Coinbase announced ‘Base’

Coinbase has announced the launch of Base, an Ethereum layer-2 network designed to offer a low-cost, secure, and easy-to-develop environment for creating decentralized applications (DApps) on the blockchain.

The company aims to use Base as a bridge to bring users into the cryptocurrency economy, providing access to other L1 ecosystems like Solana and becoming interoperable with other chains.

In addition to offering access to Coinbase’s products, users, and tools, Base will also provide easy access to fiat currencies and powerful acquisition tools.

The network will be built on the “OP Stack” used by Optimism, and Coinbase has released a detailed plan on how the network will decentralize over time. Coinbase has stated that it has joined the OP Stack developer team to ensure that Base is a public good available to all.

The company intends to make Base an easy-to-use network for customers who want to familiarize themselves with using cryptocurrencies, while encouraging users to “start on Base and then go everywhere.”

Coinbase plans to work with Op Labs and Optimism Collective to decentralize the Optimism ecosystem by creating a “Superchain” of connection networks built on the OP Stack. By the end of 2023, Coinbase aims to advance Base to “Phase 1”.

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