The Base Network has set up a new Ethereum Layer 2 network, and it stands out because it can handle a lot of transactions and is made stronger by its connection with Coinbase. Coinbase is a well-known cryptocurrency exchange and company worldwide. They handle many different types of cryptocurrencies, making them an important player in the world of digital money.
Imagine the Base Chain as a game-changer, tackling the problem of expensive transactions on Ethereum. It aims to make transactions cheaper while keeping everything safe in the Ethereum world. The fact that it’s connected with Coinbase, a big name known for its great service over the past 10 years, adds an extra layer of security and reliability.
Why Trust The Base Chain?
The current setup of Coinbase, where everyone knows who runs it and works on it, makes it a trustworthy platform. This is important for users who want to rely on the Base chain. Coinbase has been around for more than ten years, and during that time, they’ve proven they know a lot about cryptocurrency. They’ve created and launched many successful crypto products, showing they really understand what they’re doing.
Having a lot of experience makes people trust the Base Chain as it goes through its early stages of centralization. The plan is to gradually become more decentralized as time goes on.
If you’re just starting to explore the Base Chain world, remember a couple of important things. First off, being linked with Coinbase shows that the network is trustworthy. Also, as Base Chain grows up, there’ll be continuous improvements and efforts to make things more decentralized, in line with the overall principles of blockchain technology.
In simple terms, the Base Network, backed by its connection to Coinbase, looks like a good solution for Ethereum. It aims to make transactions cheaper and create a safe and slowly becoming more decentralized space.
Key Elements To Consider Base Chain
- No Native Token: It’s important to note that the Base Chain doesn’t have its own special token right now. Instead, any fees for transactions within the system are paid using Base ETH. This decision makes things simpler when you’re doing stuff on the Base Chain and makes it stand out as something unique in the world of cryptocurrencies on the Ethereum chain. While some chains use their own special tokens to pay for transaction fees, the Base chain uses Base ETH.
- Enhanced Security with Ethereum: The Base Chain is like an extra layer of security (Layer 2) built on top of the strong Ethereum technology. This smart combination means it’s really secure, tapping into Ethereum’s reputation as one of the safest technologies in the crypto world. So, the Base Chain is expected to provide a level of security similar to the main Ethereum network (Layer 1).
- Developer Transparency: The Base Chain is different from many new blockchain projects because it’s being developed openly. Also, it’s got strong support from Coinbase, a big cryptocurrency company. Being linked with Coinbase, a major player in the crypto world, adds trust and reliability. Since Coinbase has a good history of serving over 100 million users and managing $80 billion in crypto assets without any issues, users can feel secure knowing that the development team knows what they’re doing.
- Expected Low Transaction Costs: The Base Chain comes with a cool feature – we’re expecting much lower fees for transactions compared to regular Ethereum. This means you can use Ethereum Layer 1 features on the Base Chain, but it won’t cost you as much. It’s like getting the same thing but at a way better price!
- A positive blend of Open Source Technology: The Base Chain uses Open Source technology that runs on the Optimism Open Source chain. This combo not only makes the chain work smoothly but also makes it easier for creators to develop stuff. So, developers can expect a friendly setup for creating applications on the Base Chain, all thanks to the added features and support from the Optimism Open Source chain.
Distinct Utilities and Functionalities in the Base Ecosystem
- Connecting with Other Chains: The Base Ecosystem has a connecting feature that makes it easy to work with other blockchain networks. This helps the Base Chain stay well-connected, making it smooth to move assets and information between different blockchain setups.
- DeFi (Decentralized Finance) in Action: The Base Ecosystem leads the way in decentralized finance, offering full support for various financial activities. Users can easily take part in services like lending, borrowing, and trading, all within the safe and efficient system of the Base Chain.
- Gaming Benefits: Recognizing the increasing importance of blockchain in the gaming world, the Base Ecosystem includes a gaming feature. This feature allows for creating and playing games using blockchain technology, making sure that users have a safe and clear gaming experience.
- Social Connection: The Base Ecosystem understands the social side of blockchain tech. It includes a social feature that allows making and using decentralized social apps. This helps people connect and do things in a safe and trustworthy space.
- NFT Magic: The Base Ecosystem now lets you do even more cool stuff with NFTs (Non-Fungible Tokens), which are like special digital assets on the internet. You can easily make, trade, and play with NFTs using the safe system of the Base Chain.
- Ease of Use with Popular Wallets: The Base Ecosystem makes things easy for everyone by letting users use its features with various Ethereum Virtual Machine (EVM) supported wallets. This means you can use the wallets you’re already familiar with to take advantage of all the different things the Base Chain has to offer.
Steps To Buy, Sell, & Trade On Base Network
Here are some crucial steps you need to follow:
Choose a Wallet that Works with Base Network
Before you can do anything on the Base network, you need to have a wallet that works with it. You can check out a list of wallet options, but I suggest using MetaMask. It’s a widely used wallet that’s compatible with Ethereum Virtual Machine (EVM), and it’s also one of the most popular choices for Base Network transactions.
If you’re on a computer, you can get the MetaMask wallet by clicking “Add to Chrome” to add the extension to your Chrome browser.
After installing MetaMask, the user should open the application, set up their account, and ensure the security of their secret phrase. It is advisable to write down the secret phrase on a physical piece of paper and keep it away from the internet to minimize the risk of hacking.
To include the BASE Network in your MetaMask, follow these steps:
- Look for “Chainlist” on your browser and open it.
- Connect your MetaMask wallet to Chainlist.
- Search for “Base” and add it to MetaMask by clicking “Add to MetaMask.”
- Approve the addition by clicking “Approve.”
- Finally, switch to the BASE Network on your MetaMask by clicking “Switch Network.”
Get Base ETH for Your Transactions
If you want to do anything on the Base Network, you’ll need some Base ETH. You can get your hands on Base ETH by using cryptocurrency exchanges like Binance, OKX, or KuCoin. Purchase ETH on these platforms, go to the withdrawal section, and when transferring, make sure to select the BASE network as your transfer network. This way, your ETH will automatically be converted to Base ETH when it reaches the ETH wallet destination.
If you already have regular Ethereum (ETH) in your MetaMask wallet, you can use the BASE bridge to move from the Ethereum Mainnet to the Base Network.
Conclusion
The Base Network is like an upgraded version of Ethereum, and it’s linked to Coinbase, a super popular crypto platform with over 100 million users and handling $80 billion in crypto assets. Even though the Base Network doesn’t have its own special token yet, it’s trustworthy and dependable because it’s connected to Coinbase, a big name in the crypto world. I’ve already mentioned some cool things about the Base Network in the article.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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