- The Base blockchain from Coinbase has swiftly become well-known in the layer-2 chain community, demonstrating its potential to promote DApp adoption and solve Ethereum’s scaling issues.
- Jesse Pollak, Head of Protocols at Coinbase, answers questions from Cointelegraph about Base’s mission, its role in bringing millions of developers and billions of users onto the blockchain, and the industry’s transition from speculation to utility.
Launched in late July, Coinbase’s Base blockchain has quickly become a major participant in the world of Layer-2 (L2) networks based on Ethereum. With its high transaction volumes and expanding ecosystem of decentralized initiatives, Base is well-positioned to further the adoption of blockchain technology. This article will examine Base’s ascent and its significance for the development of blockchain technology.
Impressive Performance By Base
Base has performed admirably since its introduction, as shown by the volume of transactions. According to data from Etherscan, the chain performed a remarkable 677,000 transactions on September 21 and saw 870,163 new addresses. Comparatively, on the same day, Arbitrum, another well-known Layer-2 solution, saw 925,000 transactions and 54,233 new addresses.
Base has swiftly established itself as the hub for a variety of decentralized projects, displaying its adaptability and potential influence on the blockchain community. These projects range from inflation oracles to restaurant rewards programs and insurance aggregators.
The Base Vision Of Coinbase
Jesse Pollak, head of protocols at Coinbase, spoke with Cointelegraph about the company’s plans for Base and the wider implications for the use of blockchain technology.
The Road To A Billion Blockchain Users
The goals of Base transcend beyond the blockchain itself, according to Coinbase. By utilizing the transparency, openness, and global scope of blockchain technology, Pollak stressed the objective of getting a billion people on-chain. While Base plays a big part in this ambition, Pollak thinks the entire industry will help usher in this achievement. By 2030, he expects the blockchain industry to employ one million developers, which is a sign of the industry’s predicted rapid expansion.
Three Important Steps For coinbase Mainstream Adoption
Pollak emphasized three essential elements for popular acceptance, including:
- Cost Savings
According to Pollak, people need to be able to afford blockchain applications. With certain apps now costing as little as 5 to 10 cents instead of the prior $5 to $10, Base has already significantly reduced costs.
- Improved User Experience
To reach a larger audience, it is crucial to improve wallet experiences and make blockchain apps easier to use.
- Better Identity Infrastructure
In industrialized nations where conventional lending practices are more prevalent, enhanced identity systems are required to fully realize the promise of on-chain consumer borrowing.
Moving From Speculative To Useful
In line with the cycles observed in earlier technical advancements, Pollak noted that the early years of blockchain technology were characterized by speculative activity. However, he thinks that the market is now in a position where it should move from speculating to offering practical benefits to regular customers. Now that the infrastructure is prepared, attention should be paid to providing actual advantages to individuals.
Choosing Ethereum As A Base
When questioned about why Coinbase chose to develop Base on the Ethereum blockchain, Pollak said that the company had contemplated creating its own blockchain three times before deciding against it each time. They acknowledged that, in terms of value, activity, and developer participation, Ethereum has the greatest crypto ecosystem. To help Ethereum scale and be a part of a larger ecosystem, Coinbase is launching Base as an Ethereum Layer-2 solution.
Scalability And Rollups At Layer 2
Pollak discussed the scalability problems with Ethereum and the function of Layer-2 solutions like Base. He pointed out that the original plan for Ethereum was to use sharding to scale at Layer 1. The focus moved to supporting innovation at Layer 2 as Layer-2 solutions, though, which led to lower costs and higher transaction throughput. Pollak stressed the complexity of the scaling difficulties and the need for ongoing investment and development, even though great progress has been made.
Conclusion
The Base blockchain from Coinbase has swiftly become well-known in the layer-2 chain community, demonstrating its potential to promote dApp adoption and solve Ethereum’s scaling issues. Coinbase aspires to play a big role in the next era of blockchain technology, with the clear goal of bringing millions of developers and billions of users onto the blockchain. Base and related initiatives have the potential to increase the usability and accessibility of blockchain technology for common people as the sector develops.
