Coinbase Releases “Base”: A Next-Level Ethereum Scaling Solution
In recent years, cryptocurrency trading has grown exponentially, with Bitcoin leading the charge as the world’s most popular cryptocurrency. As the industry continues to mature, it’s becoming increasingly clear that scalability is a critical challenge that needs to be addressed. With this in mind, Coinbase, one of the world’s leading cryptocurrency exchanges, has recently released an exciting new solution to address the issue of Ethereum scalability: Base.
Base is Coinbase’s latest contribution to the world of cryptocurrency. It’s a highly advanced Ethereum scaling solution that promises to revolutionize the industry. The platform is built on Optimistic Rollups, a Layer-2 scaling solution that allows for much faster and cheaper transactions on the Ethereum network. Coinbase has taken Optimistic Rollups to the next level, making it more accessible and easier to use for cryptocurrency traders.
With the release of Base, Coinbase has demonstrated its commitment to providing innovative solutions for its users. They have addressed the scalability issue that has plagued the cryptocurrency industry for years, providing a much-needed boost to the Ethereum network. The Base platform is straightforward to use, making it accessible to both novice and expert cryptocurrency traders. Additionally, with the rise of the popularity of cryptocurrencies, many entrepreneurs are looking for opportunities to start their own cryptocurrency exchange like Coinbase. The good news is, there is a Coinbase clone script available that can help entrepreneurs quickly launch their own cryptocurrency trading platform, similar to Coinbase.
Coinbase
Coinbase is a well-known cryptocurrency exchange platform that allows users to buy, sell, and store various cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. It was founded in 2012 and has grown to become one of the largest and most trusted cryptocurrency exchanges in the world. Coinbase has over 43 million users across more than 100 countries and has facilitated the exchange of over $455 billion in cryptocurrency to date.
Base, on the other hand, is Coinbase’s latest innovation in the field of cryptocurrency. It is a next-level Ethereum scaling solution built on top of Optimistic Rollups, which is a Layer-2 scaling solution that enables faster and cheaper transactions on the Ethereum network. Base promises to revolutionize the industry by providing an innovative and accessible solution to the scalability challenges faced by cryptocurrency traders. With the release of Base, Coinbase has once again demonstrated its commitment to providing cutting-edge solutions to its users, cementing its position as one of the leading players in the cryptocurrency exchange industry.
What is Base?
The top cryptocurrency exchange in the United States today announced the release of Base, a testnet version of an Ethereum Layer 2 solution. Base is intended to be a “home for Coinbase’s on-chain products” as well as an open environment for crypto developers, according to the company’s blog post. Base promises to create a low-fee network with complete EVM equivalency by utilizing Optimism’s OP stack — a developer tool for the Optimism network. Here are some fascinating facts about building the L2 solution called “Base”. The base builders have developed as one of the perfect places for developers to develop onchain.
- Ethereum-based security: Base is designed with the security and scalability required to power your decentralized apps. It makes use of Ethereum’s underlying security, as well as Coinbase’s best practices, to allow you to reliably onramp into Base from Coinbase, Ethereum L1, and other compatible chains.
- Enriched by Coinbase: Base makes it simple to create decentralized apps by providing access to Coinbase’s products, users, and tools. Seamless Coinbase product integrations, simple fiat onramps, and strong acquisition tools enable developers to service 110 million+ verified customers and access $80 billion in assets on the Coinbase platform.
- Large Features, Low Fees: Base provides EVM equivalency at a fraction of the cost and is dedicated to moving the developer platform forward. Create gasless transitions for your dapps using simple developer APIs for account abstraction, and safely create multichain applications using simple bridges.
- Open Source: Base is to be decentralized, permissionless, and available to everybody, with the goal of developing a standard, modular, rollup-agnostic Superchain powered by Optimism. Base is joining Optimism as a Core Dev on the open-source OP stack, aiming to build a flourishing developer community.
Base developers can start building their own Base either by using their RPC Testnet endpoint or by selecting from the Node Services providers like Infura, QuickNode, and Blockdaemon.
Why build an L2 protocol called Base?
To attract billions of people to the crypto economy, dapps must be simpler, cheaper, and safer. For this to happen, Coinbase must make it much easier for developers to create these dapps. They are specifically sticking to a few important concepts while they create Base:
- A bridge rather than an island:
To make it simple and secure to access Ethereum L1, other L2s, and other L1 ecosystems like Solana, Coinbase has created a protocol called Base. They urged every developer to start with Base and expand: they envision Base as a “bridge” for consumers to enter the crypto-economy. It’s a simple onchain experience with links to items on other chains. They will continue to support as many chains as possible across Coinbase products in addition to making Base compatible with other chains.
- Open source
The core software for the global crypto economy should be completely open-source and publicly available. Base is created in conjunction with Optimism on the MIT-licensed OP Stack. Coinbase has joined as the second Core Dev team on the OP Stack to guarantee it’s a public benefit that everyone can use. The protocol’s creator envisions this toolset as an open platform to which anybody may contribute, fork, and enhance in order to help the crypto-economy scale.
- Decentralized
Decentralization is required for the crypto-economy to stay open, global, and accessible to everybody. While Coinbase has begun to incubate Base on its own, they are genuinely dedicated to working towards full decentralization in the next years. With Coinbase’s increased resources to the OP Stack, they are sure that Base will proceed from Stage 0 to Stage 1 rollup in 2023 and Stage 2 rollup in 2024.
- For every person
Base’s objective is to create an open ecosystem populated by Coinbase products, users, and assets. Base intends to collaborate with the larger community to bring the chain to life. They are overjoyed to have such an amazing community that will help to make Base a strong ecosystem.
- Ecosystem Fund for Base
Coinbase also announced the Base Ecosystem Fund, which will invest in and assist early-stage startups built on Base that match our investment requirements.
Final Thoughts
In summary, Coinbase’s release of Base represents a major step forward for the cryptocurrency industry. The scalability challenges that have long plagued the Ethereum network have finally been addressed with the launch of this next-level Ethereum scaling solution. Base is a testament to Coinbase’s commitment to providing innovative and accessible solutions to the challenges faced by cryptocurrency traders. With the rise of the popularity of cryptocurrencies, many entrepreneurs are looking to start their own cryptocurrency exchanges like Coinbase. Fortunately, with the availability of the Coinbase clone script, starting a cryptocurrency exchange has become much easier and more accessible than ever before. It’s clear that Coinbase will continue to be at the forefront of the industry, leading the charge toward a more innovative, accessible, and scalable cryptocurrency landscape.
