Coinbase launches Base testnet & enhances dapps onchain
Incubated within Coinbase, Base testnet goes live with the ability to enable developers to come up with secure and low-cost decentralized applications. Base has been developed with the intention of keeping it developer-friendly solely for the purpose of making it easier for every developer across the world to construct their ideas into reality.
The goal, as stated by Conbase in the announcement on Twitter, is to onboard over a billion users to the crypto sphere and make on-chain the next online. Base has been defined as the Ethereum Layer-2 solution for developers. It will leverage ETH as the native token for gas fees with reportedly no intention of coming up with another native token.
Base testnet has been launched by leveraging the experience of more than a decade in the cryptocurrency sector. It has been based on the users, assets, and products within the ecosystem of Coinbase.
The mainnet launch is in the pipeline. It would be launched based on the success that Base testnet sees in the community.
Coinbase, a US cryptocurrency exchange, announced the launch of testnet through an official blog post, highlighting that the testnet would serve as the home for its products and an open ecosystem for others all over the world. Features of Base testnet majorly include being secure by Ethereum, powered by Coinbase, pushing EVM equivalence with low fees, and moving towards complete decentralization in the days to come.
Ethereum would also assist Base with the aspect of scalability, allowing developers to power their decentralized applications. Coinbase empowers the project through its community of more than 110 million verified users plus $80+ billion in assets.
The focus is now on analyzing how the testnet performs. Provided the adoption and performance match the desired standard, Coinbase would soon go ahead with the launch of mainnet Base.
Coinbase offers a lot of products and services to individuals and developers. For instance, individuals can buy and sell digital assets on its exchange platforms, details of which can be read on Coinbase exchange reviews by anyone.
Coinbase has been focusing on being developer-friendly much before Base testnet came into the picture. Its developer platform enables developers to build API seamlessly by using real-time data and recorded historical price information.
Coinbase initially intended to allow users to only send and receive Bitcoin; however, it has gone on to incorporate a larger aspect of the industry to become one of the best platforms in the crypto sphere. Base is only expected to take this forward by onboarding at least 1 billion users to the platform. Security and scalability will remain at the center during the testnet phase of Base.