The cryptocurrency exchange has been busy lately.
Coinbase, Meet Distributed Systems
Coinbase recently announced[1] its acquisition of Distributed Systems Inc., a San Francisco-based startup. The company's five team members are joining Coinbase to create decentralized identity-verification solutions across the exchange's lineup of services. Before the purchase, Distributed Systems had been developing an open identity standard for Dapp users.
According to B Byrne, project manager for identity at Coinbase, "decentralized identity systems represent a transformative shift in our relationship with technology." He believes that as cryptocurrency makes its way into the mainstream, there will be questions about anonymity and privacy that need to be addressed. After all, he maintains, blockchain technology paves the way to securely engage in "experiences that require trust."
Byrne provided the example of a Social Security number (SSN). He likened an individual proving their identity with an SSN to distributing a copy of that information. Because the copy "has exactly the same power as the original," he asserts that the individual's identity would be at risk during a data breach. This analogy could potentially apply to photos, social media posts, or perhaps even passports.
Byrne believes a decentralized identity, like the one being developed, would circumvent this replication of information.
Although Coinbase has demonstrated its commitment to developing decentralized identity solutions, users may not appreciably adopt the technology. Byrne told Wired[2] that the tech is ahead of its utility: "Where we're more behind is, how does this help someone solve a problem in their life today?" At least for now, most people are not using blockchain technology.
Toshi Browser and Wallet Rebranded as Coinbase Wallet
The exchange also recently announced[3] that its Dapp browser and wallet, Toshi, has a new name: Coinbase Wallet. Although the name change
