Blockchain veteran Peter Jihoon Kim, Coinbase Wallet’s head of engineering, explained how its new Web3 browser advances UX in crypto
Mr. Kim explains how his team managed to strike the perfect balance between the security and user-friendliness of cryptocurrency wallets and built-in Web3 browser tools.
Coinbase unveils MPC-powered wallet, a one-stop tool for DeFi era
Coinbase Wallet’s head of engineering has taken to Twitter to share a thread about the milestones his team accomplished with the release of an in-wallet Web3 browser.
The new product supports Polygon (MATIC), Optimism (OP), and Arbitrum-enabled EVM networks and other types of blockchains like Bitcoin (BTC), Dogecoin (DOGE), and Stellar (XLM).
While self-custodial wallets remain the safest option for retail and institutional holders, the problem of key loss is among the most frequent for crypto enthusiasts.
As such, Coinbase has created a “semi-guardian” system based on Multiparty Computing (MPC). It allows Coinbase and its users to hold the portions of data necessary to authorize transactions; if one party is attacked, the funds remain safe.
At the same time, this design is suitable for the entire stack of operations in DeFi and NFTs, including dApps browsing, staking, lending, farming and so on.
Redesigned hiring strategy for resource optimization
Blockchain recognizes these wallets as “externally held accounts”: the contract-based design was abandoned due to low resource efficiency.
All operations of the new browser-wallet system can be authorized by password and 2FA; this solution meets the strictest security requirements.
As previously reported by U.Today, the Coinbase director announced that the platform will reduce its hiring activity to make its operations more efficient.