Ethereum (ETH) is an important part of the blockchain ecosystem. As the de facto home for a vast array of decentralized applications (dApps) and smart contracts, it has allowed the decentralized finance (DeFi), non-fungible tokens (NFT) and blockchain gaming space to flourish and become what it is today .
Despite its importance, Ethereum has its problems – namely transaction speed, transaction costs, and scalability.
Layer 2 blockchain plays an important role in solving these problems with Ethereum. By processing transactions away from the main Ethereum blockchain while still leveraging its security, layer 2 blockchains are designed to speed up transactions, reduce costs, and promote high transaction throughput.
One of the fastest growing layer 2 solutions is according to. Base is built using the OP Stack developed by Optimism, hoping to solve the problems of Ethereum and make Ethereum a truly future-oriented blockchain. Here is our complete guide to basic blockchain.
Source: CoinbaseWhat is a base?
Base is a layer 2 blockchain developed by the team behind Coinbase, a leading centralized cryptocurrency exchange.
It was designed with usability as a top priority, and unlike many other blockchain projects, Base does not have a native token. Instead, it uses Ethereum’s native token (ETH) as gas fees, reinforcing Base’s core focus and helping to avoid the potential risks, misalignment and fake token scams associated with token issuance.
Base is designed to be decentralized, permissionless and open to anyone. By leveraging Optimism’s OP Stack, Base ensures near-zero gas fees, fast transactions and enhanced security – in addition to the security provided by Ethereum.
Some of the largest projects currently supporting Base include OpenSea, Uniswap and Galxe.
In recent months, Base has become the go-to choice for web3 game developers, having formed partnerships with several upcoming blockchain games, including Pixelmon, Planet Mojo, and re-releases of Atari’s arcade classics.
How the base works
Base operates on optimistic aggregation, a technology that batches off-chain transactions, significantly reducing costs and network stress.
Transactions occur on Base and are collected together and completed on the Ethereum mainnet. This ensures that Ethereum’s security and decentralization advantages are maintained.
Optimistic aggregations (such as Base) assume that transactions are preset to be valid, which means they do not require a lot of calculations initially, thus keeping costs low. However, the system includes an anti-fraud mechanism that can verify suspicious transactions and ensure network security.
Base is fully funded by Coinbase and is built with a focus on advancing technology rather than generating profits. This is evidenced by strategic partnerships and the high-quality projects showcased in its ecosystem, demonstrating its commitment to new ideas.
Source: AtariHistory of the base
Base’s journey began in early 2023, when Coinbase announced that it would create its own Ethereum layer 2 blockchain.
The Base testnet was launched soon to help developers create dApps for Base. The Base mainnet will be officially launched in August 2023.
Base has gained plenty of attention over the past 12 months due to its close ties to Coinbase. The first widely used Base product was the Coinbase Learn-to-Earn program, an online platform that rewards users for learning blockchain technology.
Several major projects, marketplaces, and tools have migrated to Base or have begun supporting Base, taking advantage of its low fees, high transaction speeds, and ample financial support.
In the past few months, the Base team has worked together to attract top blockchain games to the chain. In addition to Pixelmon, Planet Mojo, and Atari migrating to Base, NPC Labs, a startup founded by three former Coinbase employees, raised $21 million to accelerate web3 game development on Base.
With its unique approach to non-native tokens, Base represents an important step towards layer-2 solutions that help solve the problems inherent to the Ethereum blockchain. The exciting new chapter has experienced a renaissance recently, and it will be interesting to see how Base stacks up against competitors like Immutable, Polygon, and Ronin.
