Coinbase is the largest cryptocurrency exchange in the United States of America.
Coinbase is developing tools to allow people to access the metaverse, the latter being a term describing the digital world where we can work, live, play and shop.
Yesterday Thursday, Coinbase CEO Brian Armstrong and Alex Rive, CEO of the new digital identity tools, published a post on the Coinbase blog outlining the company’s vision for the metaverse and its plans to work there.
The most notable and important part of the blog post comes the description of a plan to provide users with NFT-based identity tools to enter the various domains that will make up the “metaverse”.
And as you quoted what came in Blog the following:
At Coinbase, we want to help bring all the parts of an identity together, primarily to create an identity that allows access to the Metaverse.
This is the idea from our work with Ethereum’s ENS, which makes it possible to create a unique NFT username that will be transferred to a wallet.
Ultimately, this will allow users to carry a unique ID across different worlds in the Metaverse.
Also on the blog:
We’re working on technology to buy your avatars, identify and maintain your public profile, and build trust.
We are working on features like Sign in with [بلوكشين الايثيريوم / كوين بيس]which may allow users to log into every application in the Metaverse.
Coinbase’s reference to ENS, which stands for Ethereum Name Service, is a fast-growing service that turns the intricate jumble of letters and numbers that make up a wallet address into a simple English term like “ChookiDlimi.eth.”
Coinbase has been heavily involved in a DAO (community run organization) linked to the ENS project, which is a major step in making the metaverse simpler and more accessible.
If Coinbase becomes a popular choice for people to access the metaverse and manage their identity, it could play a similar role as Facebook did in an earlier era, where people used their Facebook accounts as a key to access a variety of other websites and apps.
This gave Facebook a huge amount of power on the Internet, and many debates about privacy and censorship.
For Coinbase, of course, the situation is different, because the metaverse is being built as a decentralized platform that is not controlled by a single company or authority.
However, if Coinbase emerges as the go-to service through which many people access the metaverse and store their identities on it, his company may have to be especially careful to ensure it does not exercise its power over those inhabiting the metaverse or else it risks bringing problems and flaws to the web. 2.0 for web 3.0.
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