• Coinbase has recently launched a testnet for their newest product “Base,” an Ethereum layer 2 (L2) network.
• The new product will provide a secure and cost-effective solution for building decentralized applications (dApps) on-chain.
• Base is designed to provide easy and secure access to Ethereum L1 and L2 and other ecosystems such as Solana.
Coinbase Launches Testnet for “Base” Ethereum Layer 2 Network
Coinbase, the second largest crypto exchange, has recently announced the launch of a testnet for its newest product “Base”, an Ethereum layer 2 (L2) network. The new product is intended to provide users with a secure and cost-effective solution for building decentralized applications (dApps).
Overview of Base
Base is an open source platform powered by Optimism, an Ethereum-based L2 network that supports the OP Stack, a modular open-source platform created specifically for scalable blockchain interoperability. This protocol allows developers to create blockchains tailored to individual user needs in an efficient manner. In addition, Base is equipped with the security and scalability necessary to develop dApps on the underlying security of Ethereum and Coinbase’s practices. Furthermore, users can access Base from Coinbase, Ethereum Layer 1 and other interoperable chains.
Why Use Base?
According to Coinbase’s official announcement, their goal with launching Base is to make on-chain the “next online” by bringing millions of users into the crypto economy. Additionally, Base will serve as a home for Coinbase’s on-chain products while at the same time providing an open ecosystem where anyone can build and develop new technologies. Furthermore, developers will be able to use this platform in order to build multi-chain applications securely but at fractional costs compared to using Ethereum’s EVM alone.
Plans For Decentralization
Coinbase plans on progressively decentralizing their chain over time by incubating it inside of Coinbase first before releasing it into its own ecosystem later on down the line. Furthermore, they have no plans whatsoever in issuing any type of token related to this project moving forward either which could lead some people believe that they are going about it differently than most projects do when launching something new these days .
Conclusion
In conclusion , it appears that Coinbase is taking steps towards becoming more involved in creating projects like this one with their latest endeavor being Base . They seem confident that this project could be successful given their experience developing crypto products over the last decade plus . It’ll be interesting how things turn out when they eventually decentralize this chain further down the road so we’ll just have wait and find out what happens next!