Dominic Kimani
The crypto exchange Coinbase has launched its highly speculated network “Base” after hours of massive anticipation within the crypto community. The newly launched “Base” is an Ethereum-based layer two network built using the optimism OP Stack.
Coinbase Launches New Blockchain “Base”
1/ We’re excited to announce @BuildOnBase.
Base is an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps.
Our goal with Base is to make onchain the next online and onboard 1B+ users into the cryptoeconomy. pic.twitter.com/RmwZFJzGGs
— Coinbase (@coinbase) February 23, 2023
In a February 23 blog post, Coinbase confirmed launching a new blockchain ‘Base’ in partnership with Optimism, a core developer on the open-source Op stack. While speaking in a short interview after the launch, Will Robinson, the VP of Engineering at Coinbase, remarked:
“Today, we’re excited to announce the testnet launch of Base, an Ethereum Layer 2 (L2) network offering a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps or “dapps” onchain.”
The top executive added:
“We’re incubating Base inside of Coinbase, leveraging the last decade of our experience building crypto products, and plan to progressively decentralize the chain over time.”
The new Base blockchain will allow developers to directly integrate digital products like non-fungible tokens to provide fiat onramps. The new chain is expected to benefit more than 110 million verified crypto and NFT users in the Coinbase ecosystem.
Base To Boost NFT Adoption On Coinbase Marketplace
Earlier this month, Coinbase NFT, the non-fungible token platform and a subsidiary of the Coinbase crypto exchange announced its plan to pause all creator drops on its marketplace to focus on other futures and tools that will improve its functionality.
Coinbase believes that the new blockchain, which offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps, will attract millions of new crypto and NFT users in the coming years.
In the meantime, Coinbase has shared that it has no imminent plans to issue a new network utility token. The new Base blockchain is compatible with other popular chains like Ethereum and Solana.
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This article was written for Business 2 Community by Dominic Kimani.
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