Crypto 24X7 News Hubb
Advertisement
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us
No Result
View All Result
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us
No Result
View All Result
Crypto 24X7 News Hubb
No Result
View All Result
Home Crypto Mining

Coinbase Introduces an Ethereum Layer 2 Network Called Base

admin by admin
February 25, 2023
in Crypto Mining


Crypto exchange Coinbase claims that its new Layer 2 Ethereum network will offer a low-cost, secure, and developer-friendly way to build dApps.

Coinbase, a cryptocurrency exchange established in 2012 by Brian Armstrong and Fred Ehrsam, has launched Base, a Layer 2 Ethereum network.

According to the Coinbase blog post “Introducing Base,” its Layer 2 Ethereum network will be the company’s home, providing access to various tools and products. Additionally, it will offer a simple on-ramp for fiat. Coinbase does not plan to issue a token for the Base layer. Instead, it will use ETH as the gas token.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe – We publish new crypto explainer videos every week!

Coinbase noted that the network is set to onboard “1B+ users into the cryptoeconomy” and offer a low-cost solution for launching DApps.

The Base L2 project is built on the “OPT Stack” that powers the Optimism blockchain. Initially, it will be highly centralized before eventually becoming decentralized. The company claims that Base will be open source and “freely available.”

Coinbase has over 100 million users and partnerships with more than 250,000 firms globally. Its platform is big enough to onboard customers into the blockchain, Web3, and the crypto economy.

Commenting on the announcement, Sebastien Guillemot, the co-founder of dcSpark, tweeted that building an L2 instead of a side chain was a wise move. Guillemot noted that more developers were working on L2 than L1 blockchains.

Layer 2 blockchains are preferred for their speed and low cost. They process transactions in batches and then send the receipts to the mainnet.

Coinbase has recently received a hefty fine from The Dutch Central Bank (De Nederlandsche Bank). DNB fined Coinbase for failing to secure a correct registration before starting to operate in the country. For this violation, Coinbase will have to pay a fine of $3.6 million or €3.3 million.

Gile K. - Crypto Analyst

by Gile K. – Crypto Analyst, BitDegree




Source link

Previous Post

Nine Years Ago Today: Recalling The Bitcoin Exchange Failure That Was Much Bigger Than FTX

Next Post

IMF Calls for ‘More’ Crypto Regulation — Says Banning Should Be an Option – Regulation Bitcoin News

Next Post

IMF Calls for 'More' Crypto Regulation — Says Banning Should Be an Option – Regulation Bitcoin News

Recommended

BMW Revamps Operations With Blockchain Technology From Coinweb And BNB Chain

December 30, 2022

HSBC, Nationwide Banks Crack Down On Bitcoin And Crypto Access

March 4, 2023

Don't miss it

Crypto Currency

India to Have Over 150 Million Crypto Users by the End of 2023? (Study)

March 26, 2023
Crypto Currency

US explores additional bank support favoring First Republic’s benefit: Report

March 26, 2023
Bitcoin

Robert Kiyosaki Says Fed Rate Hikes Will Crash Stocks, Bonds, Real Estate, and US Dollar – Economics Bitcoin News

March 26, 2023
Crypto Mining

Coinbase CEO Calls to Support Pro-Crypto Politicians

March 25, 2023
Crypto Currency

Nasdaq Eyeing Q2 2023 Release For Bitcoin And Crypto Custody Platform

March 25, 2023
Ethereum

White House report takes aim at Bybit — and forgot about Deribit

March 25, 2023

© 2022 Crypto 24X7 News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us

© 2022 Crypto 24X7 News Hubb All rights reserved.