Coinbase: Why are we building the new Layer2 Network Base?

23-02-23 23:34
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Original source: Coinbase
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On February 23, Coinbase announced the launch of Base TestNet, an Ethereum Layer 2 network (L2) designed to provide a secure, low-cost, and developer-friendly way to build on-chain, centralized applications. Coinbase, together with Base, aims to attract the next billion users into the crypto economy. To achieve this, Base will serve as a home for products on the Coinbase chain and an open ecosystem that anyone can build.


Currently, Coinbase is incubating the Base internally, leveraging the experience of building cryptographic products over the past decade, with plans to decentralize the blockchain over time. At this stage, Base has no plans to issue network tokens, but developers can already explore building on Base at base.org.


What is a Base?


Coinbase wants to make Base one of the best places for developers to build products and services on blockchain, with four main features:


Ethereum-based security:Base has the security and scalability needed to support decentralized applications, leveraging Ethereum's underlying security as well as Coinbase's best practices to enable users to confidently enter Base from Coinbase, Ethereum L1, and other interoperable blockchains.


Coinbase supports:With access to Coinbase products, users, and tools, Base makes it easy to build decentralized applications, seamlessly integrate with Coinbase products, gain access to powerful legal tender portals, and acquire tools, enabling developers to serve more than 110 million verified users, And access to $80 billion worth of assets on the Coinbase ecosystem platform.


Powerful, low cost:Base provides complete EVM equivalence at a fraction of the cost and is committed to advancing the developer platform. Using a simple developer API, you can set up gas transactions for decentralized applications for account abstraction and securely build multi-chain applications with easy-to-use Bridges.


Open source:Supported by Optimism, Base aims to build a decentralized, permission-free "Superchain" that offers standard, modular, Rollup support. Base will join Optimism as the core developer of the open source OP Stack and is committed to creating a thriving community of other developers.


At this stage, Base developers can use Coinbase RPC test network endpoints to build on the Base, or choose QuickNode, Infura, and Blockdaemon node providers.


Why build a Base?


To bring billions of users into the crypto economy, de-centring applications need to be easier, cheaper, and more secure to interact with. To do this, developers need to build these applications more easily. In building Base, Coinbase explicitly adheres to a number of core guidelines, which are as follows:


1. A bridge, not an island


Base can provide easy, secure access to Ethereum L1, other L2 blockchains, and other L1 ecosystems such as Solana. Coinbase is also encouraging others to build from Base, which provides users with a "bridge" to the crypto economy. Access to other on-chain products on Base provides an easy-to-use default on-chain experience, and Coinbase products will support as many blockchains as possible in the future as Base interoperates with other blockchains.


2. Open Source


In fact, any underlying software that supports a global crypto economy should be fully open source and freely available, and Base, in partnership with Optimism, will build on top of MIT licensed OP Stack. Base will join OP Stack as a second core development team to ensure it becomes a public good available to all. For Coinbase, Base will be viewed as an open platform where anyone can contribute, fork, and expand to help scale the crypto economy. If you'd like to learn more about how Base has partnered with Optimism, you can find out herelink.


3. Decentralization


Decentralisation is essential if the crypto economy is to remain open and global and accessible to all. While Coinbase has started incubating the Base in-house, it is firmly committed to moving toward full decentralization over the next few years. As Coinbase adds resources to OP Stack, Base expects to upgrade from Rollup Phase 0 to Phase 1 in 2023 and complete Phase 2 in 2024. If you want to learn more about the decentralized approach to Base, click herelink.


4. Open ecosystem


Base's vision is to be an open ecosystem that builds on Coinbase products, users, and assets, working with the broader community to bring the blockchain ecosystem to life.


Coinbase is excited to have an incredible community of people who will help build the Base into a strong ecosystem and contribute positively.


一文速览 Coinbase 推出的基于 OP Stack 的新以太坊 L2 网络 Base


5. Base Ecological Fund


Coinbase also announced the launch of the Base Ecosystem Fund, which invests in and supports early-stage Base-based projects that meet Coinbase's investment criteria.


What's the next step?


At this stage, Base is focused on making sure the test network is running successfully, and in the coming weeks will share the main network roadmap and provide additional resources for developers building on Base.


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