Coinbase, one of the most popular cryptocurrency exchange in the world set to transform online identity with its newly acquired distributed systems team. The new team was announced through the official twitter handle of Coinbase as well as a blog post. The new Distributed Systems team will be working on using the blockchain for decentralized identity solution. The innovation will work towards transforming online identity with the blockchain.
Coinbase Acquisition of Distributed Systems Team
Coinbase, a secure online platform for buying, selling, transferring, and storing digital currency that has its headquarters in San Francisco, made this announcement known on the 15th of August. The tweet has posted online reads,
“Decentralizing online identities will transform our relationship with technology. Today we’re welcoming the Distributed Systems team to Coinbase to work on this opportunity.”
The team as announced will be working on using the blockchain to work on decentralized identity on the Coinbase platform.
The identity provided for through the centralized internet is an excellent innovation that had become prominent since the emergence of the internet era. Before the internet era, identity was only kept through bookkeeping, while a change has happened to that since the internet era. However the keeping of identity on the normal template of the internet is a centralized means, that is prone to alteration easily without the consent of the owner of details.
B. Byrne, the project manager of Coinbase, stated in the post that:
“Distributed Systems is an incredibly thoughtful team that has been working on decentralized identity solutions. With their work on the Clear Protocol and GraphQL, Nikhil, Alex, and the rest of the team have gotten their hands dirty in the technical detail of using blockchains to improve how identities mesh with digital products. We believe decentralized identity systems represent a transformative shift in our relationship with technology, and we can’t wait to work on these opportunities together at Coinbase.”
The newly acquired distributed systems team will be teaming up with Coinbase to use decentralized features of the blockchain for a decentralized identity. A new way of validating identity through the decentralized technology as it will be working on a means of proofing one’s identity without making a copy of it.