Coinbase Launches Wallet as a Service (WaaS) on Ethereum

The well-known crypto exchange company Coinbase has witnessed an exclusive development. The platform has declared the release of a unique Web3-based wallet solution. The respective project has been established to provide convenience to consumers. The name of the latest project is Wallet as a Service (or WaaS). This solution has been launched on the mainnet of the Ethereum network.

Coinbase Releases Latest Wallet-as-a-Service Solution on Ethereum Mainnet

The reports have revealed that the new Wallet-as-a-Service solution utilizes multi-party and cutting-edge computing to secure its consumers’ private keys. The crypto exchange has mentioned that the respective project was launched on the 23rd of this month. As per an announcement made by the software developing entity on Twitter, the latest service is a version of the cloud product of the crypto platform.

The reports also pointed out that the unique service is known as a direct-to-end-user project. The emerging multi-party computing technology is utilized by the exclusive service to secure the clients’ private keys. In addition to this, the service utilizes MPC technology for message signing as well as key generation. This guarantees the comprehensive security characteristics of the decentralized algorithms.

In a post, it was disclosed that the consumers utilizing the wallet solution provided by the crypto exchange could have diverse benefits. These features take into account the creation of, access to, and recovery of the wallets only with a username as well as a password. Initially, the crypto exchange started the project back in March of this year.

On the launch of the project for the first time, Coinbase began selling it for the entities to offer completely modifiable on-chain wallets to their clients. That was the time when the representatives from the crypto exchange stressed the utilization of the cryptographic technology of Multi-Party Computation (MPC) to enhance the authority of the consumers.

WaaS Service Enhances Security and Supports ERC-1155 and ERC-721 to Facilitate Users

As per them, the clients can leverage this technology and get involved with the Web3 space without requiring to handle a complicated recovery phrase that consists of 24 words. As commonly reported, the MPC solutions attempt to split the private key linked with a wallet. In this way, the respective key is divided into several shards. After that, the consumers can distribute the respective shards among diverse owners.

This guarantees the safe storage of the digital assets of the consumers. Along with this, the WaaS solution also has another exclusive feature named MPCTransactionService, as noted in the Twitter announcement. This feature employs a complicated state machine with which it performs MPC-signed transfers. This follows a complete procedure from creation to confirmation. It tackles the re-org, retries, replacements, and so on.

Moreover, the WaaS solution offers the option of dealing with Web3-based communications through SDKs and APIs. Additionally, it also offers support for ERC-1155 and ERC-721 for the people holding non-fungible tokens (NFTs) because these customers are permitted to mint PFP NFTs. They can also disseminate fan loyalty-related points along with developing in-game items just with a small number of REST API calls.

Consumers can purchase a diversity of virtual assets with the Pay SDK of Coinbase. The crypto exchange has specified that a 2nd Coinbase API offers convenience for the entities to include crypto payments, taking into account DeFi solutions. The recent project disclosures of the crypto exchange appear to elevate its status amidst the legal difficulties being experienced by it at the moment.

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