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Coinbase Launches New Layer 2 Blockchain

Coinbase Launches New Layer 2 Blockchain

Cryptocurrency exchange Coinbase aims to attract millions of new crypto users in the coming years with its newly launched blockchain.

Coinbase has announced its entry into the Layer 2 space with the introduction of its new Ethereum L2 network called Base, which was launched at ETHDenver.

The aim is to make it easy for developers to create user-friendly apps and integrate them into the Coinbase product suite for ease of use. Unlike some networks, Base will not have a dedicated token.

It is built on the open-source OP Stack, created by Optimism,pi and Coinbase will join Optimism as a core developer for the OP Stack.

The Coinbase developer tools will be integrated with Base to provide low-cost, decentralized, and secure service.

To encourage development on Base, Coinbase and Coinbase Ventures will launch the Base Ecosystem Fund to invest in companies and organizations building on Base.

READ MORE: Hedge Fund Veteran Ray Dalio Believes Bitcoin is Not a Good Store of Wealth

With the advent of many Layer 2 chains, Coinbase is working on proto-dank sharding to reduce fees and increase scalability.

The company expects that there will be many Layer 2s, and it is building based on the OpenStack for interoperability between all of them.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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