zilla
@pris
I'm learning how to use wallets. Here's what I'm confused about and constantly stuck on. Why does Coinbase have so many apps for different wallets that don't naturally speak to each other? Coinbase, Wallet, Smart Wallet, and Base. I understand that Coinbase takes on the fiduciary responsibility which provides utility to networks. I understand you can have multiple wallets for different use cases. It's like different accounts under a bank; savings, checking, 401k, loans, etc. However, that's often under one unified "experience" if all are under the same institution irregardless of division.
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Nate Maddrey
@nmadd
Honestly I think it’s just kind of bad ux by them. They’re working towards unifying them and making them work together, but the current setup is pretty confusing
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matthewb
@matthewb
- Coinbase (the app) is a centralized exchange i.e. a custodial service that allows you to buy/sell assets, trade perps, stake. you are trusting them with your assets and they control access to your account. - Coinbase Wallet is a browser/mobile self-custodial wallet that you can use to buy/sell assets and interact with apps built on Ethereum. you are responsible for custody (private key management) and can generate unlimited addresses for different purposes. - Coinbase Smart Wallet is a new type of smart contract account (vs. an EOA) that uses passkeys on the user device instead of seed phrases. also opens up new patterns like gasless transactions that are easier for non crypto native users. this is mostly interesting to a dev audience building apps who may want to support these new types of wallets. - Base is a layer 2 chain (L2) built on ethereum as an optimistic rollup. from a user POV this means cheaper transaction fees < $0.01 rather than $$1+ on ethereum mainnet.
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