Coinbase engages in a year-long experiment to roll out digital identity solutions
Cryptocurrency exchange, Coinbase, is exploring decentralized identity solutions. Coinbase identity team consisting of 17 personnel is currently looking into giving their customers more control over their personal data stored on the internet. B Byrne, the product manager of Coinbase’s identity team, told CoinDesk in an exclusive interview that he intended to “help people own more of who they are online.”
The decentralization solution focusses on creating a bridge between Coinbase’s products and dApp explorers. “I’m looking at dApps, and which of our customers are using which dApps. That’s probably a good indicator of what types of activities [our customers] want to be doing in an on-chain way,” said Byrne.
Byrne said that he will choose a small group of Coinbase customers who can benefit from controlling more of their personal data. Over the period of a year, he plans to extend the base of customers from a small group of customers to a set tech savvy of dApp users. Apart from these users, they will further expand their experiment to other users who “aren’t getting access to things because it’s too hard as is.”
By focussing on a small group of users, the team hopes to find users who will gain from “partially decentralized identity solutions” from a regulator-friendly perspective. “We want to protect [Coinbase] users and make sure it’s really safe,” said Byrne. “We think it’s an important part of our future and we’re thinking about the tools we need to ship for that,” he added.
“It’s not a zero-sum game at this point. Whatever standards we agree on, upkeep will be critical,” Byrne said. The exchange needs to consider other factors like privacy, anonymity and immutability. The exchange is taking a whole year to come up with digital identity solutions implying that the company is giving it some serious thought.
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