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Coinbase launches layer-2 network for decentralized apps

The Base network is meant to be a low-cost, secure, and developer-friendly ecosystem that, according to Coinbase, will help bring people into the crypto market.

On February 23, Coinbase said that Base, an Ethereum layer-2 network, was going live. According to the company, this new network would make it easy for developers to create decentralized apps (DApps) on the blockchain in a safe and low-cost way.

Coinbase says that Base is meant to be an entry point into the crypto economy, giving users access to other L1 ecosystems like Solana and allowing it to work with other chains. It will also make it easy to get started with fiat currency and give you access to Coinbase’s products, users, and other resources. The company has said it doesn’t want to make a new network token.

Base will be built on top of the “OP Stack” used by Optimism. It will start out very centralized, but Coinbase has shown how the network will become less centralized over time.

In its statement, Coinbase said that Base will be “100% open source and free to use.” The company said it would join the core development team for OP Stack to “make sure it’s a public good that everyone can use.”

The release says that Coinbase will continue to connect with other networks and act as an exchange. Base will be “a bridge, not an island,” the release says. Base will be a simple way for Coinbase customers to learn about cryptocurrencies, but users will be encouraged to “start on Base and go everywhere.”

In its plan for decentralization, Coinbase explained that it is working with Op Labs and the Optimism Collective to make the Optimism ecosystem less centralized by building a “Superchain” of networks that work together. This “Superchain” is based on the OP Stack. Vitalik Buterin’s post on rollup decentralization is used to explain that the current version of Optimism is a “Stage 0 rollup.” Coinbase said that Base will have reached “Stage 1” by the end of 2023.

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About MahKa

Coinbase launches layer-2 network for decentralized appsMahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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