While a mysterious blue circle shared by Coinbase had invaded social networks yesterday, without anyone knowing its meaning, today we learned some major news: Coinbase is launching its own layer 2 called “Base”. The latter is built on the Ethereum (ETH) blockchain and leverages the technical infrastructure offered by Optimism (OP).
Coinbase launches its own layer 2 called “Base”
Here’s a Huge Announcement: The US Cryptocurrency Exchange Coinbaseone of the largest in the world in terms of volume traded, has just unveiled “Base”, its own layer 2 based on the Ethereum (ETH) blockchain.
Layer 2 are scalability solutions aimed at solving the problems inherent in the blockchains on which they are based. In this case, Base will take advantage of the security of the Ethereum network while significantly improving its capabilities techniques and its transaction fees. To learn more, read our explanatory page of what are layer 2.
According to the press release, Coinbase hopes to onboard 1 billion users on this new networkwhich, in his words, offers a way “ secure, inexpensive, and developer-friendly to create on-chain decentralized applications “. The latter was built using the technical infrastructure offered by OP Stack, the source code of layer 2 Optimism (OP).
0/ ? Hello world.
Meet Base, an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps.
Our goal with Base is to make onchain the next online and onboard 1B+ users into the cryptoeconomy.https://t.co/Znuu3o3pJw
— Base (@BuildOnBase) February 23, 2023
For the moment, Base only exists in its testnet form, but turns out to be completely open source. It can, according to Coinbase, be exploited by developers who can already use the network’s custom RPC.
Regarding the Basic philosophy, the network is above all presented as a “bridge” of interconnection between the different networks compatible with the Ethereum Virtual Machine (EVM):
“We are designing Base to provide easy and secure access to Ethereum layer 1 and layer 2, as well as other layer 1 ecosystems like Solana (SOL). We encourage them [les développeurs, NDLR] starting on Base, but going everywhere. »
According to Jesse Pollak, in charge of the engineering department at Coinbase, the mainnet should be available” within the next few months ». The project teams, however, clarified that they do not plan to issue their own token. Jesse Pollak also clarified his point of view on this subject:
“We have seen a lot of people using tokens to drive activity. But our thesis is that tokens aren’t the only way to drive activity. Building great products is a great way to drive business by making things actually useful. »
For your information, Coinbase becomes, following this announcement, the first listed company in the world to offer a layer 2 based on the Ethereum blockchain.
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Source: Coinbase
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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