Base Network has built a new Ethereum Layer 2 network and stands out in that it can handle a large number of transactions and is made even more powerful by its connection to Coinbase. Coinbase is a globally well-known cryptocurrency exchange and company. They play an important role in the digital currency world by handling various types of cryptocurrencies.
Imagine Base Chain as a game changer that solves Ethereum’s expensive transaction problem. It aims to make transactions cheaper while keeping everything in the Ethereum world secure. The fact that it is connected to the famous Coinbase, which has been providing great services for the past 10 years, adds an extra layer of security and reliability.
Why trust Basechain?
Coinbase’s current setup, where anyone can see who runs and works, makes it a trustworthy platform. This is important for users who want to rely on the native chain. Coinbase has been operating for over 10 years and has proven in that time that it knows a lot about cryptocurrencies. They have created and launched many successful cryptocurrency products, showing that they really understand what they are doing.
Because it has a lot of experience, it increases trust in the base chain going through the initial centralization phase. The plan is to gradually become more decentralized over time.
If you are just starting to explore the world of Basechain, keep a few important things in mind: First of all, being connected to Coinbase shows that the network is trustworthy. Additionally, as Basechain grows, there will be ongoing improvements and efforts to make it more decentralized, in line with the overall principles of blockchain technology.
In short, Base Network, based on its connection to Coinbase, looks like a good solution for Ethereum. We aim to make transactions cheaper, safer and slowly create a more decentralized space.
Key factors to consider for the base chain
- No native token: It is important to note that currently Basechain does not have its own special token. Instead, all fees for transactions within the system are paid using Base ETH. This decision makes things simpler when performing operations on the native chain and makes the Ethereum chain stand out as something unique in the world of cryptocurrencies. Some chains use their own special tokens to pay transaction fees, while the native chain uses native ETH.
- Security Enhanced with Ethereum: Basechain is like an additional security layer (layer 2) built on top of the powerful Ethereum technology. This clever combination means it’s truly secure, leveraging Ethereum’s reputation as one of the most secure technologies in the cryptocurrency world. Therefore, Basechain is expected to provide a similar level of security as the Ethereum main network (Layer 1).
- Developer Transparency: Basechain differs from many new blockchain projects in that it is developed publicly. It also has strong support from Coinbase, a large cryptocurrency company. Being connected to Coinbase, a major player in the cryptocurrency world, increases trust and confidence. Coinbase has a great history of serving over 100 million users and managing $80 billion worth of cryptocurrency assets without a problem, so users can rest easy knowing that the development team knows what they’re doing.
- Expected lower transaction costs: The base chain has some cool features. We expect transaction fees to be much lower compared to regular Ethereum. This means that you can use Ethereum Layer 1 features on the native chain, but without the high cost. It’s like buying the same product at a better price!
- A positive blend of open source technologies: Base Chain uses open source technology running on the Optimism open source chain. This combo not only ensures that the chain operates smoothly, but also makes it easier for creators to develop content. Developers can therefore expect a familiar setup for creating applications on the base chain thanks to additional features and support for the Optimism open source chain.
separate utility Basic ecosystem functions
- Link to other chains: Base Ecosystem has connectivity features to easily collaborate with other blockchain networks. This helps ensure that the base chain remains well-connected, allowing assets and information to be moved seamlessly between different blockchain setups.
- Implementing Decentralized Finance (DeFi): Base Ecosystem fully supports various financial activities and leads decentralized finance. Users can easily participate in services such as lending, borrowing, and trading within Basechain’s secure and efficient system.
- Game benefits: Recognizing the growing importance of blockchain in the gaming world, Base Ecosystem includes gaming features. This feature allows games to be created and played using blockchain technology, allowing users to enjoy a safe and clear gaming experience.
- Social connections: The underlying ecosystem understands the social aspects of blockchain technology. Includes social features that allow you to create and use decentralized social apps. This helps people connect and get work done in a safe and trusted space.
- NFT Magic: Now, with the underlying ecosystem, you can do even more cool things with non-fungible tokens (NFTs), which are like special digital assets on the Internet. You can easily create, trade, and play NFTs using Basechain’s secure system.
- Ease of use with popular wallets: The underlying ecosystem makes things easy for everyone by allowing users to use its features through a variety of Ethereum Virtual Machine (EVM)-enabled wallets. This means that you can take advantage of all the various features that Basechain has to offer using the wallet you are already familiar with.
Steps to Buy, Sell and Trade on the Native Network
Here are some important steps to follow:
Choose a wallet compatible with your primary network
To do anything on the Base network, you first need to have a wallet that works with that network. You can check out our list of wallet options, but we recommend using MetaMask. It is a widely used wallet compatible with the Ethereum Virtual Machine (EVM), and is also one of the most popular choices for native network transactions.
If you’re using a computer, you can get the MetaMask wallet by adding the extension to your Chrome browser by clicking “Add to Chrome.”
After installing MetaMask, users must open the application, set up an account and confirm the security of their secret phrase. To minimize the risk of hacking, it is recommended that you write your secret phrase on a piece of paper and never access the Internet.
To include a BASE network in MetaMask, follow these steps:
- Find and open “Chainlist” in your browser.
- Connect your MetaMask wallet to Chainlist.
- Search for “Base” and click “Add to MetaMask” to add it to MetaMask.
- Click “Approve” to approve the addition.
- Finally, click “Switch Network” to switch to MetaMask’s BASE network.
Get native ETH for your trading
Base ETH is required to perform any operations on the Base Network. You can get Base ETH using cryptocurrency exchanges such as Binance, OKX or KuCoin. Buy ETH on the platform, go to the withdrawal section and make sure to select the BASE network as the transfer network when making a transfer. This way, your ETH will automatically be converted to native ETH once it reaches your ETH wallet destination.
If you already have regular Ethereum (ETH) in your MetaMask wallet, you can use the BASE bridge to move it from the Ethereum mainnet to the native network.
conclusion
Base Network is like an upgraded version of Ethereum and is connected to Coinbase, a very popular cryptocurrency platform with over 100 million users and handling $80 billion worth of cryptocurrency assets. Although Base Network does not have its own token yet, it is trusted and trustworthy as it is connected to Coinbase, a well-known company in the cryptocurrency world. I already mentioned some cool things about Base Network in the article.
I hope you enjoyed today too article. Thanks for reading! Have a fantastic day! It will be live on the Platinum Crypto Trading Floor.
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