Through New Features, Coinbase Wallet Improves Transparency and Security

The Wallet app is getting an update from Coinbase to improve security and usability. The bitcoin exchange unveiled a number of brand-new features for users of its Wallet on Monday. that seek to improve blockchain transparency and security. These consist of spam token management, token approval alerts, a blocklist of flagged dApps, and transactions preview. It instantly hides objects which have been maliciously successfully deployed. Token authorization alerts aim to clearly inform the user whether a dApp is trying to take their cryptocurrencies or NFTs. While transactional previews will help Wallet users fully appreciate how their Wallet balances would change after dealing with a smart contract before committing.

Lack Transparency and Are Frequently Aggressive

In a blog post, Coinbase Product Manager Ayoola John provided an explanation of the modifications' justifications, claiming that because crypto transactions “are frequently scary and lack transparency,” consumers are vulnerable to “phishing attempts, fraudulent airdrops, and other sorts of scams.”

Additionally, Coinbase has improved its revoking capability to allow users to disconnect from dApps straight from the Wallet app while also enabling users with multiple Web3 identities and different crypto wallets. Last but not least, the browser extension for the Wallet app now permits storing up to 15 different Ledger accounts. When dealing with any “tagged” dApp, wallet users will be alerted before entering into slightly dangerous contracts, which must result in fewer victims of phishing scams and wallet drainers. Only a few days prior, Proof creator Kevin Rose had over $1 million worth of NFTs taken from his wallet during a phishing attack. This brings us to the newest Coinbase Wallet capabilities.

About Coinbase

Cryptocurrency has quickly grown from a modest alternative investment to one with a market value of hundreds of billions of dollars. You've probably heard of Coinbase if you're wanting to invest in cryptocurrencies or use them as a payment method. It is after all one of the most widely used bitcoin exchanges online, with millions of users. Additionally, it is among the simplest methods for purchasing cryptocurrencies, which has contributed to its meteoric rise to fame.

In a short, Coinbase is an exchange where you can buy well-known cryptocurrencies like Bitcoin, Ethereum, and Solana. There are more than 120 distinct kinds of cryptocurrencies on Coinbase, albeit not all of them are enabled. In the meantime, there are tens of thousands of various cryptocurrencies out there. Nevertheless, Coinbase allows you trade the most well-liked crypto kinds, so it is effective for the majority of uses. Because of all of this, Coinbase is a wonderful option for novice cryptocurrency traders to buy and sell their preferred coins.

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

iOS: t.ly/UUCj

Android: t.ly/cfYt