Coinbase Introduces Base: A Revolution in Layer 2 Networks 🌐 💡
Coinbase Introduces Base: A Revolution in Layer 2 Networks
Coinbase, a renowned cryptocurrency exchange, has unveiled its Layer 2 (L2) network, “Base”. Here’s everything you need to know about this groundbreaking development:
What is Base?
Base is an Ethereum L2 chain, offering a cost-effective, safe, and developer-centric avenue to build on-chain. Collaboratively created with Optimism on the OP Stack, Base will undergo progressive decentralization over time. As of now, Coinbase has no intention to introduce a new network token for Base.
Key Features of Base:
- Secured by Ethereum: Base is fortified by Ethereum’s underlying security, amalgamated with Coinbase’s best practices. This empowers seamless transitions into Base from Ethereum L1, Coinbase, and other interoperable chains.
- Coinbase-Driven Empowerment: With Base, developing decentralized apps becomes simpler with direct access to Coinbase’s toolkit, products, and vast user base.
- Optimized for Efficiency: Base provides the complete Ethereum Virtual Machine (EVM) compatibility, ensuring minuscule costs. Additionally, it paves the way for gasless transactions for decentralized apps, bolstered by user-friendly developer APIs.
- Open Source: Embracing the flow of decentralization, Base is open to all, driving the vision of a standard, modular, rollup-agnostic Superchain in collaboration with Optimism.
What’s a Layer 2 Network?
L2 networks function atop the primary blockchain protocol, like Ethereum. They carry out transactions off the Ethereum mainnet, which proffers numerous advantages:
- Elevated scalability and efficiency.
- Boosted transaction speeds.
- Reduced transaction fees.
- Maintained security and decentralization akin to the mainnet.
The Road Ahead for Base:
Upon successful testnet operations, Coinbase aims to disclose its roadmap for the Base mainnet. As of February 23, 2023, the testnet has been launched, with the mainnet set to follow suit.
Ties Between Base and Coinbase:
Coinbase perceives Base as pivotal in ushering its offerings, users, and assets into the decentralized crypto sphere. In alignment with this vision, Base is constructed on Ethereum, under the aegis of Optimism, based on the open-source OP Stack. This endeavor encapsulates Coinbase’s vast experience over the past decade in curating crypto products.
Precautions:
Coinbase emphasizes the absence of plans for a unique network token for Base. ETH remains the native gas token. Users should remain vigilant against scams involving fake Base tokens.
Where to look?
For those seeking a profound understanding or wishing to embark on the Base journey, the official website, Base.org, is the ideal starting point.
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Stay informed, stay ahead. The world of digital finance is ever-evolving, and with developments like Base, we’re on the cusp of transformative moments.
