- End-to-end encryption protects users’ privacy as per the exchange.
- Users may maintain their XMTP conversation history.
Coinbase wallet users may now communicate with one another through instant messaging utilizing their Ethereum identities. The Extensible Message Transport Protocol (XMTP) is the backbone of this new function, which enables users to send messages to one another using blockchain addresses.
Coinbase said in a blog post that it has enabled messaging between wallets using the cb.id, .eth, and Lens usernames. All users will eventually have access to the functionality, although initially, only those who scan a QR code from the blog post or who already have Lens profiles will have access.
Reducing Crypto Fraud
End-to-end encryption protects users’ privacy, and they may opt out of receiving communications from certain senders by blocking their addresses.
Moreover, Coinbase said that a primary goal in launching the service was to reduce cryptocurrency fraud. Users may now avoid using a third-party messaging platform where the recipient’s Web3 identity might not be verified by sending messages directly to the owner of a wallet address. As stated by Coinbase, this might “eliminate unnecessary risk and potential losses.”
The firm also defended its use of XMTP as a decentralized communications protocol. Users may maintain their XMTP conversation history and see them using other XMTP applications like Lenster or OrbApp even if Coinbase stops supplying its wallet or if the exchange ceases to exist.
The XMTP documentation states that the messaging protocol operates on a network where all of the nodes are owned by XMTP Labs. The papers also state that the corporation is moving towards a phased decentralization of the network.
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