DApp industry is on a massive run these days. TRON DApps are leading the other DApps that are based on Ethereum, EOS and on other blockchain networks. As such, these DApps are friendlier on their respective wallet for mass users – but an entry of Coinbase with its new wallet feature might pose a direct threat to existing DApp wallets.
Coinbase Focusing DApp Industry
The San Francisco-based crypto exchange, Coinbase has recently rolled a new wallet feature which will be directly linked with Coinbase.com. It lets users directly link their Coinbase.com accounts’ crypto holdings with the new wallet – in the next few days. The blog post reads that;
“Once your Coinbase account is linked, you can easily transfer crypto to your Wallet app with just a couple of clicks, anytime you need it,”
Consequent to the announcement, Coinbase’s users with their coinbase.com account can buy digital assets and the platform itself store the keys centrally whereas the wallet app (new feature) will enable users to safeguard their own private keys.
At one point these feature sense new aspects for Coinbase users – on the other hand, it poses a direct threat to exiting DApp wallets such as TRONlink, Metamask, Infinito EOS wallet, POA, Steem, so on and so forth. This is due to the fact that Coinbase rolled yet another announcement for DApp users. The exchange explains that the Coinbase’s will let its users use the new wallet feature for DApp beside crypto assets. As such, DApp user can fund to Coinbase’s wallet to buy digital collectible tokens, play games or can also use open finance apps.
Whether you use Coinbase Wallet to store your own crypto or to use decentralized apps (i.e., “ DApps”), managing your funds across Coinbase products just got a lot easier.
Addressing the mass DApp users, Coinbase further explains that;
One of the major roadblocks to the user experience of DApps, has been funding your wallet in order to buy digital collectibles, play games, or use open finance apps such as Compound or Maker. Now, with this feature, funding your Coinbase Wallet from your Coinbase.com account is just one click away. This gives all Coinbase customers an easy onramp to access the exciting world of DApps.
Exchanges Supporting DApp
However, it is still unclear that whether Coinbase can serve to DApp users that use TRON and other Wallet for betting decentralized applications (DApp) which usually not associated with KYC – because one who wishes to use Coinbase exchange or access its wallet has to undergo its Know your Customer (KYC) policy.
As the year 2017 witnessed the year of ICO, 2019 will likely witness the year for DApp. Existing players like TRON, ETH, EOS blockchains are continuously striving to capture increasing interest of developers and users. Given that, exchanges like Huobi and Coinbase is already eyeing to be the early platforms to enjoy the vast majority of DApp users.
Beside Coinbase’s announcement, Huobi exchange is reportedly supporting TRON DApp whereas TRON itself currently supports over 187 DApps and beyond 464 smart Contracts.
Users Comparing Coinbase Wallet with Binance’s Trust Wallet
It’s worth to note that the Coinbase’s new wallet feature wasn’t a positive move for many users – subsequently, one such user commented on a blog post of Coinbase, criticizing its feature and comparing it with Binance’s Trust Wallet.
In his comment, he mentioned;
OK, no mention of the obvious. You could previously do this by sending via the Ethereum network and paying the network fee. Does this new revelation still incur a network fee?
Secondly — the non-custodial wallet is horrible. You should take a look at Trust Wallet for inspiration. The QR scanner actually works and you can adjust the network fee to speed up transactions times.
Nevertheless to add that a user on social media also reported that his experience with Coinbase exchange was quite poor, noting that he had already shifted to Binance exchange. By tagging CZ, CEO of Binance Exchange, he says;
After yesterday mornings shock of @coinbase closing my account, I’m now fully converted customer to @BinanceJE Quick customer response & competitive rates, better than Coinbase rates. All systems working again. Thank you @binance @cz_binance pic.twitter.com/TBsCDpupAG
— Hillsey (@Hillsey_London) March 13, 2019
So readers, do you love Coinbase? Do you think Coinbase’s new wallet’s DApp feature will be a direct threat to existing DApp wallets? share your thoughts with us.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com