• Coinbase has recently launched a testnet for their newest product “Base”, an Ethereum layer 2 network.
• Base is an open source platform for developers and provides easy and secure access to Ethereum L1 and L2 and other ecosystems such as Solana.
• Layer 2 protocols aim to solve the transaction speed and scalability issues affecting blockchains.
Coinbase Launches Testnet for New Product: Base
Coinbase, the second largest crypto exchange, has recently launched a testnet for their newest product “Base,” an Ethereum layer 2 (L2) network. The new product will provide a secure and cost-effective solution for building decentralized applications (dApps) on-chain, per the official announcement.
What Is Coinbase’s Base And How Does Crypto Benefits?
Base is an open source for developers powered by Optimism, an Ethereum-based L2 network supporting the OP Stack, a modular, open-source platform for scalable blockchain interoperability. This open-source protocol allows developers to build blockchains to meet specific user needs efficiently. According to the exchange, Base is designed to provide easy and secure access to Ethereum L1 and L2 and other ecosystems such as Solana. Layer 2 refers to a secondary framework or protocol built on an existing blockchain. These protocols aim to solve the transaction speed and scalability issues affecting blockchains. In addition, Base is built with the security and scalability to develop dApps.
Why Was Base Developed?
The proposal from crypto exchange Coinbase is to make on-chain the “next online,” bringing millions of users into the crypto economy. Base will serve as a home for Coinbase’s on-chain products and an open ecosystem where anyone can build and develop new technologies, according to the exchange. The company added that they are incubating Base inside of Coinbase leveraging their decade of experience building crypto products with plans of progressively decentralizing over time without issuing any new network token in place..
Benefits Of Using The Platform
With the underlying security of Ethereum along with Coinbase’s practices users can access Base from Coinbase etherum Layer 1 other interoperable chains it also offers fraction of cost of Etherums EVM securely built multi chain applications with easy bridges .
Conclusion
In conclusion , Coinbases base provides wide range opportunities in terms develpoers looking dive into Decentralized applications oon chain as well as providing cost effective solutions scaling blockchains without compromising security .