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Coinbase Launches Base: Revolutionizing Decentralized Apps

Key Takeaways
  • Coinbase's Base Network: Coinbase introduces the "Base" blockchain for innovative dApps and services
  • Efficiency and Cost-Effectiveness: Built on Optimisms IO Stack, Base provides faster and cheaper transactions than Ethereum
  • On-Chain Summer: Coinbase's "on-chain summer" event showcases Base's capabilities through diverse dApps, marking a historic moment in decentralization
10-Aug-2023 By: Simran Mishra
Coinbase Launches Ba

Coinbase Launches Base Network: Boosting Efficient Decentralized Apps

Coinbase, a leading cryptocurrency exchange, has unveiled its decentralized blockchain network named "Base". This is a big deal because Coinbase is the first company that you can buy stock in to do something like this. They started testing this new system in February, and in July they let software developers play around with it. Now, the main version of the system is up and running, and people who are into cryptocurrencies are really excited about it.

The Base network is aiming to bring big changes to decentralized apps (dApps). It has more than 100 dApps and lots of different services all working together. One really good thing about Base is that it handles transactions very well. Jesse Pollak, who is in charge of protocols at Coinbase, says Base is faster and cheaper than Ethereum. This could help fix some of the problems people have had with Ethereum being slow and expensive.

Diving deeper into the technical aspects, Base isn't just a regular blockchain. It's like a special network that's built on top of another solution called Optimisms IO Stack. This solution is known for helping Ethereum handle more transactions efficiently. So, Base can also process transactions for Ethereum, but it's much cheaper. This makes it a better and more affordable option for people who make and use decentralized apps (dApps).

Coinbase is really focused on exploring new ideas in blockchain technology. They have included many different projects from the world of cryptocurrency on the Base network. These projects cover things like decentralized finance, digital wallets, bridges, and more. All of this coming together makes sure that when people use the Base system, everything works smoothly and they can do things easily without any problems.

Coinbase has started a special event called "on-chain summer" to celebrate the launch of Base. This event will last for a few weeks. It will focus on different types of apps that are connected to Base on the main network. These apps are in areas like music, gaming, and digital art. As a special thing, people can create a special digital item called an NFT to remember that they were part of this important event. This event is a big deal because it's a historic moment.

In conclusion, Coinbase's Base is not just a new blockchain; it's a testament to the company's vision for a more efficient, inclusive, and innovative decentralized future. 

Also, read - BRICS Nations Challenge US Dollar, Reshaping Global Trade

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