Making Blockchain accessible to everyone

Description

In 2023 Coinbase launched their “base” blockchain to ” make Ethereum accessible to everyone“. This was a string move for a Publically listed, US based, company. Coinbase has been a long term player in the Crypto exchange market and this move is part of the their bigger drive to grow the use of Blockchain Technology and build a revenue stream and innovation lab for the company.

In our view, this is an interesting merging of Crypto and Blockchain technology with an Enterprise company – bringing the benefits of Blockchain Technology to more people, but monetizing this as an Enterprise company. This is where there will no doubt be interesting discussions – Should an Enterprise Monetize Blockchain? They are providing the tooling for people to build and benefit from Blockchain technology, which people can them monitize themselves

So, what is Base?

“Base is a secure, low-cost, developer-friendly Ethereum L2 built to bring the next billion users to web3”

Base_Blog_header.png
From Coinbase

Base features for developers:

  • Secured by Ethereum: Base is built with the security and scalability you need to power your decentralized apps. It leverages the underlying security of Ethereum, along with Coinbase’s best practices, to enable you to confidently onramp into Base from Coinbase, Ethereum L1, and other interoperable chains.
  • Empowered by Coinbase: Base makes it easy to build decentralized apps with access to Coinbase’s products, users, and tools. Seamless Coinbase product integrations, easy fiat onramps, and powerful acquisition tools enable developers to serve the 110M+ verified users and to access $80B assets on platform in the Coinbase ecosystem.
  • Big features, small fees: Base offers full EVM equivalence at a fraction of the cost and is committed to pushing forward the developer platform. Set up gasless transactions for your dapps with easy developer APIs for account abstraction, and securely build multichain applications with easy-to-use bridges.
  • Open source: Base aims to be decentralized, permissionless, and open to anyone with the vision of creating a standard, modular, rollup agnostic Superchain powered by Optimism. We’re joining Optimism as a Core Dev on the open source OP Stack, and working to create a thriving community of other developers. 
Benefits & Outcomes
  • Scalability And Transaction Throughput – Base addresses issues related to scalability and transaction throughput on the very busy Ethereum network. By processing transactions off the main chain and recording the results back on it, Base can facilitate a higher volume of transactions and faster processing times compared to Layer 1 solutions
  • Cost-Efficiency  – Layer 2 solutions often enable more cost-effective transactions. By reducing the volume on the Ethereum main chain, transaction fees associated with gas costs can be lowered, making it economical for users and devs
  • DeFi Applications – Base serves as an optimized layer for various decentralized finance (DeFi) applications. Supporting the development and functioning of decentralized exchanges, lending platforms, and other financial services, providing enhanced performance and lower costs
  • Smart Contract Execution – Given its association with Ethereum, Base is designed to support smart contracts, enabling more efficient execution and interaction with decentralized applications (dApps) built on smart contract technology
Links
Further Info

Coinbase, as a company, is trying to open people’s eyes to the failures of the current financial and political system – this is an important step in the development of Blockchain technology – the more people understand how they can benefit from Blockchain technology, the nearer we will get to a fairer future.  At CBRC, we are big supporters of education in this space – and this is why we have the worlds first and only Blockchain verified CBRC Use Case Register and CBRC Use Case Score 

 

Status

Base is launched and available for building

Researched by Antony December 2023

© Antony Welfare 2024

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