Toshi, the popular mobile Ethereum wallet, and dapp browser has rebranded as ‘Coinbase Wallet,’ according to a recent announcement from Coinbase on their blog. The move comes as Coinbase seeks to broaden its services offered in the cryptocurrency and decentralized Internet space.
Developed by Coinbase and available as open-source software on the Coinbase Wallet Github repo, Toshi has emerged as one of the leading tools for accessing Ethereum dapps with privately controlled keys and access to an intuitive chat system. Toshi and similar blockchain browsers represent a major leap in access to blockchains with user-friendly interfaces that were not available only a few years ago.
Coinbase has been making some significant moves in the cryptocurrency realm of late, with a slew of public acquisitions and placing a clear emphasis on becoming more than just an exchange and digital asset custodian. Just a few months ago, Coinbase acquired similar dapp browser Cipher and integrated many of its components into the Toshi app.
Coinbase is sitting on vast reserves of capital and is going to work on launching multiple products, many of them in just the last few months. Only a few days ago, Coinbase also announced the acquisition of San Francisco-based Distributed Systems, who focuses on building distributed identity systems. The acquisition is part of an initiative by Coinbase to integrate distributed identity management into wallet applications like Toshi as part of the Login with Coinbase product line.
Other initiatives by Coinbase recently have involved providing useful plugins for merchants using WooCommerce, exploring new digital assets (Coinbase Custody), and backing the first blockchain-based eSport game Gods Unchained.
One of the primary hurdles that has always faced blockchains and their mainstream adoption is user-friendliness and familiarity with the technology. Design of applications and intuitive access to blockchains such as the Toshi browser represent an overall strategy of Coinbase to connect users to the new decentralized Internet.
There are really no analogs for cryptocurrency use and decentralized applications. While many people in the cryptocurrency community resent centralized institutions and exchanges (especially one as large as Coinbase), these companies have undoubtedly provided necessary liquidity for the markets and are now focusing on connecting outside users to the industry through user-friendly applications.
A new wave of decentralized applications is set to emerge, whether they come from decentralized, open-source projects or centralized institutions shouldn’t be the primary focus at this point. The focus should be on building applications that support and facilitate the growth of the decentralized Internet and mainstream adoption. With Ethereum dapp browsers like Toshi (Coinbase Wallet) and other dapps developing and launching regularly nowadays, the industry is set to enter a new period of growth and adoption.