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.
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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.