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Cryptocurrency innovation is constant, but the path to success is often unclear. Developers and crypto enthusiasts are faced with a myriad of choices and challenges. Amidst this landscape, Coinbase, a leading name in the crypto industry, observed a need for something more unified and accessible.
Introducing Base
Coinbase’s response to this need is Base, an Ethereum Layer 2 (L2) network designed to offer a secure, low-cost, and developer-friendly environment for building decentralized apps (dapps) onchain. The goal is ambitious: to make onchain the next online and onboard one billion users into the cryptoeconomy.
Why Base?
Coinbase’s mission has always been to create an open financial system that increases economic freedom globally. However, the journey to this goal has been fraught with questions and uncertainties. Developers within Coinbase were struggling with fundamental questions about how and where to build and deploy dapps.
After extensive internal discussions and alignment, Coinbase decided on three primary decisions:
1. EVM as the Primary Developer Platform: EVM (Ethereum Virtual Machine) is the dominant environment today, and it made sense to leverage its widespread support.
2. Ethereum Layer 1 for High-Value Dapps: For applications requiring the utmost security, Ethereum’s maturity and decentralization made it the ideal choice.
3. Ethereum Layer 2 for Scalable Dapps: To reach billions of users without the high fees of Ethereum’s main layer, Layer 2 (L2) was identified as the solution.
The Principles of Base
Base is built on four key principles:
1. A Bridge, Not an Island: Base is designed to connect with Ethereum L1, other L2s, and other ecosystems like Bitcoin, Solana, and Cosmos.
2. Open Source: Base is built on the MIT-licensed OP Stack, in collaboration with Optimism, reflecting a commitment to open collaboration.
3. Decentralized: While incubated inside Coinbase, Base is committed to progressing towards full decentralization over time.
4. For Everyone: Base aims to be an open ecosystem, inviting collaboration and innovation from the broader community.
The Road Ahead
With the launch of Base’s testnet, a new chapter begins. Developers can start building on Base, and the community is invited to contribute to making Base a robust ecosystem.
Coinbase’s vision for Base is not just about creating a platform; it’s about building a bridge to the future of the cryptoeconomy. It’s a step towards a world where onchain is the norm, where barriers are broken, and where innovation thrives.
Base represents a significant milestone in the crypto landscape, reflecting a blend of technological innovation, collaboration, and a commitment to a decentralized future.
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