Coinbase’s L2 “Base” Calls for Development in 4 Focus Areas
Requests to developers
On the 25th, Ethereum’s original L2 network “Base”, whose development is led by the major US crypto asset (virtual currency) Coinbase, announced four areas that it would like to focus on under the title of “Requests to developers”. .
Are you a builder passionate about making the onchain economy grow, but looking for where to start?
We just published a Request for Builders: four areas we’d love to see builders explore on Base (with funding from the Base Ecosystem Fund)
https://t.co/XSSdPnusyc
—Base (@BuildOnBase) March 24, 2023
Are you a builder passionate about growing your on-chain economy? But are you wondering where to start?
We have published 4 areas that we would like builders to explore in Base as “What We Want to Builders”. (Funded by Base Ecosystem Fund)
Base’s vision is to work together towards the “ambitious goal” of bringing the “next billion users” to the blockchain. It aims to provide a secure, inexpensive, and developer-friendly network, and is already under active development on the testnet.
According to Coinbase, more than 55,000 smart contracts were deployed by more than 18,000 developers on the BuildonBase testnet in its first week.
In the three weeks since the announcement on February 23, various development ideas and proposals have been received. rice field.
- Flatcoin: A Stablecoin That Tracks Inflation
- On-chain reputation building
- On-chain limit orderbook exchange
- Safer DeFi
What is layer 2
A “second layer” blockchain. Writing all transaction histories to the main chain increases the load, slows processing speed, and increases network fees. Therefore, by writing part of the transaction history in the off-chain or side-chain, it is possible to reduce the load on the main chain and improve the processing speed.
Cryptocurrency Glossary
connection:Coinbase to Launch Ethereum’s Own L2 Network ‘Base’
four areas of inquiry
One of Base’s areas of development is designing around decentralized stablecoins, with a particular interest in inflation-tracking stablecoins called “Flatcoins.” Flatcoins are intended to stabilize the purchasing power of users while maintaining resilience to the economic uncertainties caused by the traditional financial system.
It also welcomes other forms of “flatcoins” that are not tied to fiat currencies, but rather fill the gap between pegged coins and cryptocurrencies.
Base then took up the research area of building trust on-chain. Base emphasizes that “on-chain is the next online, and we believe that decentralized identities and reputations will play a key role in defining an individual’s on-chain persona.”
He said he is looking for a team that is researching protocols for evaluating trust on the blockchain and how such systems can be leveraged while maintaining user privacy and autonomy.
The company is also focusing on designing an exchange (decentralized LOB exchange) that allows decentralized limit order board trading for professional traders and institutional investors. With its high processing power, Base claims to offer “many new opportunities” in designing new structures such as spot trading, limit orders, options and perpetuals.
Additionally, to provide a more secure DeFi environment, we need better tools to act as an emergency measure in case smart contracts fail.
For example, tools that can protect against code vulnerabilities in smart contracts and protocol logic errors, tools to mitigate the impact of attacks on the ecosystem, on-chain insurance and cover protocols.
In a fourth area, Base is seeking developers who are building systems, protocols and tools that will allow users and developers to securely store their funds on the blockchain.
connection:Decentralized exchange GMX considers deployment with L2 “Base” of coinbase
About Base
Coinbase announced the launch of Ethereum’s L2 network, Base, in February. Base utilizes the technology of “Optimism” that operates with a roll-up mechanism. It aims to be a foundation for developing highly scalable dApps while using the security of Ethereum.
For the time being, Coinbase will use its experience to develop the network, but after that, the plan is to gradually decentralize the network. He explained that he will use ETH to pay for gas and that he has no plans to issue Base’s own token.
What is rollup
A scaling solution that reduces network congestion by processing some transactions off-chain (outside the blockchain) while leveraging the security of the main blockchain.
Cryptocurrency Glossary
The post Coinbase’s L2 “Base” Calls for Development in 4 Focus Areas appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Kurt Ebenzer, @Khareem Sudlow
