What is base? Base is an Optimistic Rollup platform built and developed on Ethereum and backed by Coinbase. Obviously, in the future, zkRollup will become superior to Optimistic Rollup, but why does Coinbase still choose Optimistic Rollup? Let’s find out together in this article.
To understand more about Base, people can refer to some of the articles below:
- What is Layer 2? Complete Guide to Layer 2 Solutions
- What is Optimistic Rollup? Overview of Optimistic Rollup
- What is Arbitrum? Arbitrum Cryptocurrency Overview
- What is Optimism (OP)? Overview of Cryptocurrency Optimism
Base Overview
What is base?
Base is a Layer 2 Blockchain platform built on Ethereum with the goal of increasing scalability on Ethereum while still inheriting the security from Ethereum. Besides, Base also aims to be friendly to developers on Ethereum, using it as a springboard to bring billions of users to web3 in the future.
Some of Base’s basic features are similar to many other Layer 2 platforms including:
- Secured by Ethereum: Built on Ethereum, Base inherits the security and decentralization from Ethereum.
- Empowered by Coinbase: Built by the Coinbase team, projects on Base will be seamlessly linked to the Coinbase exchange, fiat onramps can move seamlessly between DeFi and TradFi. Base will serve over 110M users and $80B in assets on the Coinbase exchange.
- Big features, small fees: Base has a high level of compatibility with EVM, thereby saving time and costs for developers.
- Open source: Base is built on Optimism’s OP Stack, so the entire source code of Base will be open source.
Some of the significant advantages of Base over some other Optimistic Rollup Chains include:
- Built by Coinbase – a team, the company is always praised for its legal compliance and has IPO on the US stock exchange.
- Leverage 100M customers with over $80B directly on Coinbase.
- With Coinbase’s relationship, Base’s ecosystem will soon explode.
Base’s mechanism of action
Base’s mechanism of action is as follows:
- Step 1: Squencer is responsible for arranging transactions on Arbitrum for a certain period of time into 1 Batch in addition to verifying the correctness of the transaction.
- Step 2: After successfully packaging the transaction into a Batch, this block will be sent to Ethereum. Besides, Proposers will update the network state (State Root) to Ethereum.
- Step 3: In Ethereum, State Root will have a 7-day challenge period. If within 7 days anyone submits a Fraud Proof proving that there are malicious transactions in State Root, dispute resolution mode will be activated. If within 7 days there are no accusations, then State Root is considered successful.
- Step 4: Successful verification of State Root will be updated on Ethereum main chain and the transaction cannot be reversed.
It can be seen that within 7 days, even transactions that have been successfully executed on the Layer 2 network can be completely reversed. This challenging period is also the reason why withdrawing money from the Optimistic Rollup platforms to Ethereum will take about 7 days.
Base’s ecosystem
Although it is new, Base’s ecosystem has been supported by many projects including:
- Infastructure: Infura, Blockdoemon, Chainlink, Dune Analytics, Etherscan, 0x, Covalent, Galeto, LayerZero, Axelar, Wormhole, Pyth Network, Rainbow, The Graph,…
- DeFi: Ondo Finance, AAVE, SushiSwap, Ribbon Finance, Euler Finance, Balancer,
- NFT & NFT Marketplace: Magic Eden,…
Some updated articles about the Base ecosystem you can refer to in some of the articles below:
- The Favorable Start of the Base Ecosystem
Additionally, everyone can read all the articles about Base ecosystem updates here.
Development Roadmap
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Core Team
Base is built and developed by the Coinbase team. Coinbase is currently the largest cryptocurrency exchange in the United States and Canada. The company is headquartered in San Francisco, California.
Brian Armstrong: CEO & Co Founder
- Brian earned his Bachelor’s degree in Computer Science, Economics and his Master’s degree in Computer Science from Rice University.
- Brian worked as a Team Lead Intern while interning at IBM and briefly worked as a Risk Manager at Deloitte & Touche.
- Brian started his career with the UniversityTutor.com project – about Global Tutoring for nearly 9 years and then worked for more than a year at AirBnb as a Product Technology Manager.
- In June 2012, Brian started building Coinbase and is currently the first Crypto exchange in the US to be listed on the exchange.
Fred Ehrsam: Co Founder
- Fred earned a Bachelor’s degree in Computer Science with a major in Economics with honors from Duke University.
- After graduating from Duke, Fred became a foreign exchange trader at an investment bank Goldman Sachs in New York.
- Fred learned about Bitcoin from a Georgetown University professor’s article and started trading in his spare time.
- In 2012, Ehrsam et Brian Armstrong Coinbase co-founder in an apartment in San Francisco.
- In January 2017, Fred announced he would leave the company but would remain on the company’s board of directors.
Fred is also said to still own 8.9% of Coinbase shares as of April 2021. - In 2018, Ehrsam co-founded cryptocurrency investment firm Paradigm with former investor Sequoia Capital Matt Huang
Investor
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Tokenomics
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Exchanges
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Project Information Channel
- Website: https://base.org/
- Twitter: https://twitter.com/BuildOnBase
- Discord: https://discord.com/invite/buildonbase
- Blog: https://base.mirror.xyz/
- Docs:
Summary
Base is said to be an extremely potential Layer 2 and completely capable of competing with existing big names such as Arbitrum, Optimism or further, zkRollup platforms such as StarkNet or zkSync. However, the Coinbase team needs more development time in the future.