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Cryptocurrency News Articles
Base Blockchain: Layer-2 Technology with Low & Fast Gas
Oct 23, 2024 at 09:00 am
Base Blockchain is a new Ethereum-based network developed by Coinbase as an advanced Layer-2 (L2) solution. The network is designed to facilitate the development of decentralized applications (dApps) in a more secure, cost-effective, and fast way for developers.
Coinbase, one of the world’s largest crypto companies, has now launched a new initiative to improve the scalability and efficiency of the Ethereum network through its latest project called Base Blockchain. This project is a Layer-2 network that was developed to address the challenges often encountered when interacting with the Ethereum mainnet, such as high gas fees and slow transaction speeds. In the future, Base Mainnet will provide faster transactions and lower fees compared to Layer-1 networks.
Base Blockchain is a new Ethereum-based network developed by Coinbase as an advanced Layer-2 (L2) solution. The network is designed to facilitate the development of decentralized applications (dApps) in a more secure, cost-effective, and fast way for developers. As a second layer compatible with the Ethereum Virtual Machine (EVM), Base leverages Optimism Stack (OP) technology as its main foundation. Like other Layer-2 networks, Base is built to address the scalability challenges currently faced by the Ethereum network, such as high gas fees and limited transaction speeds (TPS). In addition, this Layer-2 network will be an ecosystem for various products that already exist on the Coinbase platform, and will be fully integrated when the Base Mainnet officially launches. By using Base Blockchain, users, developers, and stakeholders can take advantage of a more efficient blockchain infrastructure and wider scalability compared to the Ethereum network.
Built as a Layer 2 (L2) blockchain network on Ethereum, Base is designed to improve performance, interoperability, and scalability, while reducing transaction fees and settlement times. Base processes transactions off-chain through a mechanism known as “rollups,” which combine multiple transactions into a single collection and send them as a single batch to Ethereum’s Layer 1 for validation. This approach helps reduce fees and load on the Ethereum mainnet. Key use cases for Base include:
* Decentralized Finance (DeFi) Platform: Base provides the infrastructure needed for the development and provision of decentralized financial services, allowing users to transact, borrow, and lend without intermediaries.
* Non-Fungible Token (NFT) Marketplace: With the ability to handle fast and low-cost transactions, Base enables the development of efficient NFT marketplaces, where users can create, buy, and sell unique digital assets.
* Gaming and Virtual Worlds: Base supports the development of games and virtual worlds that leverage blockchain, enabling more interactive and decentralized gaming experiences.
* Supply Chain and Logistics Applications: Base’s technology can be used to increase transparency and efficiency in the supply chain, enabling real-time tracking of goods and better logistics management.
Base Blockchain offers a variety of advantages designed to meet the needs of individuals and businesses in the blockchain ecosystem, including the following.
1. Faster Transactions and Lower Fees: Base processes transactions faster and at lower fees than the main Ethereum network through its “rollups” mechanism. Rollups combine multiple transactions into one and send them to Ethereum Layer-1 for validation. This approach not only reduces the burden on the main network but also speeds up the transaction process and lowers the gas fees that users have to pay.
2. Higher Scalability: Base is designed to improve scalability compared to Ethereum Layer-1. With its Layer-2 infrastructure, Base is able to handle a larger transaction volume efficiently without sacrificing performance. This allows for more activity on the network without experiencing speed or high fees, making it an ideal solution for applications with high transaction volumes.
3. Compatibility with the Ethereum Ecosystem: Base offers full compatibility with the Ethereum ecosystem, meaning Ethereum-based applications can run on Base without requiring significant code changes. Developers can leverage the same tools and frameworks, such as the Ethereum Virtual Machine (EVM), making the transition to Base easier and more efficient.
The Base Blockchain has a number of characteristics that set it apart from other platforms. Strong support and cutting-edge technology make it stand out in the blockchain ecosystem. Here are some of the key factors that make Base unique.
1. Backing from Coinbase: Base Blockchain is directly backed by Coinbase, leveraging the infrastructure and large community that Coinbase already has. This strengthens the trust and adoption of the platform and makes it easier to access for users who are already familiar with the Coinbase ecosystem.
2. Optimism Stack Technology: Base leverages Optimism Stack technology to increase network efficiency. With this technology, Base is able to provide faster transactions and lower fees, making it ideal for a variety of applications that require high performance.
3. Fully Decentralized: One of Base’s main goals is to be a fully decentralized network. This means that while it is backed by a large entity like Coinbase, Base aims to give full control to the community in the future management of the network.
Base has gone through several testnet stages that first started in February 2023. Based on information from its official website, Base Mainnet was publicly launched on August 9, 2023. As part of the Base network launch celebration, the development team collaborated with various parties to organize an event called “Onchain Summer”,
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