The base blockchain is a lot talked about in 2024. Her goal? Like all emerging Blokcchains, resolve one of the biggest challenges of current blockchains: scalability . Incubated by Coinbase , which means that it has benefited from the resources, technical expertise and the influence network of one of the largest cryptocurrency exchange platforms in the world, Base is a Layer 2 (L2) solution built on Ethereum . This incubation made it possible to develop rapidly, benefiting from an environment favorable to innovation while enjoying advanced Coinbase . As a basic user, Coinbase incorporates this blockchain into its onchain products, thus facilitating faster and less expensive transactions for its millions of users. This close link between the two allows Coinbase to guarantee wider adoption and create effective decentralized applications on the basis. With weight support like BlackRock , this blockchain is intended to mark a turning point in industry.
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The origins of the base blockchain
Base was not born overnight. It was incubated by Coinbase , one of the largest cryptocurrency exchange platforms in the world. For years, Coinbase has been working on solutions to make blockchain more accessible to the general public. It is with this in mind that the base blockchain was born, with a clear goal: to make the cryptocurrency usable for billions of people around the world.
The partnership with BlackRock also played a key role in basic development. Thanks to its immense financial capacity, BlackRock supported the project infrastructure. This support has not only strengthened the basic credibility, but also accelerated its development.
The problem of blockchains scalability
Why is scalability a major problem for blockchains? Ethereum, the basic mother blockchain, is currently limited to approximately 15 transactions per second (TPS), a bottleneck that slows down its large -scale adoption. When the network is saturated, the transaction costs explode, making daily use uncommon for millions of potential users.
The main objective of the base blockchain
The basic objective is simple: allowing massive adoption of blockchain technologies while remaining economical. By improving the speed of transactions and reducing associated costs, Base wishes to create an ecosystem where users and developers can interact without being hampered by scalability problems or too high costs.
Blockchain base consensus mechanism
OP Stack architecture , a modular developed in collaboration with Optimism . A modular structure means that the blockchain is built in several "modules" or distinct components, each with a specific function. This allows you to personalize and improve each module without affecting the entire system. For example, some modules can manage security, others the execution of transactions, which makes the network more flexible and scalable.
This architecture maximizes the efficiency of transactions by separating critical processes and optimizing each component individually. For example, the module that manages transactions can be adjusted to process more operations simultaneously, while the one who checks transactions can be improved to validate information faster. In addition, the OP Stack helps keep compatibility with Ethereum while reducing costs and increasing speed, because specialized modules are designed to operate more efficiently than on a monolithic architecture.
The basic consensus mechanism is also based on a system of " Fault Prooffs " , which strengthens security. This system allows any participant of the network to offer a blockchain state or to challenge a state offered by another. In the event of an error or fraud , a dispute is launched, and if it is justified, the incorrect state is canceled. This ensures more rigorous validation of transactions, while promoting active participation of the community, thus strengthening the transparency and decentralization of the network.
Impressive performance: 62 transactions per second
One of the basic strengths is its ability to treat around 62 transactions per second (TPS) in real conditions, about four times faster than Ethereum . This performance is made possible thanks to the use of optimistic Rollups , advanced compression technology. The principle of optimistic rollups consists in grouping several transactions into a single "strip" of data. These transactions are first treated on layer 2 (L2) basic, then grouped before being published on the main blockchain (L1).
This process makes it possible to considerably reduce the amount of data to register on Ethereum, which decreases costs and increases the process of processing transactions. Optimistic Rollups work on the principle that transactions are valid by default, but can be disputed if errors or fraud are detected, which strengthens security while maintaining high performance. Thanks to this technology, Base can offer reduced costs and increased scalability, while ensuring the safety of transactions on Ethereum.
The costs on the base blockchain
One of the main basic advantages lies in its reduced costs. Unlike Ethereum , where transaction costs can be prohibitive in times of high demand, a base has been designed to provide much more affordable costs. In a concrete case, withdraw from ETH via Binance via the base network can return to $ 0.34 , with a minimum required of 0.0001 ETH.
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BlackRock : strategic support for the Blockchain Base
BlackRock , the global asset management giant, has provided strategic based on strategic support. In addition to investing in the blockchain infrastructure, BlackRock has launched a Tokenized investment fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) , which is partly based on basic technology. But concretely, what does that mean?
The fact that the BUIDL fund is based on basic technology means that all transactions related to the funds are processed on the base blockchain, which uses Layer 2 architecture to improve speed and reduce costs. Concretely, this allows investors to subscribe and manage their participations directly via tokens on blockchain, without going through traditional financial infrastructures.
All operations, such as the purchase, sale and distribution of yields, are recorded and validated on the basis, guaranteeing transparency, security and traceability.
This use of basic technology also provides daily dollar directly in the form of new tokens distributed to investors. By integrating BUIDL into the Blockchain Base, BlackRock shows how traditional finance and crypto can coexist in a transparent manner, thus opening the way to a wider adoption of digital assets within financial institutions.
Superchain: an interoperability ecosystem
Base is part of a wider project called the Superchain, which aims to create an ecosystem of interoperable blockchains. This network brings together several Layer 2 blockchains (L2) built on OP Stack architecture, allowing channels like Optimism , Network, Worldcoin or Zora to operate together. The objective is to share common resources, technologies and safety between these different channels, while maintaining characteristics specific to each.
A basis, in this environment, can take advantage of the innovations and tools developed on these other channels to improve its own performance. In return, it contributes to the ecosystem by providing specific solutions, such as reduced transaction costs and increased speed of treatment. This interoperability allows to take advantage of a robust infrastructure while offering its unique advantages, thus strengthening the entire superchain.
The progressive decentralization process of the base blockchain
Although promising, the base blockchain arouses concerns about its current decentralization level. Being incubated by Coinbase and supported by the financial giant Blackrock, some observers fear that the platform and the inventing fund retains too much control over the network, thus limiting the participation of the community and the true autonomy of the project. These concerns are particularly present in the cryptocurrency ecosystem, where decentralization is a fundamental principle.
However, the basis provides concrete actions to reduce this centralization. Coinbase has announced a progressive decentralization process, which will include the introduction of decentralized governance mechanisms. This means that external entities, including the community, will be able to propose and vote on important decisions concerning the evolution of the network, such as updates to the protocol or the management of community funds.
In addition, Base will gradually transfer certain critical functions, such as the management of validators and blockchain updates, automated systems and independent actors.
Reinforced security and user protection
In order to strengthen RLA network safety, Coinbase has set up a BUG BOUNTY , offering generous rewards to anyone who would identify flaws in the system. In addition, the Fault Prooff mechanism, which allows anyone to challenge suspicious transactions, strengthens user protection against malicious attacks.
Conclusion
In summary, the base blockchain is an innovative solution that solves some of the biggest challenges faced by current blockchains. Supported by major players like Coinbase and BlackRock, it offers a unique combination of speed, security and reduced costs. While Base continues to develop and decentralize, it is clear that it will play a key role in the future of cryptocurrency. However, the level of decentralization of the network with such large institutions as are Coinbase and Blackrock will remain to be watched closely.
Faq
What is the base blockchain?
Base is a layer 2 solution built on Ethereum. Incubated by Coinbase, it aims to improve scalability and reduce the costs of onchain transactions.
How does basic 62 transactions per second?
Thanks to an advanced compression of transactions and an effective consensus mechanism, the basis can treat up to 62 TPS, four times more thanEthereum.
What is the role of Coinbase in the base blockchain?
Coinbase has incubated and continues to support base as a key infrastructure provider, using blockchain for its own onchain products.
How does BlackRock support the Base project?
BlackRock has invested in the basic infrastructure and launched a tokenized investment fund called Buidl, which is based on basic technology to offer USD yields on blockchain.
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Yohan Uzzan
Training engineer, I quickly became interested in the field of finance. Convinced that decentralized finance has a bright future ahead of it, I participate in its democratization by developing Crypternon.
