Toshi is a decentralized Ethereum network browser for all your favorite Dapps on the ETH network.
So what is Toshi? According to developer of Toshi and Co-Founder and CEO at Coinbase Brian Armstrong its three different things all wrapped into one.
“1. A Dapp BrowserToshi is a way to use decentralized apps built on the Ethereum network. Early
dapps (like CryptoKitties and Leeroy) have started to gain traction in 2017, and I would expect
many more in 2018, with increasingly good usability. Our first goal with Toshi is to be the best
dapp browser on mobile and web.2. A mobile Ethereum wallet There hasn’t been an easy way to store and spend your own Ethereum on mobile to date. Toshi changes that, enabling p2p payments, commerce, and a way to store your Ethereum tokens securely. This can happen via QR codes (similar to WeChat) or sending to other users.
3. An identity and reputation system With an identity and associated reputation for each user, we’ve introduced a trust layer into theethereum ecosystem. This system will eventually be moved to a decentralized system uPort seems to be the most promising) but the technology still has a ways to go. Having a trust layer feels like a critical component to eliminate bad actors, get loans (replacement for credit reporting agencies), etc,” Brian Armstrong wrote in a Medium post.
Why is Toshi important and what can it enable? According to Armstrong Toshi can help uplift people out of poverty by giving them the following tools using a smartphone + ethereum + dapps it offers an unprecedented opportunity to bring economic freedom.
- Private property rights
- Access to sound money
- Ability to get a job
- Ability to get an education
- Ability to get a loan
Armstrong further expresses his team’s vision for the future noting that they were inspired by charities like GiveDirectly.org who are making small unconditional payments to poor families.
- A user receives their first Ethereum from a friend, charity, or job. They write down a 12 word phrase that only they know. They now have access to their own wealth which cannot be taken from them (i.e. property rights).
- Ideally over time, the value of that wealth will go up (not down due to inflation etc). These first two steps alone are something that many people in the world have never experienced. Allowing people who create wealth to keep it, is probably a necessary (if not sufficient) condition for economic growth.
- They start to to complete small tasks within in the app (answering questions, labeling photos, translating text) to earn small sums. They now have a small way to earn money (a job) even if it is menial to start. With the ability to earn money legitimately, people may be less inclined to turn to crime or more desperate options. Providing opportunity can reduce crime.
- They are incentivized (via small payouts from a private charity) to complete some online classes, perhaps watching a Khan Academy video and taking a short test to demonstrate retention. With education and credentialing attached to their profile, their employability (for higher paying jobs) increases.
- With this new found surety, they decide it is time to launch their own business. They are able to obtain a loan via a dapp on the platform with the reputation they’ve accumulated over time. Their business begins employing others in their community, creating a positive feedback loop toward economic growth in that region.
Armstrong notes that dream for Toshi has a long ways to go to reach that level and 2018 may look more like derivatives of CryptoKitties, but his hope is that the decentralized web grows to become much more powerful.
Ethereum is currently trading at [FIAT: $906.27] according to Coin Market Cap at the time of this report.
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