Coinbase Releases Ethereum L2 Network Base for Mass Adoption
It is reported that Coinbase has released the Ethereum L2 network base, which is a safe, low-cost and developer friendly Ethereum L2, aiming to introduce the n…
It is reported that Coinbase has released the Ethereum L2 network base, which is a safe, low-cost and developer friendly Ethereum L2, aiming to introduce the next generation of 1 billion users for Web3. Base will be positioned as the product home on the chain of Coinbase, and also an open ecosystem that anyone can build. At present, the Base test network has been launched, and the main network will be released later.
Coinbase releases Ethereum L2 network base
Interpretation of the news:
Coinbase, one of the leading cryptocurrency exchanges globally, has launched the Ethereum L2 network base, named Base, which aims to introduce the next generation of Web3 users to safe, low-cost, and developer-friendly Ethereum L2. The exchange has decided to position Base as the product home on their chain and an open ecosystem that anyone can build upon. It is noteworthy that the Base test network is already live with the main network set to be launched soon.
The Ethereum network has been struggling with a bottleneck in its capacity to process transactions, leading to slow transaction validation times, high fees, and network congestion. The L2 solutions, which are essentially Layer 2 scaling solutions, offer a remedy to the Ethereum scalability issues, allowing much higher throughput and lower transaction fees. With Base, Coinbase envisions a blockchain platform that can handle numerous transactions while ensuring the ecosystem stability.
Coinbase’s move is strategic, considering the growing competition in the blockchain and crypto space that has witnessed a significant rise in the adoption of decentralized applications (DApps). The company aims to tap into the mass adoption of blockchain technology and, more broadly, Web3, leveraging their brand’s recognition and established presence in the market.
While Coinbase will receive additional revenue from any app running on the Base network, they have made it clear that anyone can build, meaning the network is an open ecosystem for developers to build upon. The company aims to make the Base interface easy for developers to integrate and deploy blockchain-based applications to the platform.
Another significant advantage of Base is that it is low-cost, providing an ideal home for blockchain start-ups looking to launch their apps without having to worry about high operational costs. Essentially, the aim is to incentivize the development of the next Web3-based decentralized applications, which has the potential to transform various industries by promoting transparency and security.
In conclusion, Coinbase’s release of the Ethereum L2 network base, Base, is a strategic move towards mass adoption of the blockchain technology that enables high throughput and scalability while reducing transaction fees. Coinbase aims to offer a stable and easy-to-use platform for building the next generation of decentralized applications through Base, making it an ideal home for blockchain start-ups looking to launch their apps at low costs.
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