Base is mostly targeted at developers who build apps on Ethereum. With this chain, they’ll be able to make transactions quickly and at very low costs. Coinbase intends to gradually decentralize the blockchain, but at the moment, most of it is controlled by Coinbase. Developers using this layer 2 blockchain will enjoy access to the Coinbase ecosystem, along with its hundreds of millions of users.
Briefly about BASE
Blockchain was created by Coinbase, a giant in the cryptocurrency space. This company is primarily known for its reputable and secure exchange. Coinbase doesn’t plan on creating a token for this network, but developers can use ETH to cover transfer fees. It’s worth noting that Base is the second layer-2 blockchain deployed on the OP Stack, after Optimism Mainnet. That makes it part of the Superchain.
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As a layer-2 Ethereum blockchain, Base is meant to decongest the primary network and handle transactions away from it. In this way, the blockchain is able to process transactions much faster than Ethereum. At the same time, users will enjoy the security of the main network. It’s worth noting that Ethereum is considered one of the most secure blockchain networks.
Utility of BASE?
The main purpose of Base is to help developers create apps without having to deal with the scalability issues of Ethereum. Developers can use Coinbase’s products, users, and tools to create decentralized apps on the network.
As a project affiliated with Coinbase, BASE benefits from integration with Coinbase's ecosystem. This includes seamless access to Coinbase's user base, liquidity, and other services such as Coinbase Wallet.
BASE
Advantages at BASE
+ By processing transactions off-chain, BASE reduces gas fees, making it more cost-effective for users and developers.+ It enjoys the security of the Ethereum blockchain.
+ It offers great scalability - with the power of Web3 giants behind it.
+ Transactions are completed in under 2 seconds.
Disadvantages
- It’s not yet decentralized but should be in time.- The network is still very new without many cases studies.
- The complexity of the blockchain can deter beginners.
- Like other layer 2 blockchains, it may have some security risks.
Costs
▪ Rated at 10/10Most transactions made on the Base blockchain have zero transaction fees. The highest transfer fee recorded is 0.004 ETH, which is about $20. With Ethereum, most transactions will cost about $2.
This makes it an attractive platform for dApps and DeFi projects that require high performance and low costs.
Keep in mind that the transfer fees can increase significantly when the network is congested.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 9/10
Coinbase, the creator of Base blockchain, is highly respected in the cryptocurrency community. It is best known for its crypto exchange platform, and this has grown to become the leading exchange worldwide. Base blockchain hasn’t been around for a long time, but users have already noted some benefits of the network. The best thing about it is that it minimizes transaction fees and transfer time. The main issue users have noted is that it isn’t decentralized.
FAQ
Who created Base?
Base was created by Coinbase in collaboration with Optimus. It’s currently incubated within the Coinbase ecosystem, but the company has made it clear that its priority is to make the Base chain decentralized and permissionless.
Is Base proof of stake?
Base chain is meant to work just like Ethereum, and that means it uses the proof of stake method to confirm transactions. Keep in mind that it also enjoys the security features of the main Ethereum network.
Will Base overtake Ethereum?
Base will never overtake Ethereum in popularity or number of users. This is because it’s built as a level-2 Ethereum blockchain.
Is the Base chain secure?
Base chain is a secure network that leverages the features of Ethereum. That said, the blockchain may suffer the same security risks as other layer 2 blockchains that sacrifice security for scalability.
Does Base have a native token?
No, there’s no native token for this chain, and the developer doesn’t seem to have plans to launch such a token in the future.
History about BASE
2021: Initial development and planning for a layer-2 solution by Coinbase began, aiming to address scalability and transaction cost issues on the Ethereum network.
2022: Coinbase officially announced the BASE blockchain project, highlighting its goals to enhance decentralized application (dApp) and decentralized finance (DeFi) ecosystems through improved scalability and lower fees.
Early 2023:
Coinbase released the BASE testnet, allowing developers to experiment and build on the platform before its mainnet launch. The testnet showcased BASE's integration with the Ethereum Virtual Machine (EVM), ensuring compatibility with existing Ethereum dApps and tools.
Mid 2023:
- BASE mainnet was launched.
- Coinbase provided extensive support and documentation to help developers transition their projects to BASE.
- Initial partnerships and collaborations with various DeFi platforms and dApps were established to demonstrate the potential and reliability of BASE.
Late 2023:
- BASE gained traction within the crypto community, with several high-profile projects migrating or launching on the platform.
- Coinbase continued to enhance BASE's infrastructure, focusing on security, decentralization, and user experience.
2024:
Ongoing development and improvements to the BASE blockchain, including updates to scalability and transaction efficiency.
Expansion of the ecosystem with more dApps, DeFi projects, and partnerships.
Increased adoption and integration with Coinbase's broader ecosystem, including seamless connectivity with Coinbase Wallet and other services.
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