Coinbase L2 ‘Base’ Towards First Hard Fork On Testnet

A fork of the Base testnet

Ethereum’s L2 network Base testnet has revealed that the first hard fork will take place on April 27th. Base is being developed by Coinbase, a major US crypto asset (virtual currency) exchange.

First hardfork coming up on Base testnet: April 27 at 10a PT

—Base (@BuildOnBase) April 24, 2023

Base uses a technique called “optimistic rollup” that assumes all transactions are correct and will take action if fraud is detected. It is built using open source technology provided by Optimism (OP).

This “Regolith hardfork” applies to nodes that process transactions using rollup technology and execution engines that are responsible for executing smart contracts and transactions, with configuration changes triggered at specific times. This will make Base a more secure and reliable platform.

This “Regolith hardfork” applies to nodes that process transactions using rollup technology and execution engines that are responsible for executing smart contracts and transactions, with configuration changes triggered at specific times. This will make Base a more secure and reliable platform.

Coinbase launched the Base Network testnet on February 23, 2023, and is developing it for mainnet implementation as Layer 2 of Ethereum. In the future, we envision it as a bridge that connects other L2 and other L1 ecosystems such as Bitcoin (BTC), Solana (SOL), and Cosmos (ATOM).

connection:What is Blockchain Layer 2 | Types, Points of Interest, and Typical Networks

Base progress

Base is being incubated within Coinbase and will be gradually decentralized over the next few years. However, there are no plans to issue its own token, and Base uses ETH to pay for gas.

The feature of Base is that it has the same functions as the Ethereum virtual machine (EVM) and is “equivalent to EVM”, and existing smart contracts, development tools, wallets, etc. can be used as they are. It also supports the addition of gasless transaction functions in dApps and account abstraction that allows customizing transaction methods.

Many projects have already announced to build on Base. A typical example is Masa Finance, which develops the Soulbound Token (SBT) protocol that brings user credit information onto the blockchain.

connection:Decentralized ID project “Masa Finance” utilizing SBT, deployed to Coinbase L2 “Base”

On the 20th, Base Testnet added an app-embedded “wallet as a service” function. This will allow those developing apps on the Base platform to use the wallet service to invite new users to their dapps (decentralized applications).

gm builders! We’re excited to announce that Wallet as a Service now supports @BuildOnBase Goerli testnet

Base makes it easy to build onchain applications, offering the security and benefits of Ethereum at 10x lower cost. pic.twitter.com/DwMApATUWY

— Coinbase Cloud (@CoinbaseCloud) April 19, 2023

On March 25th, Coinbase announced four areas it would like developers to focus on, titled “What We Want from Developers.”

connection:Coinbase’s L2 “Base” Calls for Development in 4 Focus Areas