What Is Base Blockchain?
BASE Blockchain represents an innovative approach to decentralized ledger technology, serving as a Layer 2 (L2) solution built atop the Ethereum platform and built on the open-source OP Stack. This advanced blockchain framework is designed to enhance scalability and efficiency, addressing common constraints found in traditional blockchains. By leveraging the security and decentralized nature of Ethereum, BASE Blockchain introduces mechanisms for faster transactions and reduced gas fees, making it an attractive option for developers and users alike seeking improved performance and reliability in decentralized applications (dApps).
The OP Stack is an open-source toolset designed to facilitate the development of Ethereum Layer 2 scaling solutions, specifically Optimistic Rollups. It serves a crucial role in simplifying the creation and deployment of scalable, secure, and efficient decentralized applications (dApps) on the Ethereum network. By leveraging the OP Stack, developers can significantly reduce the complexity associated with building on Ethereum, enhancing the blockchain’s overall capacity and user experience without compromising on security.
Base unique addresses. Source: basescan.org
How Base Works
Base is being developed using the Bedrock version of the OP (Optimism) Stack, aiming to align Optimism as closely and equivalently as possible with Ethereum. To fully grasp how Base operates, it’s essential to understand the concepts of Rollups in general and Optimistic Rollups in particular.
Without delving into too much detail, the OP Stack employs an Optimistic Rollup mechanism to manage the publication of state commitments to the L1 (Ethereum). An optimistic rollup is a scalability solution for Ethereum that shifts computation and state storage off-chain, meaning outside of Ethereum. Optimistic rollups like Base process transactions off Ethereum but submit transaction data to the Ethereum mainnet as calldata.
Base aggregates off-chain transactions into batches before transmitting them to Ethereum. This batching allows for the distribution of fixed costs over numerous transactions within each batch, resulting in lower fees for users of Base and other Optimistic rollups.
Interaction with Ethereum
Rollups utilizing the OP Stack interact with Layer 1 via a set of smart contracts deployed on the Ethereum network. There are two primary components in the optimistic rollup architecture:
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On-chain Contracts: These are smart contracts executed on Ethereum, responsible for storing rollup blocks, monitoring state updates on the rollup, and keeping track of user deposits.
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Off-chain Virtual Machine: This is where computation and state storage take place for Base, separate from the Ethereum Virtual Machine (EVM). The off-chain virtual machine hosts and runs applications.
Advantages of Base Blockchain
Base has a number of undeniable advantages over individual blockchains as well as Layer 2 solutions for Ethereum.
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Reliability: Base leverages Ethereum, one of the most reliable and secure blockchains proven over time. Developed and supported by the leading cryptocurrency exchange Coinbase, it provides a secure tool for projects of any size and complexity.
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Infrastructure: Aligned with the ideology of decentralization and developer independence, Base offers its users enterprise-grade infrastructure for any team. This is an undeniable advantage when choosing a platform for your dapp.
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Low Fees and High Speed: Crucial factors that largely determine the success of a dapp. Developers opt for Base for its low fees and high transaction speeds, making it the platform of choice for their products.
Base daily transactions. Source: basescan.org
Native Token for Base
Base does not have its own native token, and as Coinbase has stated, there are no plans for one. Therefore, all transactions within the Base blockchain are conducted using ETH (ERC20) tokens, which were swapped from the original Ethereum blockchain and are considered derivative tokens. In simple terms, ETH on the Base blockchain is derived from the original ETH token, and you can freely exchange it in both directions.
Ready to get started with the Base blockchain? Then check out our beginner’s guide, which will help you learn all about the features of Base and its ecosystem.
