Coinbase Global Inc., a cryptocurrency exchange, has expanded today its developer tools for blockchain with Base. Base is an Ethereum Layer 2 Network that provides a low-cost, developer-friendly, and secure way to build and deploy decentralized applications.
Layer 2 is an additional blockchain that works alongside another chain, such as Base, which operates with Ethereum to speed up transactions, reduce fees, and provide new features. These layers are used for scalability, to help other blockchains cope with the increasing amount of transactions that result from decentralized apps.
Jesse Pollak is the head of Base at Coinbase and the protocol lead. In a recent blog, he stated that “our goal with Base will be to make onchain ‘the next online’ and bring one billion people into the cryptoeconomy.” Base, in pursuit of that goal will be both the home for Coinbase’s onchain product and an ecosystem open to anyone.
Base will be launched as a Testnet so that developers can try it before the full launch.
Developers can access application programming interfaces to develop apps quickly. The blockchain runs at 10% less cost than Ethereum. Builders will have the ability to connect quickly to Base using tools and features available at Coinbase.
Base, which is a product of Coinbase’s incubator, will allow developers to access all the products and tools directly. Developers can, for example, connect to other Blockchains via Coinbase Cloud or host blockchain infrastructure with Node.
Coinbase plans to use Base both as the foundation of its own products on chain and as an ecosystem open to attract developers to their products. This will help bring more people into the blockchain sector. Coinbase’s ecosystem includes products that serve more than 110,000,000 verified users, and provide access to assets worth more than 80 billion dollars on the platform.
Base focuses primarily on decentralization – a fundamental principle of all crypto – and uses the open source OP Stack to deploy it in conjunction with OP Labs. Base can then become a part of a so-called “superchain” — a network consisting of Layer 2 Blockchains which share security, communication, and a development layer.
Base developers will have the ability to create dapps that can be used on other platforms than Ethereum and Base. The base will also be interoperable with many other L2 and L1 eco-systems, including Bitcoin, Solana, and Cosmos. Coinbase is urging developers to see Base as a “bridge, not an Island.”
Pollak stated that “decentralization is crucial for the cryptoeconomy’s to remain global, open and accessible to all.” While we have begun to incubate Base within Coinbase, our commitment is to move towards full decentralization.
Coinbase has announced an ecosystem fund to invest in the early stages of projects that build on Base. Developers who are interested in building on the blockchain new can apply through the website.