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Coinbase Unveils Base, A New Network For Building Decentralized Apps

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

coinbase unveils base

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The cryptocurrency exchange Coinbase announced the launch of Base, an Ethereum layer-2 network, on February 23. According to the company, this new network will provide a low-cost, secure, and developer-friendly environment for creating decentralized applications (DApps) on the blockchain.

The goal of Base, according to Coinbase, is to provide customers with a gateway into the cryptocurrency market by giving them access to other L1 ecosystems like Solana and enabling interoperability with other chains. With easy fiat on-ramps and strong acquisition methods, it will also give access to Coinbase’s products, users, and resources. The firm declared that it does not intend to release any fresh network tokens.

The “OP Stack” that Optimism uses will be the foundation of Base. Coinbase has unveiled a comprehensive plan for the gradual decentralization of its network, which will begin with a highly centralized system.

Coinbase stated that Base would be “completely open source and publicly available” in its announcement. The company claimed it is a part of the core development team for OP Stack in order to “ensure it’s a public benefit available to everyone.”

The release states that Base will be “a bridge, not an island” and that Coinbase will continue to function as an exchange with other networks. While encouraging users to “start on Base, but go everywhere,” Coinbase wants Base to be an easy-to-use network for its users to learn how to utilize cryptocurrencies.

According to Coinbase‘s decentralization strategy, it is collaborating with Op Labs and the Optimism Collective to develop a “Superchain” of interconnected networks based on the OP Stack in order to decentralize the Optimism ecosystem. Using Vitalik Buterin’s paper on the decentralization of rollups, the business determines that the present version of Optimism is a “Stage 0 rollup.” Coinbase intends to advance Base to “Stage 1” by the end of 2023.