On February 23, 2023, Coinbase, one of the leading cryptocurrency exchanges in the United States, announced the launch of a layer 2 blockchain on Ethereum called Base.
As announced by Coinbase, they have no plans to issue tokens for Base and will use Ether (ETH) as the transaction fee payment token.
According to Coinbase’s introduction, Base is a layer 2 blockchain on Ethereum that provides security, low cost, developer-friendly, anyone anywhere can build decentralized applications on this blockchain. Coinbase aims to make Base the platform to attract the next 1 billion users into the crypto economy.
What is Base?
Coinbase wants to make Base the best place for developers to develop applications based on blockchain technology for the following reasons:
Secured by Ethereum: Base is Ethereum’s layer 2 blockchain thus it leverages the underlying security of Ethereum, combined with best practices from Coinbase, Base allows you to access this blockchain from Coinbase, Ethereum or any interoperable blockchain.
Powered by Coinbase: Base makes it easy for developers to build decentralized applications with access to Coinbase products, users, and tools. This will allow developers to reach over 110 million verified users and access $80 billion worth of assets on the platform within the Coinbase ecosystem.
Big Features, Small Cost: Base provides features comparable to EVM (Ethereum Virtual Machine) at an affordable price and is dedicated to advancing the platform for developers.
Open Source: Base was developed with the aim of decentralization, permissionlessness (transaction validators are not chosen), and openness to anyone.
Why build Base blockchain?
The main goal when building Base was to attract billions of users to the cryptocurrency economy, decentralized applications need to be interoperable, lower cost, and more secure.
Below are some of the core principles that Coinbase set forth when building Base blockchain.
A bridge, not an island
Base is designed to provide easy, secure access to Ethereum, other layer 2 blockchains as well as layer 1 ecosystems like Solana. Coinbase encourages developers to start on Base but go everywhere. Coinbase sees Base as a “bridge” for users to access the cryptocurrency economy.
Open Source
The software that underpins the global cryptocurrency economy must be completely open source and freely available. Base, under the MIT license, partners with Optimism and is built on top of the OP Stack. Coinbase said it will join OP Stack as the second core development team to ensure it is a public good for all. Coinbase views this toolkit as an open platform that anyone can contribute to, fork, and scale to help scale the crypto economy.
Decentralization
Decentralization is essential for the cryptocurrency economy to stay open, secure, and easily accessible to all. Even though Coinbase develops Base, the development team assures that the platform will transition to full decentralization in the next few years. Base’s progression from Phase 0 to Phase 1 in 2023 and Phase 2 in 2024 is anticipated.
For Everyone
Base has a vision to be an open ecosystem, seeded with Coinbase products, users, and assets. Coinbase will work with the community to bring blockchain to life.
Those interested in the Base blockchain can find out more information at the base.org website. You can also register to join the Base Ecosystem Fund here.