Coinbase Layer 2 Network
The Ethereum community appears to have a bullish view of Coinbase's newly announced layer-2 network, Base, which has been described as a «massive confidence vote» and a «watershed moment» for the blockchain network.
This has been described as a «massive confidence vote» and a «watershed moment» for the blockchain network. Protected by Ethereum and driven by Optimism's layer-2 network, Base's long-term objective is to evolve into a network that facilitates the development of decentralized applications (DApps) for use on blockchains.
According to the chief executive officer of Coinbase, Brian Armstrong, the layer-2 network is now in the testnet phase. Members of the cryptocurrency community such as Ryan Sean Adams, host of the Bankless Show, are of the opinion that the move «is a massive vote of confidence for Ethereum.» If this is proven to be the case, it could set a precedent for cryptocurrency companies and financial institutions to use Ethereum as their preferred settlement layer.
Since its founding in 2012, Coinbase has amassed roughly 110 million verified users and has worked with 245,000 businesses across more than 100 countries.
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