Coinbase, one of the leading cryptocurrency exchanges in the world, has announced that its Base Mainnet is now open to the public. The Base Mainnet is a layer-2 scaling solution that aims to improve the speed, security and scalability of Ethereum transactions. The Base Mainnet leverages zero-knowledge proofs, a cryptographic technique that allows users to verify transactions without revealing any sensitive information. By using this technology, the Base Mainnet can process thousands of transactions per second, while reducing gas fees and congestion on the Ethereum network.
Base Network is a decentralized platform that aims to provide a secure and scalable solution for the Internet of Things (IoT). Base Network is built on a novel consensus mechanism called Proof-of-Interaction (PoI), which leverages the interactions between IoT devices to achieve consensus. PoI is designed to be lightweight, energy-efficient, and resilient to attacks. PoI also enables Base Network to support a large number of IoT devices without compromising performance or security.
Base Network consists of three layers: the Base Layer, the Service Layer, and the Application Layer. The Base Layer is responsible for maintaining the PoI consensus and the ledger of transactions. The Service Layer provides various services for IoT applications, such as identity management, data storage, and smart contracts. The Application Layer is where developers can build and deploy their own IoT applications using the Base Network SDK.
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Base Network aims to create a decentralized and interoperable IoT ecosystem that can support various use cases, such as smart cities, smart homes, smart agriculture, and smart healthcare. By using Base Network, IoT devices can communicate and collaborate with each other in a trustless and efficient way, without relying on centralized intermediaries or gateways.
Coinbase has been developing the Base Mainnet since 2019, in collaboration with StarkWare, a company that specializes in zero-knowledge proofs. The Base Mainnet was initially launched in beta mode in March 2021, and has been tested by over 100,000 users and 200 developers.
According to Coinbase, the Base Mainnet is compatible with any Ethereum wallet and smart contract, and supports ERC-20 tokens, NFTs and stablecoins. Users can easily transfer their assets from Ethereum to the Base Mainnet and vice versa, using Coinbase’s bridge service.
Coinbase also stated that the Base Mainnet is fully decentralized and permissionless, meaning that anyone can join the network and run a node. The Base Mainnet uses a proof-of-stake consensus mechanism, where validators stake their tokens to secure the network and earn rewards.
Coinbase’s Base Mainnet is expected to boost the adoption and innovation of Ethereum-based applications, especially in the fields of decentralized finance (DeFi), gaming and social media. Coinbase said that it will continue to work with StarkWare and other partners to improve the performance and features of the Base Mainnet, and to integrate it with other platforms and services.
Coinbase’s Base Mainnet is a major milestone for the cryptocurrency industry, as it demonstrates the potential of layer-2 solutions to enhance the user experience and scalability of blockchain networks. Coinbase invites all users and developers to try out the Base Mainnet and provide feedback on its website.
The announcement of the base network has been met with positive reactions from both investors and customers, as Coinbase shares have surged by 15% in the past week. The company’s market capitalization has reached $120 billion, making it one of the most valuable fintech firms in the world. Coinbase’s CEO, Brian Armstrong, said that the base network will be a game-changer for the crypto industry, as it will offer a more scalable and secure solution for millions of users.
Coinbase’s base network will also support various decentralized applications (Dapps) and smart contracts, which will enable new use cases and innovations in the crypto space. The company has already partnered with several leading Dapps developers, such as Uniswap, Compound, and Aave, to integrate their services on the base network. Coinbase’s base network will also be compatible with other major blockchains, such as Ethereum and Bitcoin, allowing users to seamlessly transfer their assets across different platforms.
Coinbase’s base network announcement is a clear sign of the company’s ambition and vision to become the leading provider of crypto services in the world. The company has been investing heavily in research and development, as well as expanding its global presence and regulatory compliance. Coinbase’s base network will not only benefit its existing users, but also attract new ones who are looking for a more efficient and user-friendly way to access the crypto market.