Coinbase Custody has announced the new proxy smart contract model, a bridge between its cold storage system and on-chain Ethereum contracts.
According to the report, the new proxy smart contracts are the solution that will allow the coexistence between the security of their customers’ funds and the interaction with other realities.
In fact, the Coinbase section dedicated to crypto custody specifies how there are compromises defined as frictions that characterise their activities and how proxy smart contracts can be the appropriate frictionless approach for the continuous use of Ethereum technology.
In particular, it is a matter of being able to store wallets safely, preventing any external attacks, and of being able to use smart contracts to interact with dApps such as Maker Governance or to participate in reporting events such as the Edgeware Lockdrop.
“When we choose to integrate with a new network, like Maker Governance, we start by writing a customized smart contract that wraps around their smart contracts’ APIs like a glove. These ‘proxy’ smart contracts all come out slightly different, since they wrap different functionality, but share a few core similarities”.
The blog also describes in detail the functioning of each proxy smart contract fort the interaction with Maker Governance and Edgeware’s Lockdrop.
According to Coinbase Custody, this new customised solution will soon be applied by the platform to offer other types of services to its customers.
This is the conclusion of the blog post:
“Moving the customers’ funds to a specialized proxy smart contract allows us to sign specific transactions behind the scenes, while maintaining the safety and security of client funds”.
Coinbase also recently announced the listing of Gram (GRM), the Telegram token, and recently launched the mobile application for Coinbase Pro, the exchange platform for professional traders. For now, the app is only for iOS, but soon the version for Android will also be released, although the exact date is not yet known.