Coinbase launches Layer 2 Blockchain Base to help developers build dApps on-chain – Cryptopolitan

The second largest cryptocurrency exchange by trading volume, Coinbase, has launched Base, an Ethereum-centric layer-2 (L2) blockchain. Coinbase launched the Base testnet on Thursday. It is constructed as a layer 2 network using Optimism’s OP Stack, aiming to attract millions of new crypto users over the next few years.

So what is Base?

Coinbase has created Base to be one of the best arenas for developers to build on the chain. It has the following properties:

It is secured by Ethereum: Base is designed with the security and scalability required to run decentralized applications. It combines the inherent security of Ethereum with Coinbase’s best practices to allow you to securely access Base from Coinbase, Ethereum L1 and other compatible chains.

Coinbase provides base: Base facilitates the development of decentralized applications by providing access to the exchange’s products, users and tools. Coinbase product links, fiat ramps and sophisticated procurement tools allow developers to serve over 110 million verified customers and access $80 billion in assets on the network.

It has great features and small fees: Base provides full EVM equivalence at a tenth of the cost and is dedicated to advancing the developer platform. Build gas-free transactions for your dapps using simple developer APIs for account abstraction, and construct multi-chain applications with simple bridges.

The protocol is open source: Base strives to be decentralized, permissionless, and accessible to all, with the goal of building a standard, modular, rollup-agnostic Superchain powered by Optimism. The exchange joins Optimism as a core developer on the open source OP Stack and helps foster a thriving developer community.

Importantly, Base developers can build on Base using the RPC testnet endpoint or choose from QuickNode, Infura, and Blockdaemon as node providers.

Coinbase shifts focus to building the crypto economy

Coinbase seeks to attract billions of new users to the crypto economy. Also, dapps must be easier, cheaper and safer to interact with. For this to happen, crypto organizations need to make it easy for developers to create these decentralized applications.

Historically, Coinbase has focused on the trading and exchange aspect of the company from a utility perspective. But in an effort to grow deeper into the developer market, Coinbase is developing Base to make it “dead easy” for developers to create decentralized applications (dApps) and for customers to access those dApps via Coinbase products.

However, Coinbase does not intend to introduce a new network token. Testnets are settings for testing that simulate actual blockchain use. Layer 2 refers to different blockchains built on top of Layer 1 blockchains, or basic blockchains, which eliminate scaling and data bottlenecks and are usually significantly faster and less expensive.

Coinbase will allow developers to plug their product directly into Base and provide fiat onramps, targeting an estimated 110 million verified customers and $80 billion in assets on the network.

We have made an effort to reach out to everyone and bring them into this open ecosystem. What will be required of us to make this successful is to continue doubling down on the values ​​of decentralization, open source, and having this for everyone and a bridge that connects our users into the crypto economy and brings them to places they can go. which are not controlled by Coibase, but which can offer them valuable experiences.

Jesse Pollak, Head of Base and Head of Protocols at Coinbase

Emphasis is placed on decentralisation. Decentralization is essential for the crypto economy to remain open, global and accessible to all, as emphasized by the exchange.

The exchange began incubating Base in Coinbase with a strong commitment to achieving full decentralization in the coming years. With the additional resources that Coinbase provides, the OP stack. The exchange is still optimistic that Base will go from stage 0 to stage 1 in 2023 and then to stage 2 in 2024.

Make it cheap and accessible to everyone

Pollak stated that Coinbase’s goal with Base is to create a framework for developers and users to enable newcomers. This will necessitate making Base as affordable as possible, as secure as possible and as decentralized as possible, as decentralization is essential to the openness of the ecosystem.

Pollak revealed that the chain would be integrated across Coinbase’s exchange, wallet, NFT marketplace and developer solutions and would be interoperable with other blockchains outside of Ethereum. This idea has been discussed with the teams developing Solana, Avalanche and Polygon, among others, according to Pollak.

Pollak stated that Base is launching an ecosystem fund in partnership with Coinbase Ventures to make mainly upfront investments in builders developing on Base across the crypto ecosystem. We don’t just want to focus on financial tools, NFTs or games; we want everyone to be able to participate.