Coinbase Launches Layer-2 Blockchain Base to Improve Ethereum Scalability

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On 3rd August 2023, an major Cryptocurrency Exchange working publicly in United States, has announced that they will soon launch their own Layer-2 Blockchain , Which is named as “Base“. This innovative platform will be made on Ethereum Blockchain and it makes advantage of OP stack technology.

The Official launch date of Base launch is 9th August, 2023, while from 4 August, users can shall gain ability to Bridge their ETH with Base.

Base is designed carefully on Ethereum main-net to take a series of advantages, which includes some of the major specifications such as:

  • Low Transaction Fees:  Base uses an Roll up mechanism to collect off-chain transactions, as a result the transaction fees will be reduced sharply.
  • Instant transaction Speed: Base  is claiming for the ability of high speed transactions as compared to Ethereum Main-net.
  • Enhanced Scalability: With its strong Architecture, Base can claim high amount of transactions as compared to Ethereum main-net. These advantages seems to be good and promising for the development of Decentralized Applications (dApp’s). For the proof their ability, Coinbase has already announced for the integration of BASE to their own dApp store.

Arrival of BASE  is a sign of important development in the Ecosystem of Ethereum, because it is first major Layer-2 Blockchain launched by one the top cryptocurrency exchange. This favourable development will speed up the adoption of Layer-2 Blockchain , which is important aspect in increasing the scalability of Ethereum Network.

Decoding the Concept of Layer-2 Blockchain

Interestingly , Layer-2 Blockchain is developed on already present blockchain. By doing this , Layer-2 blockchain will provide unlimited inherent advantages, which includes low transaction fees, fast transaction speed and scalability.

Specially, Layer-2 Blockchain is an common type of roll up, Which collects the transaction details off-chain before submitting them as a single transaction to the Layer-2 blockchain. This simple aspect decreases the transaction fees sharply and increases the transaction speed.

Coinbase’s Endeavor: Launching Base

Launching Base by Coinbase is dependent on many thoughts. Majorly, Base is trying to increase the scalability of Ethereum, it was that work which was felt difficult by Ethereum. Base is present in best position due to low transaction fees, high transaction speed and removing these scalability problems.

Secondly, Base’s aim is to increase its utility for their user-base. For some users  recognising complex and  wondering nature of Ethereum main-net, Base is moving forward for providing an user friendly interface.

In the end, Base is making attempt to accept dAP’s widely. dAP, or and Decentralised Application, makes an important aspect of Ethereum ecosystem, and ” Base’s “ goal is to provide an scale-able and user friendly platform and to facilitate their development and deployment. 

Implications of Base’s Launch

The exposure of Base has become an important milestone for Ethereum Ecosystem, which became the first layer-2 blockchain solution launched by an major crypto currency exchange. This historical instance will encourage peoples for accepting layer-2 Blockchain Solutions, which is important for strengthening scalability of Ethereum Blockchain.

The launch of Base also holds a number of far reaching implications for the Ethereum ecosystem. More importantly, it attracts the developers and users, which will increase the  price of originally Ethereum Blockchain based token ETH.

In short, Launch of Base is an sign of important development of Ethereum Ecosystem. By increasing scalabilty, encouraging user friendliness , speeding up accepting dApps, Base cements itself as a positive force driving the Ethereum network forward.

Next Steps for Base

Going forward,  main aim of Base is to various developments and integrate itself with various dApp’s.  Also Coinbase is preparing to launch an developer programme’s to help and nourish developers.

Last ambition of BASE is to emerge as an leading Layer-2 Blockchain solution for Ethereum. Its scalability , friendliness and its ability to increase  overall value is unique. As the time passes, Base’s journey promises an wonderful and tranformative.

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