Coinbase Smart Contract Wallet has introduced a Smart Contract Wallet that features a shorter onboarding process and does not charge gas fees. Transactions of Ethereum, BNB, Polygon, and other cryptocurrencies can be completed without any problems using the smart contract wallet. It is possible for developers who use the smart contract wallet to avoid paying gas fees.
A cryptocurrency exchange that is among the most prominent in the industry, Coinbase, has recently introduced its most recent innovation, the Coinbase Smart Contract Wallet. This move is intended to improve the customer experience and make bitcoin transactions more efficient. The revolutionary smart wallet promises to transform how users interact with cryptocurrencies by eliminating gas fees and simplifying the onboarding process.
Key features of the Coinbase Smart Contract Wallet
Unlike traditional wallets, which need users to handle complicated recovery phrases and incur gas fees for transactions, the Coinbase Smart Contract Wallet provides a hassle-free and economical solution. Onboarding is made much easier with the smart contract wallet, which is one of the most essential advantages of this wallet.
Users can generate a new wallet and join a blockchain without downloading extra applications or managing recovery phrases. Face ID, fingerprint ID, and Yubikey are some of the authentication methods available through the smart wallet, which incorporates seamlessly with significant applications and enables several authentication methods.
In addition, the intelligent wallet provides users complete control over their cash by ensuring they are in self-custody. Coinbase users can make payments straight from their Coinbase Wallet or Coinbase account. Which further enhances the simplicity and accessibility of the platform. Integrating the Coinbase Smart Contract Wallet with major blockchain networks is yet another noteworthy feature of this wallet.
At its launch, the wallet will be compatible with many other networks, such as Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB Chain, and Zora. User access to various cryptocurrencies and decentralized apps (DApps). It can be gained through a single platform thanks to the support of many chains.
Additionally, Coinbase has launched a one-of-a-kind functionality. That enables developers to avoid paying gas fees by sponsoring transactions through a paymaster. By doing so, developers are incentivized to encourage. The widespread adoption of the intelligent wallet contributes to a more straightforward user experience.
The companion web application acts as the principal platform for users, providing them extensive control of their assets and identities. In addition, attributes such as buying, sending, trading, non-fungible tokens (NFTs), and transaction history are included. Coinbase aims to provide users a seamless and user-friendly experience throughout their interactions with the smart wallet.
Loopring and Argent pioneered the smart contract wallets.
Coinbase is not the first company to introduce a wallet that supports smart contracts. It is only expanding upon the development of intelligent wallet technology, which is becoming increasingly popular in the Bitcoin world.
Loopring and Argent are two examples of pioneers in developing innovative contract wallet technology. Compared to more conventional wallet options, these wallets provide increased security, improved usability, and cost-effectiveness.
