Coinbase Protocol Team: Crypto Community Collaboration Club?
The top fiat-to-crypto exchange in the US, Coinbase, recently announced that it had created the Coinbase Protocol Team. This team is comprised of a group of engineers who are going to be utilized in helping to tackle some of the issues in crypto. They will be deployed to areas such as payment channels for crypto and proof of stake algorithms.
The Aim Is Collaboration
Coinbase Protocol Team was officially launched on March 16, 2018. As described in a Medium post, the initiative is going to focus on helping some of the budding tech around crypto to mature. According to the post, Coinbase will aim to make a meaningful contribution to community-led projects that will assist to advance the future of crypto.
The exchange said that it had been looking at areas such as payment channels, trustless light clients, off-chain computation, and proof-of-stake blockchains. To ensure that the development in these areas is accelerated, the exchange will aim to promote collaboration and cross-pollination of ideas in the ecosystem. To achieve this, it will periodically engage with different teams. The exchange has already been working on various projects and has made some meaningful public contributions. For instance, it helped with the new light client protocol for Bitcoin, which will support the Lightning Network.
With the financial might of Coinbase, the community will consider having some of the best minds in the world working on some of these issues is a small win. There are those who feel that these issues have already taken too long to resolve.
Exchanges Have Been Flexing Their Muscles Quite A Lot Recently
When it comes to exchanges, the giants in this ecosystem have already become well-defined. Besides Coinbase, Binance, another major exchange has been doing the best they can to ensure that the crypto sector and themselves are elevated.
For instance, Coinbase recently announced the launch of its own index fund just before it was awarded an e-money license in the UK. It also managed to clinch a major banking deal with the multinational banking giant Barclays.
Binance has not been left behind; it recently announced that it had set up a USD 10 million bounty fund to catch hackers in the world of crypto. Besides that, it announced that it was working on a native blockchain that would be used in a decentralized exchange, Binance Chain. The exchange will also be organizing a Dexathon. At this competition, teams, which supply the best work to Binance Chain, are going to be awarded $1 million and potential employment at the exchange.
Right now, these two exchanges are the major players. Any exchange that wants to make it in the world of crypto is going to have to figure out how to beat these two. Even the Coinbase Protocol Team seems like a strategic move by Coinbase.
While it is going to help the world of crypto develop tech around the industry, it will also help it keep an ear close to the ground. This will allow the exchange to adapt quickly to any development in the world of crypto.