Coinbase has joined the Blockchain Standards Association (BSA), a nonprofit organization that promotes best practices for blockchain technology. According to Coinbase, its goal is to “advance the industry by driving openness, collaboration and communication.” This move follows Coinbase’s acquisition of Caviar, a startup that’s built on the ethereum blockchain.
At Coinbase, Jesse Pollak oversees Base and plans to work on expanding the L2 blockchain’s developer community by making it easier for developers to build decentralized applications (dApps) on the platform. This enters into competition with other major exchanges such as Binance who have already focused heavily on developing dApp platforms.
Base is a startup that wants to help developers create their own dApps. The startup was founded by Coinbase employees, who are familiar with the blockchain technology. Base has already partnered with a number of crypto businesses, platforms and infrastructure firms, which means that there is a good chance that you’ll be able to find Base-built products on the market.
The involvement of these notable blockchain companies suggests that the industry is growing rapidly and garnering more attention from developers and investors. This bodes well for the future of blockchain as a technology and could lead to even more innovation within the space.
As the blockchain ecosystem continues to grow, it is important to have more onramps into the network for developers. Base’s Launch strengthens this notion by offering an equitable L2 that allows for easy development into the network.
Creating a L2 blockchain allows for many innovative uses that the average user would never think of. One example is using it to bundle transactions so tasks can be delivered more quickly and efficiently on the network. This way, businesses can save time and money on their processes while still maintaining quality control. It’s a powerful tool that can make a significant impact on the efficiency and transparency of our global economy.
Although Ethereum is a secure platform, it is not practical for high throughput volumes because of prohibitively expensive transaction fees. L2s, such as Lightning Network, make the blockchain space more accessible by broader range of both developers and users, allowing cheaper, faster transactions that still take advantage of the security of L1s.
Growing the L2 space
Sup. Base is a protocol for building decentralized applications on the Ethereum blockchain that is built on the MIT-licensed OP Stack. The team behind Base has collaborated with layer-2 blockchain Optimism, which is also focused on the Ethereum blockchain.
Web3 seeks to create a democratic, decentralized protocol for the web. Its optimism stack strives to achieve this goal through transparency and collaboration. This Stack is widely used by many in the Web 3 space, which demonstrates the positive-sum and collaborative spirit of Web 3. When developers build in the open, everyone benefits without having to reinvent the wheel from scratch every time a new technology is created.