Coinbase has created a new network called Base, which is designed to be affordable, safe, and easy for developers to use.

A new announcement from Coinbase reported the launch of an Ethereum Layer 2 Network called Base. Coinbase Exchange intends to use the new network as a way of bringing more users into the cryptocurrency economy. 

However, the exchange already made it clear they were not going to issue any blockchain tokens in future but will run a test environment for interested parties. The new network will take advantage of Optimism’s OP Stack to allow more people access to a diverse range of blockchain ecosystems. 

If the blockchain is about bringing Billions of people into inclusive finance, providing them access to decentralized opportunities, and disrupting logistics among many more use cases; 

Base aims to ensure these networks, systems and platforms have numbers, and that more and more people interact with crypto on a daily basis. 

Why Coinbase’s Base Network will not have a token of its own?

According to Jesse Pollack, the director of engineering at Coinbase, Base will not have a token of its own.  The director said it’s a good thing since it will allow the team to easily track down success metrics. It’s not all time that networks need a token to succeed. 

“Having a token can actually make it harder to see whether the network is actually resonating with its users and customers”.

Well for me, I think this is hats off to Pollack for keeping it real and not jumping on the token bandwagon just because everyone else is doing it.

Why Ethereum?

Base will run as an Ethereum layer 2 networks. Here is why :

  • Ethereum still holds the number one position as the most preferred blockchain for deploying decentralized applications, building L2s  and running smart contracts. But are these the prerequisites of building a great L2 platform for a crypto exchange?
  • Building Base on top of Ethereum’s existing infrastructure means more affordability, high-security standards and guaranteed performance.
  • Besides, Ethereum boasts a strong developer and user community.

Base vision and mission

Coinbase is playing the long game with its Base network. By incubating it inside the company and gradually decentralizing it, they’re ensuring that they develop the network in a way that fits their vision and values. 

And let’s be real, who wouldn’t want more control over the development process? Plus, by keeping a tight grip on the reins, Coinbase can make sure that the network is as secure and high-performing as possible.

They’re not messing around when it comes to building a network that can handle the demands of the decentralized world. So, kudos to Coinbase for being strategic and taking the time to do things right. We can’t wait to see what they have in store for us by going L2.

Optimism open-source OP stack

Well, check it out, folks! Looks like Coinbase is hitching a ride on the Ethereum Layer 2 network Optimism’s open-source OP Stack. This thing is a blueprint for compatible blockchain Layer 2 networks, and it’s what the Base platform is built on.

And get this, Coinbase is even going to be a core developer for the OP Stack. That’s some serious street cred right there. It’s like they’re joining the cool kids’ club, and they’re not just any old members either, they’re core developers.

I don’t know about you, but I’m excited to see what this partnership will bring. With the OP Stack’s solid foundation and Coinbase’s expertise, it’s sure to be a match made in crypto heaven.

The Coinbase Base Ecosystem Fund

Coinbase and its venture arm, Coinbase Ventures will also launch the Base Ecosystem Fund to grease the wheels of development on their platform. They’re throwing down some serious cash to make “a bunch of investments … at the pre-seed stage in companies and organizations that are building on Base,” 

And here’s the kicker: 

They’re not even picky about what chain these companies are working on. According to Pollack, they expect lots of these developers to eventually go multichain or even start on a different chain and then come over to Base.

I don’t know about you, but that sounds like a pretty sweet deal to me.It’s like they’re saying, “Come one, come all! We don’t care where you’re from, just as long as you’re building on Base.” With the Base Ecosystem Fund backing them up, these developers are gonna be unstoppable.

Cutting to the chase with real diversity and true decentralization. Characteristics that are as rare as a unicorn on Wall Street.

So, when it comes to levelling the playing field, Coinbase is not gambling in the house of crypto cards. I mean, can they really afford to dismiss affirmative action as just another politically correct buzzword?

Final words

The integration of their existing developer tools with Base is going to take decentralized finance to a whole new level. If this is what it means to leave a mark in Web 3.0, Coinbase already got the hack. 

And let’s not forget the added bonus of having access to the Coinbase ecosystem’s massive user base and assets. 

There’s more! 

By collaborating with Optimism and building the OP Stack, they’re making Base and other chains incredibly low-cost, decentralized, and secure. 

Bringing thunder, lightning, and the whole damn storm. Isn’t that what it looks like?

If you’re a developer looking to build decentralized apps at scale, you better jump on board the Base train before it leaves the station. Because when it comes to the future of finance, Coinbase and Base are poised to take the world by storm.