ethereum (eth) is a crucial part of the blockchain ecosystem. As the de facto home to a wide range of decentralized applications (dApps) and smart contracts, it has allowed the decentralized finance (DeFi), non-fungible tokens (nft), and blockchain gaming spaces to flourish into what they are today.
Despite its importance, ethereum has its problems, namely around transaction speed, transaction costs, and scalability.
Layer 2 blockchains have gained prominence in addressing these issues on ethereum. By processing transactions off of the main ethereum blockchain (while still using its security), layer 2 blockchains aim to speed up transactions, reduce costs, and facilitate high transaction throughput.
One of the fastest growing Layer 2 solutions is x.com/base” target=”_blank” rel=”noopener”>BaseBase, which was built using the OP Stack developed by Optimism, seeks to address the problems of ethereum and more, making ethereum a truly future-proof blockchain. Here is our complete guide to the Base blockchain.
Source: CoinbaseWhat is Base?
Base is a layer 2 blockchain developed by the team behind Coinbase, a leading centralized cryptocurrency exchange.
It is 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) for gas fees, which strengthens Base’s core approach and helps avoid the potential risks, mismatches, and fake token scams associated with token offerings.
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 on top of everything ethereum offers.
Some of the largest projects currently supporting Base include OpenSea, Uniswap, and x.com/Galxe” target=”_blank” rel=”noopener”>Galleon.
In recent months, Base has emerged as a leading choice for web3 game developers, securing partnerships with several upcoming blockchain titles including x.com/Pixelmon” target=”_blank” rel=”noopener”>pixelmonPlanet Mojo, and x.com/AtariX” target=”_blank” rel=”noopener”>AtariRe-releases of the arcade classic from 's.
How Base Works
Base works as an optimistic rollup, a technology that processes off-chain transactions in batches, significantly reducing costs and stress on the network.
Transactions are performed on Base and collected for completion on the ethereum mainnet. This ensures that the security and decentralization benefits of ethereum are maintained.
Optimistic rollups, such as Base, assume transactions are valid by default, meaning they do not require extensive computations initially, keeping costs low. However, the system includes a fraud-proof mechanism that verifies suspicious transactions, keeping the network secure.
Base, which is fully funded by Coinbase, was created with the goal of advancing technology rather than generating profits. The strategic partnerships and high quality of projects on display in its ecosystem demonstrate this, showing that it is dedicated to new ideas.
Source: AtariThe history of the base
Base's journey began in early 2023 when Coinbase announced it would be creating its own ethereum Layer-2 blockchain.
The Base testnet was launched shortly after, helping developers build decentralized applications for Base. The Base mainnet officially went live in August 2023.
Thanks to its close ties to Coinbase, Base has gained significant popularity over the past 12 months. One of Base’s first products to be widely used was Coinbase’s Learn-to-Earn program, an online platform that rewards users for learning about blockchain technology.
Several major projects, marketplaces, and tools have migrated to or begun supporting Base, taking advantage of its low fees, high transaction speeds, and extensive financial backing.
Over the past few months, the Base team has made a concerted effort to attract top blockchain games to its chain. In addition to the migration of Pixelmon, Planet Mojo, and Atari to Base, x.com/NPC_Labs” target=”_blank” rel=”noopener”>NPC Labs – a startup founded by three former Coinbase employees – has raised $21 million to accelerate web3 game development on Base.
With its unique, tokenless approach, Base represents a significant step in Layer 2 solutions that help solve the inherent problems of the ethereum blockchain. Its entry into web3 gaming marks an exciting new chapter for the sector, and with blockchain gaming experiencing a renaissance of late, it will be interesting to see how Base compares to competitors such as Immutable, Polygon, and Ronin.
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