Web3 Safety for Coinbase wallet
Coinbase Wallet is a self-custody crypto wallet, allowing people to control of their crypto, keys, and safely manage their digital assets.
Role:
Senior Product Designer
Primary Objective:
Protect users of Coinbase wallet by alerting them to the transaction dangers.
Make web3 interactions clear and more accessible for a broader audience.
Methods:
Prototyping , UX research, Usability testing, Visual design. Figma
PROBLEM 1
Web3 transactions not always safe
As crypto usage grows, bad actors are increasingly incentivized to exploit human and software vulnerabilities to steal from web3 users. Existing wallet security and safety gaps mean that wallet users and their assets are susceptible to these exploits. Bad actors often hack twitter accounts, discord servers, and websites to trick people into clicking malicious links that can drain their wallets. Web3 users have unwittingly lost over 2 billion dollars to malicious attacks in the first half of 2022 alone.
Phishing is one of the most prevalent risks concerning web3 wallet users. At the time Coinbase Wallet lacked basic phishing safety features that exist on other wallets.
PROBLEM 2
Lack of clarity
Transactions, especially on-chain transactions that can include multiple related actions, often appear technical and in ways that it’s hard to understand what exactly has happened (or will happen).
We don’t currently inform people about the changing status of their balances, or consequences of confirming certain types of request.
Vision & strategy
Make web3 interactions clear and more accessible for everyone.
Protect users by employing multiple layers of protection against every attack vector that threatens their crypto assets.
Empower users to better control their assets by allowing them to easily monitor and modify previous actions.
Better clarity
This feature was designed to give you more peace of mind as you conduct swaps, mint NFTs, and transact in web3, Coinbase Wallet shows you an estimate of how your token and NFT balances will change during a transaction before users ‘confirmed’ and irreversible transaction.
We also made it clear when a dapp is requesting approval to withdraw your crypto and/or NFTs.
Enhanced protections
When a user clicks on a link while browsing web3 apps, this feature verifies the link against a robust database of known malicious websites. The database is updated based on publicly available data, internal Coinbase intelligence, and real-time reports from Coinbase Wallet users.
Greater control
Token allowances makes it easy to revoke dapp connections directly from within the app, helping you minimize your wallet’s exposure to potential vulnerabilities. The feature allows users to view and revoke existing token allowances, providing another critical layer of control over their assets.
