Coinbase Launches An Ethereum L2 Network For Decentralized Apps

Join Our Telegram channel to stay up to date on breaking news coverage

Coinbase, one of the largest crypto exchanges globally, announces the launch of an Ethereum Layer-2 Network, Base.

  • What- Coinbase launches its Ethereum Layer- 2 blockchains for Decentralized Apps.
  • Why- The Network is designed to be a bridge to the cryptocurrency user
  • What Next- The platform is providing a roadmap to mainnet and more developers’ resources for building on Base in a few weeks.

On February 23, the crypto exchange revealed the launch of Base, an Ethereum layer-2 blockchain. According to the platform, Base will offer a secure, low-cost, developer-friendly environment for building decentralized applications (DApps) on the network. As per the exchange, the new network aims to onboard billions of users to the crypto space by providing an ecosystem that is accessible to developers. It would provide access to Coinbase’s products, users, tools, easy fiat on-ramps and powerful acquisition tools.

The Base is built on the “OP Stack” used by Optimism. However, the platform has released a detailed plan on how the network will decentralize over time, although it has started off highly centralized. Additionally, Base will be fully open source and freely available.

Coinbase and Optimism ecosystem

The co-founder of Quicknode, which is a partner and node provider for Base, Dmitry Shklovsky, asserted:

Optimism is not a competitor to (Base), but rather a collaborator.

In the announcement, the platform noted no plans to issue new tokens. However, Coinbase will continue to blend as an exchange with other networks. On the other hand, in Coinbase’s revealed decentralized plan, Coinbase noted working with Op Labs and the Optimism Collective. The platforms are working to decentralize the Optimism ecosystem by creating a “Superchain” connecting networks built on the OP stack.

Citing Vitalik Buterin’s post on the decentralization of rollups, Coinbase stipulates that the current version of Optimism is a” Stage 0 rollup.” However, Coinbase has asserted that by the end of 2023, it plans to progress Base to “Stage 1.”

More News:

  • Bithumb Announces New Trading Pair For SHIB
  • 5 Tokens To Get Support from Bulls This Year

Fight Out (FGHT) - Newest Move to Earn Project

Rating

Fight Out token
  • CertiK audited & CoinSniper KYC Verified
  • Early Stage Presale Live Now
  • Earn Free Crypto & Meet Fitness Goals
  • LBank Labs Project
  • Partnered with Transak, Block Media
  • Staking Rewards & Bonuses
Fight Out token
Learn More

Join Our Telegram channel to stay up to date on breaking news coverage

Comments

Post a Comment

Popular posts from this blog

CleanSpark’s Bitcoin mining capacity hits 8 EH/s as new facility goes live

Image
The Bitcoin mining company kicked off the second phase of its mining campus in Georgia, gearing up for the next Bitcoin halving. Bitcoin miner CleanSpark has begun the second phase of operations at its mining campus in Washington, a city in the U.S. state of Georgia, reaching 8.0 exahashes per second (EH/s), halfway to its year-end target of 16 EH/s.  The second phase saw an investment of nearly $55 million in the site, including construction, infrastructure and machines. The facility , bought in August 2022 for $25.1 million, had 15,000 mining machines with a power capacity of 50 megawatts (MW). According to the company, the capital deployed expands its total power capacity to 86 MW. “Today, it’s 50 megawatts of new power added on to the 36 megawatts we previously had constructed there. So, there’s 86 megawatts, or 12 times the load provided by the city," said Matthew Schultz, CleanSpark’s executive chairman, during an investors' conference on July 13. According to Schu...
Read more

Tether bitcoin mine branded 'fake' after X users spot edited logos

Image
A recent tweet from Tether CTO Paolo Ardoino in which he claims work on one of the company’s new sustainable bitcoin mining projects is “coming along well” has given rise to a curious new conspiracy theory. The tweet featured what at first glance looked to be an innocuous image of a number of shipping containers that had apparently been converted hold crypto miners. However, it didn’t take eagle-eyed viewers long to spot that something wasn’t quite right — namely that the Tether logos on the side of the containers looked Photoshopped. This led to speculation that not only were the logos fake, but the site itself was a fabrication . One of #Tether energy production and #Bitcoin mining sites coming along well. pic.twitter.com/6Z8o6A5OaE — Paolo Ardoino (@paoloardoino) August 24, 2023 “Is this a real Mining site owned by Tether ? Tether ’s logo looks poorly photoshopped, there. What’s going on?” wrote one, while another said, “lol you really trying to pass that off as...
Read more

Is Solana a Good Investment?

Image
Is Solana a Good Investment in the Crypto Market? ‍With the increasing popularity of cryptocurrencies, investors are constantly seeking opportunities to maximize their returns. Solana (SOL) has emerged as one of the most promising projects in the crypto market, known for its scalability, speed, and low transaction fees. In this article, we will conduct a comprehensive analysis to determine whether Solana is a good investment option for both short-term and long-term investors. Also read: Bitcoin: South Korean Lender Delio Plans To Sue Authorities Understanding Solana and its Potential Solana is a blockchain platform that aims to provide a fast and efficient infrastructure for decentralized applications (dApps) and digital assets. It differentiates itself through its unique consensus mechanism, Proof of History (PoH), which enables the network to process thousands of transactions per second. With its high throughput and low fees, Solana has gained significant attention ...
Read more