Coinbase to launch Ethereum messaging app token inspired by WeChat

Coinbase CEO Brian Armstrong revealed today that the company is planning to launch a new sub-brand focused on secure communications and blockchain payments.

The digital currency company is testing a product called Token, a wallet and browser specifically built for decentralized applications (DAPPs), which is currently running on the Ethereum test network.

According to a blog post detailing the project, the Token project was inspired by WeChat, a popular Chinese social media platform.

In the article, Coinbase stated that Token’s long-term mission is to achieve inclusive finance using blockchain-based digital currency.

The blog post reads:

“We believe that every person in the world should have access to financial services, and with the ubiquity of smartphones, digital currencies can make that happen.”

It is reported that in addition to enabling users to access third-party Ethereum applications, Token will also provide a built-in reputation scoring function to let users know who they can trust. In the future, Token will also support the decentralized identity platform uPort.

In the coming months, the token will be migrated to the main Ethereum blockchain, but the company has not proposed a formal timeline.

Why didn’t Token choose Bitcoin (or other digital currencies)?

According to Coinbase, the current transaction fees for Bitcoin payments are too high. They expect that a large number of small payments will be made on Tokens, so they chose Ethereum, which has lower transaction fees. In the future, Tokens may also support other digital currencies.

How to Conduct the Test

Coinbase has released a developer preview of Token. It should be noted that the project is still in its early stages and you may find some bugs. It currently uses the Ethereum test network, so it does not involve real valuable Ether. You can install the Token app on Android or Apple. If you are a developer, you can read the developer documentation of Token.