Highlights:
- Base is absolutely compatible with virtual machine standards of Ethereum.
- Coinbase is likely to use Base as a ground for its on-chain products and an open ecosystem to get more developers onboard to access the products and help them step in the blockchain domain.
Coinbase Global Inc., a cryptocurrency exchange platform, enhanced its blockchain developer tools’ capacity by introducing Base, an Ethereum Layer 2 network that provides a low-cost, secure, and developer-compatible way of generating and deploying decentralized apps.
A separate chain operating along other is usually called as Layer 2 blockchain. Here, Base works with Ethereum to process quicker transactions, add more features, and reduce expenses. These Layer 2 blockchains enhance the scalability of other blockchains that are slower or saturated with multiple transactions caused by the large number of decentralized apps (dapps).
Jesse Pollak, head of Base and protocols lead at Coinbase, reported “Our goal with Base is to make onchain the next online and onboard one billion users into the cryptoeconomy. In pursuit of this goal, Base will serve as both a home for Coinbase’s onchain products and an open ecosystem where anyone can build.”
Base has been launched as a testnet for the trial and error of developers before it becomes fully operational.
Base is absolutely compatible with virtual machine standards of Ethereum. It executes at ten percent of the cost and offers developers an access to Application Programming Interfaces (API) for rapid app development. The tools and capacities of Coinbase enable developers to quickly connect to Base and create multichain applications with easy-to-use bridges.
Since Base is incubated with Coinbase, developers get direct access to all products of the company and can integrate with existing tools. For instance, other blockchains can be accessed via Coinbase Cloud while blockchain infrastructure can be hosted by node.
Coinbase is likely to use Base as a ground for its on-chain products and an open ecosystem to get more developers onboard to access the products and help them step in the blockchain domain. The product ecosystem of Coinbase provides service to more than 110 million verified users and access to assets worth over USD 80 billion on the platform.
Base, deployed using the open-source OP Stack partnered with OP Labs and the Optimism Collective, works on decentralization, a core function of crypto. As a result, Base has become an integral part of ‘superchain’, a Layer 2 blockchains’ network that functions by sharing a common development layer, communication, and security.
Developers can use dapps on more than just Ethereum and Base. It will become feasible to operate with Solana, Bitcoin, Cosmos, and multiple other L1 and L2 ecosystems. Coinbase urges all developers to perceive Base as “a bridge, not an island.”
Pollak stated “Decentralization is essential for the cryptoeconomy to remain open, global, and accessible to everyone. While we’ve begun incubating Base inside of Coinbase, we are deeply committed to progressing toward full decentralization over the years ahead.”
Apart from introducing Base, Coinbase also announced the Base Ecosystem Fund for investing in the budding projects generating on Base. Developers seeking to create on the new blockchain can apply on the official site.
