Coin Edition -
- Coinbase (NASDAQ:COIN) unveils its L2 Network for the development of decentralized applications.
- The business declares that it has no intentions to release a fresh network token.
- Base will be freely accessible according to the statements.
On February 23, the launching of Base, an Ethereum layer-2 network, was announced by cryptocurrency exchange Coinbase. According to the business, this network will provide a secure, affordable environment that is friendly to developers for creating decentralized applications (dApps) on the blockchain.
1/ We’re excited to announce @BuildOnBase.Base is 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. pic.twitter.com/RmwZFJzGGs— Coinbase (@coinbase) February 23, 2023
However, Base is designed to act as a user’s entry point into the cryptocurrency market, according to Coinbase. This will enable interoperability with other chains and grant access to L1 networks like Solana.
The update mentions that quick fiat on-ramps, essential acquisition tools, and access to Coinbase’s devices, users, and products will also be available. The business declares that it has no intentions to release a fresh network token.
Although Coinbase has published a comprehensive plan on how the network will decentralize over time, it will initially be highly centralized.
Coinbase states that eventually Base will be fully open source and freely accessible. The business claims it is a part of the core development team for OP Stack to “ensure it’s a public benefit accessible to everyone.”
Furthermore, the firm states that Base will act as a gateway rather than an island, and Coinbase will continue to serve as an exchange with other networks. In addition, Coinbase wants Base to act as an accessible network for users who want to learn to use cryptocurrencies. It will also encourage users to start on Base, but go everywhere.
It is important to note that Base collaborated with Op Labs and the Optimism Collective to develop a Super chain of interconnected networks based on the OP Stack to decentralize the Optimism ecosystem.
Citing Vitalik Buterin’s post on the decentralization of roll ups, the firm determines that the current version of Optimism is a “Stage 0 rollup.” Further, Coinbase intends to advance Base to “Stage 1” by the end of 2023.
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