Coinbase is improving ID verification

Machine learning will now aid the security measures
09 February 2018   196

On February 7th Coinbase has made an update concerning identity verification. The company incorporated machine learning into the verification process. With this upgrade the process will take seconds instead of hours. In addition to that Coinbase has integrated an addtional ID verification vendor to address the growing volume of the applications.

With these improvements Coinbase is now able to successfully verify ~90% of all the ID verification applications. As the company has experienced a significant growth, it addressed the failed ID verification applications by providing clear instructions on how to take a more legible photo of an ID. On top of that, the company will now also send an email to the person with a failed ID verification application stating the reason why the application was rejected and applicable solutions.

These updates are already present on the Coinbase website. As for mobile applciations, the improvements will be rolling out in the next few weeks. Finally, the team annonced the creation of a special engineering team that will design internal identity service from the ground.

Here is just a couple of reactions at Twitter:

@DNBRS117 said “Sounds like a perfect application for @singularity_net”

@optictopic said “I hope it isn't going to work like the biased AI state governments use to pass criminal sentencing or that banks use to approve loans. Algorithms should never completely replace human discernment but work in tandem. #blackboxai”

Users on Coinbase official blog at Medium commented as follows:

Jason E said “You need to make it clear in your error that there can’t be any extra space outside the ID as I failed numerous times and it wasn’t clear why.”

Petroleum Blockchain said “That was super frustrating. Hopes it will improve a lot. But also your “security measure” each time one want to send crypto to another wallet: this so called 72h security verification are just unacceptable. We login, use Google AUTH and we are logged. At that moment, you accept buying, selling cryptos or depositing FIAT. There are no reasons now we can’t send our crypto (after enormous fees) immediately. You must change this process. I have lost money, time and patience having to endure your process. Security matter, but sounds more like you don’t want money to leave your exchange. One of a kind in the exchange industry.”

Coinbase Implemented SegWit

One of the largest cryptocurrency exchange now supports SegWit protocol
21 February 2018   135

The leading crypto exchange of digital assets Coinbase announced the imminent launch of Segmental Witness (SegWit) protocol.

The SegWit protocol was activated in the bitcoin network in August 2017, but even after six months a number of large companies still did not support it. Coinbase turned out to be under a separate wave of criticism - a few months ago the company expressed support for some dubious decisions that could potentially increase its profits, but would hardly contribute to the healthy development of bitcoin as a whole.

It is important that Coinbase has one of the largest user bases in the bitcoin industry, and SegWit support will surely have a positive impact on both the total number of SegWit transactions on the network and the reduction of commissions.