Ethereum (ETH) is an essential component of the modern blockchain ecosystem. It has allowed the non-fungible token (NFT), blockchain gaming, and decentralized finance (DeFi) industries to grow into what they are today by serving as the de facto home for an enormous variety of dApps and smart contracts. However, with the rise of innovative Layer-2 solutions like Base blockchain, Ethereum’s ecosystem is evolving to address scalability, cost, and transaction capacity challenges.
As such, Layer-2 blockchains have become significant in addressing these issues for Ethereum. Layer-2 blockchains are designed to process transactions outside of the main Ethereum blockchain while maintaining its security. This allows for increased transaction throughput, reduced costs, and faster transaction speeds.
Base blockchain is among the fastest-rising Layer-2 solutions. Designed with the OP Stack from Optimism, Base aims to address all of Ethereum’s problems and then some, making Ethereum a blockchain that is genuinely future-proof.
What is Base Blockchain?
The team behind Coinbase, a well-known centralized cryptocurrency exchange, also developed Base, a Layer-2 blockchain.
Unlike many other blockchain projects, Base does not have a native token and is instead built with usability as its primary goal. Instead, it uses Ethereum’s native token (ETH) for gas fees, strengthening the core focus of Base, and helping to avoid the potential risks, misalignments and fake token scams associated with token offerings.
Base is designed to be decentralized, permissionless, and open to anyone. On top of the security offered by Ethereum, Base blockchain guarantees almost-zero gas fees, quick transactions, and improved security by utilizing Optimism’s OP Stack.
OpenSea, Uniswap, and Galxe are a few of the largest projects that are currently supporting Base.
Base has emerged as a top choice for web3 game developers in recent months, forming alliances with a number of impending blockchain games, such as Pixelmon, Planet Mojo, and the blockchain re-release of Atari‘s classic arcade games.
How does Base blockchain work?
Base works as an optimistic rollup, a technology that processes transactions off-chain in batches, significantly reducing costs and network stress.
Transactions take place on Base and are aggregated for completion on the Ethereum mainnet. This ensures that Ethereum’s security and decentralization benefits are maintained.
As optimistic rollups, like Base, assume that transactions are valid by default, they do not require significant initial computations, which lowers costs. To keep the network safe, the system does, however, have a fraud-proof mechanism that validates questionable transactions.
Base is entirely financed by Coinbase and is designed to advance blockchain technology before monetary incentives. Strategic partnerships and the high quality of projects on display in its ecosystem prove this, showing that it is dedicated to new ideas.
What is the history of Base?
Early in 2023, Base’s journey started when Coinbase revealed it would be building its own Ethereum Layer-2 blockchain.
A short time later, the Base testnet launched, assisting developers in building dApps for Base. The Base mainnet officially went live in August 2023.
Base has seen a lot of growth over the last 12 months because of its strong ties to Coinbase. One of the first Base products to see widespread use was the Coinbase Learn-to-Earn program, an online platform that rewards users for learning about blockchain technology.
Several major projects, marketplaces and tools have either migrated to or have begun to support Base, taking advantage of its low fees, high transaction speeds and ample financial backing.
The Base team has worked very hard in the last few months to draw the best blockchain games to its chain. On top of Pixelmon, Planet Mojo and Atari migrating to Base, NPC Labs – a startup created by three ex-Coinbase employees – has raised million USD to accelerate web3 gaming developments on Base.
Base blockchain, with its innovative no-native-token strategy, is a big step forward for Layer-2 solutions in addressing the fundamental problems with Ethereum. With blockchain games currently enjoying a renaissance, it will be interesting to see how Base stacks-up to rivals like Immutable, Polygon, and Ronin as time goes on.
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