Coinbase Smart Contract Wallet, enhanced with a Smart Contract Wallet, reduces the onboarding time and does not charge any gas fees. The smart contract wallet can complete Ethereum, BNB, Polygon, and other cryptocurrency transactions without any problems. Developers who use the smart contract wallet may even skip the gas fees.
A leading name in the world of cryptocurrency, Coinbase, has recently introduced its latest development, the Coinbase Smart Contract Wallet. One objective is to raise customer satisfaction and speed up Bitcoin transactions. The new and improved smart wallet will change how users deal with cryptocurrencies by eliminating gas fees and making the onboarding process easier.
Key features of the Coinbase Smart Contract Wallet
Coinbase Smart Contract Wallet is easy and cheap to use. You do not need to type complex recovery phrases to use it, and you do not pay a lot for gas. Smart contracts make the onboarding process very easy, which is what makes the wallet stand out.
When creating a wallet, there is no need to type in data. The smart contract takes care of joining the app to the blockchain. You can also use your phone’s fingerprint ID or face ID to log in to the smart wallet. There are A few options for how you want to log in, several apps, and it is key.
Only users manage their funds. They cannot use their Coinbase Wallet or Coinbase account as a payment method. This makes the platform easy to use for new users. Another highlight is that the wallet syncs to core blockchains like Ethereum, Algorand, etc.
First, it covers various networks like Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB Chain, and Zora. Users can access numerous cryptocurrencies and decentralized applications, yet only one can access numerous chains, which is very convenient. Coinbase also enables developers to sponsor transactions, thereby reducing the need for gas fees. This is a way of saying that it takes away some costs. It makes it easier for users, which is good.
The web application provides users with access to their funds and control over their accounts. Users can buy, transfer, trade coins and tokens, and view transaction history. Coinbase aims to enable smooth and easy interaction for its users through the Wallet application.
Loopring and Argent pioneered the smart contract wallets
Coinbase is not the first company to develop a wallet that supports smart contracts. It is only going beyond the technology of smart wallets, which are steadily catching on among the Bitcoin community.
The intelligent contract wallet known as a technology is the brainchild of Loopring and Argent. Although these are smart contract wallets, they were developed with the base layer of smart contracts. Hence, security, simplicity, and cost-efficiency became the main features of these wallets compared to regular wallets.
FAQs
How does Coinbase Smart Contract Wallet make transactions easier?
It allows users to complete transactions across multiple cryptocurrencies and blockchains, including Ethereum and BNB, without paying gas fees.
What features make Coinbase Smart Contract Wallet user-friendly?
The wallet features simple onboarding, fingerprint or face ID login, and does not require users to enter recovery phrases.
How does Coinbase help developers with transactions?
Coinbase allows developers to sponsor transactions, helping reduce the need for gas fees and making the platform more cost-effective for users.
How does Coinbase's Smart Contract Wallet compare to others?
While Loopring and Argent pioneered smart contract wallets, Coinbase enhances the technology with broader blockchain compatibility and user-centric features.
