COINBASE “BASE” LAYER 2 BLOCKCHAIN SET TO OPEN TO PUBLIC DEVELOPERS

COINBASE “BASE” LAYER 2 BLOCKCHAIN SET TO OPEN TO PUBLIC DEVELOPERS

Like Binance before it, Coinbase Exchange has gotten into the blockchain network business, as well as acting as a crypto exchange service.

“Base,” a layer 2 blockchain that relies on the Ethereum Layer 1 network, has seen a lot of development, and a progressive rollout over the course of 2023.

A major next step is scheduled for August 9, with an official mainnet launch to the public, that will allow anyone to utilize the network, and build apps on it.  

Base has some important differences from Binance’s BNB blockchain. Notably, Base does not have any native crypto token associated with its network.

Also, the Binance blockchain began as a clone of the Ethereum blockchain, and has since undergone its own development path.

Base is more comparable (at least in terms of utility aims) to other Ethereum layer 2 networks like Polygon and Optimism.

In fact, Base is a joint endeavor of Coinbase and Optimism.

Coinbase has said that its entry into blockchain network building is all about continuing to build a decentralized crypto economy:

“We see Base as a key step in bringing Coinbase’s products, users, and assets into the decentralized cryptoeconomy. To ensure we’re doing that in a decentralized way, we’re building on Ethereum, in partnership with Optimism, on the open source, MIT-licensed OP Stack. We’re incubating Base inside of Coinbase, leveraging the last decade of our experience building crypto products, and plan to progressively decentralize the chain over time.”  

New Apps and Functionality for Coinbase Wallet and Beyond

Base is positioning itself to offer blockchain application developers a secure and affordable platform, serving as a free ecosystem for new decentralized applications. 

Unveiled In February 2023, Base went live for testing in July.

By offering interoperability and composability for participant rollups, including Base, the Optimism protocol seeks to speed transactions and add other functionality to the underlying Ethererum network.

To promote Base usage, Coinbase is sponsoring an “Onchain Summer” of activities and support, including a 50 “best builders” showcase of creators and developers, where different projects involving art, music, gaming and advocacy, will be featured.

Users of the self-custody Coinbase Wallet (which is different from the central Coinbase Exchange), will see Base features and app choices within wallets.

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