in Icould, eliminating the need for user backup.

After entering the Coinbase smart wallet, the function is the same as the previous wallet. Users can add related crypto assets at will.

Currently, the Coinbase wallet page has been automatically updated to a smart wallet page, and the "go onchain" test task has been launched on the "Learn" page. The tasks are divided into, "Swap", "Set currency of interest", "Mint NFT", "Bridge", "Staking" and "Earn Token Rewards through Tasks", users can experience the functional updates of the smart wallet by completing tasks. In addition, completing any three of the test tasks can earn "Evolving Explorers" "NFT rewards.

For old users, the changes in Mint NFT are more intuitive than the registration process.

Users can directly mint the three free mint NFTs provided by Coinbase without paying gas fees. The network cost will be directly displayed as "0". It only takes a few minutes for the NFT to be successfully minted and appear in the wallet. For NFT players, this is truly free in nature. They no longer have to worry about the project issuing some so-called "free mint assassins" for gas fees. Some NFT players likened the smoothness of its operation to " "Order takeout", in Coinbase smart wallet, mint NFT is as smooth and convenient as ordering takeout.

#While being convenient, Coinbase has not sacrificed security.

When "Swap", "Set currency of interest", "Bridge", "Pledge" and other interactions on the asset chain are involved, the Coinbase smart wallet, like the traditional wallet, requires transaction confirmation, which also ensures Entire transaction security.

In the Coinbase smart wallet system, the Web3 wallet seems to have become the "Alipay" in Web2. On-chain interactions no longer require complex signatures, private keys, and face recognition to log in, and operations can be completed with just one click. .

Lower the threshold for users to enter the world of the web3

Resolve barriers to entry

Coelho-Prabhu wrote in the blog post: "Until now, on-chain operations (for traditional wallets) have been slow, expensive and difficult, requiring the installation of a separate wallet application and the use of a third-party wallet. Generation Blockchain”.

Unlike the recovery phrases, apps and extensions used on previous generations of traditional wallets for accessing DeFi apps and services, Smart Wallets use industry-standard Passkeys and have been equipped with a Companion web portals connected to the Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB and Zora networks.

Users only need any common Passkeys, including Face ID, Google Chrome profile, Yubikey, fingerprint unlock function to create a free, secure self-hosted wallet in seconds, without downloading an app or extension and no need to deal with recovery phrases.

Easy on-chain payments

Coelho-Prabhu said: “Coinbase Smart Wallet allows users to create a free, secure, Self-hosted wallets. They simplify the sign-up process, reduce the number of transactions that need to be signed, and allow you to use your Coinbase balance seamlessly.”

Coinbase is trying to solve the fragmentation problem that occurs when users must manage balances in multiple wallets for cryptographic interactions in traditional wallets.

Supports self-hosted wallet balance or Coinbase account balance payment in Coinbase smart wallet. Users do not have to worry about encountering "insufficient balance" errors during interaction.

Portability across applications

In the Coinbase Smart Wallet, users can seamlessly use Coinbase balances without requiring an excessive number of signed transactions, integrating wallets, Bring identity and balance to thousands of on-chain applications. and is available for hundreds of EVM-compatible applications that are already integrated with the Coinbase Wallet SDK.

FreeGasFee-free transactions

Developers can choose to provide a gas-free experience and set it up through a payment agent Become a customer to sponsor a deal. In other words, developers or other parties can bear the gas fees of users to provide free products or services. This is undoubtedly a great help to some free mint projects. Users do not need to pay the gas fees generated by mint operations, truly realizing on-chain free mint.

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