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Coinbase Announces the Launch of the Ethereum Layer-2 Network

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Coinbase Announces the Launch of the Ethereum Layer-2 Network

Source: blockchain.news

Cryptocurrency exchange Coinbase made the announcement about the launch of Base, an Ethereum Layer 2 network, on February 23. The company has said that the recently launched network would provide a low-cost, secure and easy-to-use environment for development. of decentralized applications (DApps) in the block chain.

According to Coinbase, Base was developed with the intention of serving as a gateway for people into the cryptocurrency economy. It does this by providing users with access to other L1 ecosystems, such as Solana, and by ensuring that it is compatible with other chains. Additionally, it will give consumers access to Coinbase products, users, and tools, as well as provide simple on-ramps for fiat currency and robust acquisition tools. The corporation has indicated that it does not intend to provide a new network token at this time.

The “OP Stack” of Optimism will be the foundation on which Base will be built. It will start with a significant degree of centralization; however, Coinbase has revealed a comprehensive plan outlining how the network will gradually decentralize over time.

In the statement Coinbase made, the company said that Base will be “fully open source and easily accessible.” The company announced that it would join the OP Stack core development team to “ensure that it is a public benefit that is open to all.”

The statement states that Coinbase will continue to connect as an exchange with other networks, and that the Base itself will function as “a bridge, not an island.” Coinbase wants Base to be an easy-to-use network for its consumers so they can get used to using cryptocurrency. However, the company will urge users to “start at Base, but travel somewhere else.”

Coinbase stated in its decentralization plan that it is collaborating with Op Labs and Optimism Collective to decentralize the Optimism ecosystem. This will be achieved by building a “superchain” of connection networks based on OP Stack. Coinbase’s plan calls for the creation of this “Superchain.” Citing Vitalik Buterin’s article on decentralization of rollups, the company has concluded that the current version of Optimism is what is known as a “Stage 0 rollup”. Coinbase has said that it intends to have developed Base to “Stage 1” by the end of 2023.

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