Coinbase, which is a popular company that helps people buy, sell, and use cryptocurrency (learn about Coinbase here), has launched a new app called the ‘Everything App.’ This app is designed to combine several features all in one place. These features include social networking, trading cryptocurrencies, making payments, and earning rewards in a simple way.
In addition to these, Coinbase has announced plans to add even more to the app, such as the ability to trade stocks and use prediction markets. Prediction markets are platforms where people can bet on the outcomes of events. For example, you could predict the winner of a sports game (learn more about prediction markets here).
What is a ‘Tokenized’ Platform?
The app, called the Base App, was first talked about in July of this year. At that time, it was described as a new version of the Coinbase Wallet. After being available only for a small group of users, the app is now open to people in over 140 countries. The Base App uses something called a ‘tokenized model’ to operate. This basically means that it gives rewards to users for different kinds of activities, like social interaction, trading, and exploring new apps. A ‘token’ is like a digital coin that can be earned or used (read about tokenized systems here).
Features of the App
One interesting part of the app is its ‘For You’ feed. This works like a social media feed, but it has an extra twist. Each post in the feed can be traded or monetized, meaning you can buy, sell, or exchange items directly by interacting with posts. For example, if someone shares a photo or digital art, you could purchase it right from the app. The feed also helps users discover trending tokens, popular creators, and viral content.
The app uses open systems called Zora and Farcaster to make all of this work. These are platforms that help with things like tokenizing art or building online communities.
Trading Made Simple
The Base App also combines trading with social activities. Within the app, you can trade many types of assets. These include big cryptocurrencies like Bitcoin, smaller tokens tied to specific communities, tokenized stocks, and even special trade options like futures. Futures let traders predict whether the value of something will go up or down in the future. Coinbase said they wanted to make trading easier for everyone by putting all these features right inside the app, rather than sending users to a separate exchange or website (learn what a cryptocurrency exchange is here).
Ways to Earn Money
The app offers several ways for users to earn money. For example:
- If you interact with posts or content, you might earn rewards.
- If someone trades an item you shared, you can earn a share of the transaction fees.
- If you own assets (like a cryptocurrency called USDC, which is tied to the U.S. dollar), you can earn interest on it (read about USDC here).
All the money you earn is sent straight to your Coinbase wallet. There’s no waiting and no minimum amount needed to withdraw your earnings.
As a bonus for new users, Coinbase is offering extra USDC rewards for a short time to encourage people to try the app.
Other Cool Features
The Base App isn’t just for trading or socializing. It also includes tools that let you send money securely, chat with others using encrypted messages (here’s what encrypted messaging means), and even interact with artificial intelligence (AI) tools. You can also use the app to access games and finance tools from decentralized finance, or ‘DeFi.’ DeFi tools allow you to do things like borrow or lend money without needing a third party like a bank (learn about DeFi here).
Future Updates
Coinbase isn’t stopping with this launch. They’re planning to add even more features soon, such as:
- The ability for people to trade stocks directly from the app.
- Prediction market tools to bet on events.
- More games and tools to use in the app.
Coinbase hopes that the Base App will become a one-stop shop for all things digital. They’re calling it the ‘Everything Exchange’ because of how many features it combines into one platform.
This is an exciting time for both experienced cryptocurrency users and newbies alike, with a single app that makes it easier to do a variety of tasks in one place.