A Closer Look at “Base”: Coinbase’s Strategy for Ethereum L2 Development
What is “Base”?
Base is an Ethereum Layer 2 (L2) chain designed for on-chain development. Developed in collaboration with Optimism on the OP Stack, Base is a product of Coinbase’s decade-long experience in the cryptocurrency domain. The company’s strategy for Base includes a gradual move towards decentralization. Notably, there are no plans to introduce a new network token for Base.
Base’s features are rooted in its foundational technology. It utilizes Ethereum’s security infrastructure and integrates with Coinbase’s established practices. This ensures a reliable transition for users from Coinbase, Ethereum L1, and other chains. Furthermore, Base provides developers with access to Coinbase’s extensive ecosystem, facilitating the development of applications. Base also offers full EVM compatibility at a reduced cost, enabling developers to establish gasless transactions and build multichain applications. Base aims to collaborate with Optimism on the open-source OP Stack in line with the open-source ethos.
Layer 2 Network: An Explanation
A Layer 2 network operates on top of a primary blockchain protocol like Ethereum. This network handles transactions off the Ethereum mainnet (Layer 1). The advantages include improved scalability, faster transaction speeds, reduced gas fees, and consistent security and decentralization.
Base’s Development Timeline
The focus of Base’s development is its testnet. Once the testnet’s functionality is confirmed, Coinbase will release a roadmap for the mainnet. The testnet was launched on 2/23/23, with the mainnet release to be announced.
For developers interested in the Base testnet, documentation is available at docs.base.org. Coinbase Wallet App users can integrate Base following a series of steps.
The Relationship Between Base and Coinbase
Base represents a strategic initiative for Coinbase to integrate its offerings into the decentralized cryptocurrency market. Developed on Ethereum and in collaboration with Optimism on the open-source, MIT-licensed OP Stack, Base is a project within Coinbase’s portfolio. The long-term vision includes a phased approach to decentralizing the chain.
Coinbase’s Token Strategy for Base
Coinbase has clarified that it will not introduce a new network token for Base. Instead, ETH will function as the native gas token. Users should exercise caution and avoid potential fake Base tokens.
Base Usability and Support
The Base testnet is open-source, making its documentation available to all interested parties. However, Coinbase’s customer support does not provide early access to the Base network.
For additional details on Base, individuals can refer to Base.org.
FAQs
What is Base?
Base is an Ethereum Layer 2 chain, a collaboration between Coinbase and Optimism on the OP Stack.
How does Base ensure security?
Base uses Ethereum’s security infrastructure and integrates with Coinbase’s practices.
When is the Base mainnet release expected?
Following the testnet launch on 2/23/23, the mainnet release date will be announced.
Is early access to Base available through Coinbase’s customer support?
No, early access to the Base network is not provided by Coinbase’s support team.
Where can more information on Base be found?
Comprehensive information on Base is available at Base.org.
