Coinbase
Coinbase is a well-known cryptocurrency exchange platform that allows users to buy, sell, and store various cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. It was founded in 2012 and has grown to become one of the largest and most trusted cryptocurrency exchanges in the world. Coinbase has over 43 million users across more than 100 countries and has facilitated the exchange of over $455 billion in cryptocurrency to date.
Base, on the other hand, is Coinbase's latest innovation in the field of cryptocurrency. It is a next-level Ethereum scaling solution built on top of Optimistic Rollups, which is a Layer-2 scaling solution that enables faster and cheaper transactions on the Ethereum network. Base promises to revolutionize the industry by providing an innovative and accessible solution to the scalability challenges faced by cryptocurrency traders. With the release of Base, Coinbase has once again demonstrated its commitment to providing cutting-edge solutions to its users, cementing its position as one of the leading players in the cryptocurrency exchange industry.
What is Base?
The top cryptocurrency exchange in the United States today announced the release of Base, a testnet version of an Ethereum Layer 2 solution. Base is intended to be a "home for Coinbase's on-chain products" as well as an open environment for crypto developers, according to the company's blog post. Base promises to create a low-fee network with complete EVM equivalency by utilizing Optimism's OP stack—a developer tool for the Optimism network. Here are some fascinating facts about building the L2 solution called “Base”. The base builders have developed as one of the perfect places for developers to develop onchain
- Ethereum-based security: Base is designed with the security and scalability required to power your decentralized apps. It makes use of Ethereum's underlying security, as well as Coinbase's best practices, to allow you to reliably onramp into Base from Coinbase, Ethereum L1, and other compatible chains.
- Enriched by Coinbase: Base makes it simple to create decentralized apps by providing access to Coinbase's products, users, and tools. Seamless Coinbase clone script product integrations, simple fiat onramps, and strong acquisition tools enable developers to service 110 million+ verified customers and access $80 billion in assets on the Coinbase platform.
- Large Features, Low Fees: Base provides EVM equivalency at a fraction of the cost and is dedicated to moving the developer platform forward. Create gasless transitions for your dapps using simple developer APIs for account abstraction, and safely create multichain applications using simple bridges.
- Open Source: Base is to be decentralized, permissionless, and available to everybody, with the goal of developing a standard, modular, rollup-agnostic Superchain powered by Optimism. Base is joining Optimism as a Core Dev on the open-source OP stack and aiming to build a flourishing developer community.
Base developers can start building their own Base either by using their RPC Testnet endpoint or by selecting from the Node Services providers like Infura, QuickNode, and Blockdaemon.
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