Coinbase is Launching Ethereum Layer 2 Network Base

SNEAK PEEK:

• Coinbase announces the base launch of an Ethereum layer 2.
• The Base will house the company’s on-chain goods and act as an open environment.
• Users can obtain and use Ethereum with cheap transactions by using Base.

In a recent report by Brian Armstrong, Coinbase announced the base launch of an Ethereum layer 2 that will help increase the usability and scalability of crypto. Further, he added that it gives people more economic freedom. Coinbase, one of the biggest centralized cryptocurrency platforms in the world, shocks the market by introducing a new product.

1/ Today, Coinbase is launching @BuildOnBase, an Ethereum layer 2 that will help improve scalability and usability of crypto, so we can bring economic freedom to 1B+ people.

— Brian Armstrong (@brian_armstrong) February 23, 2023

Base platform, one of the most well-liked layers of two blockchains, is being unveiled by Coinbase. The new Coinbase offering will gradually become decentralized. Furthermore, Base won’t have a unique currency, as stated by Coinbase.

In addition, Base will be the on-chain home for @Coinbase and a free ecosystem where anyone, anywhere, can create dapps that appeal to the next 1 billion or more consumers. Additionally, it will act as a bridge to connect people to blockchains like Bitcoin and Solana, as well as other L2s and L1s.

According to Jesse Pollak, the engineer in charge of protocols at Coinbase, the Base will house the company’s on-chain goods and act as an open development environment.

Notably, Coinbase considered starting its chain twice but ultimately opted against it both times. However, the company said yes to Base because it thinks it will hasten the development of Coinbase’s on-chain goods, draw exchange users into the cryptocurrency market, and boost investment in the industry’s essential infrastructure. 

Testnet is where Base is right now. The blockchain’s development team will provide more details about its plan in the coming weeks.

Moreover, a significant milestone for Ethereum scaling and cryptocurrency generally reaches when the company chooses to fork Optimism and start a layer two network. After that, users can obtain and use Ethereum with cheap transactions by using Base.

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• Source: https://investorbites.com/coinbase-is-launching-ethereum-layer-2-network-base/