In the eyes of many commentators, education and a lack of appropriate consumables information are the reasons behind the introduction of Bitcoin and its kind. Coinbase, the well-known startup in San Francisco, wants to change this with Earn. This company offers users the opportunity to earn digital assets to consume content through cryptocurrency and blockchain.
Earn DAE based on Ethereum through Coinbase
Coinbase Earn, the company’s education portal, will be announced on Monday and will support DAI, the Ethereum-based algorithmic stablecoin that is pegged to the US dollar. Users around the world can now earn up to $ 6 worth of cryptocurrency by taking three lessons that outline what DAI is, what it can be used for, and how the Maker (MKR) protocol and The economics ensure that the stable coin is always worth around $ 1. Each lesson, which includes a video and short tests, rewards the user with two DAIs.
Learn DAI, earn DAI. Starting today, Coinbase customers around the world can earn DAI by learning about DAI. https://t.co/Gq73Y6msgC pic.twitter.com/H9QEt6WmcH
– Coinbase (@coinbase) June 10, 2019
That news comes just days after Coinbase added EOS to Earn and worked with blockchain developer Block.one to make it happen. DAI and EOS are now Stellar Lumens (XLM), ZCash (ZEC), Basic Attention Token (BAT) and 0x (ZRX) as popular crypto assets supported by the education platform.
Many see the “free crypto” approach as a way to attract people to the industry. And while some may hate Coinbase for the “shilling of altcoins” through the program, education in particular is proving to be of paramount importance to this industry. Many in the public, even tech-savvy university students, prefer dollars to Bitcoin and its altcoin brethren.
Case in point. A Youtube channel, Capital Creators, recently conducted an impromptu poll of whether students at a university in Boulder, California would hypothetically choose a bitcoin or $ 1.
For some reason, most opted for $ 1, even though BTC is valued at a cool $ 7,900. Most respondents either didn’t know much about Bitcoin, didn’t know how to get or use it, or claimed that they liked Fiat for its reliability and physicality. This is in stark contrast to a report commissioned by Blockchain Capital, which says that almost the majority of 20-year-olds intend to buy Bitcoin.
By incentivizing consumers to familiarize themselves with cryptocurrency, Coinbase may just be doing the industry a favor. There is one downside to Coinbase earn, however: the onboarding process can be cumbersome for what some consider to be of little value. Users are required to identify themselves and know your client’s entire process before participating in earn.
Shift in Strategy & Executive Exodus
This recent focus on earn comes from the fact that Coinbase has undergone a seeming change of strategy marked by a mass exodus of executives, even members of its C-suite. Coinbase executive team members who recently left the company include: Chief Operating Officer Asiff Hirji, a veteran of TD Ameritrade; Vice President Adam White leaving for the New York Stock Exchange; Vice President Dan Romero; Chief Technology Officer, Earn Co-Founder Balaji Srinivasan; and Christine Sandler, who went to Fidelity’s bitcoin game.
This exodus occurred within eight months and likely marks an internal instability within the company wall.
In terms of product shifts, we’ve seen Coinbase focus on custody services and other institutional platforms. Coinbase Custody continued to add assets and customers. The company’s executive director Brian Armstrong recently told Consensus conference attendees that the service manages over $ 1 billion worth of crypto assets, which is a fair 0.4% of the total market.
The company has also ditched its tacit commitment to bitcoin maximalism, adding almost, if not more than 10 altcoins over the past year. This follows years of support only for Bitcoin, Ethereum, and Litecoin.
It’s unclear what changes Coinbase will see next, but the company appears to be moving fast.