Onboarding a Million Developers and Billion Users On-chain
In a Chain Reactions episode, Jesse Pollak, who came on as a guest, officially confirmed that the crypto exchange’s development hotbed is set to launch its mainnet services later in the year.
Called Base, it operates as an Ethereum layer-2 scaling solution to help offload transaction load on the older blockchain network.
The project, still in its testnet phase since February, is meant for plucking out possible issues before it hits it goes live for public use.
Pollak said the ethos of Base is to become a separate entity from the centralized crypto exchange while onboarding a million developers to the platform.
Providing context, Pollak, who is leading the Base project, stated that many developers still struggle to build decentralized applications (dApps) due to the complexity involved.
Given this, Coinbase intends to build an easy-to-use development hotbed for everyone by leveraging its industry track record of providing beginner-centric services.
This makes it extremely simple for developers to create censorship-resistant applications using Base products.
With developers on board, Coinbase’s master plan to onboard over a billion users on-chain through these basic internet-based solutions would be accelerated.
“It’s coming soon, we’re working hard on it. It’s our number one priority alongside decentralized goals, and the rest of the year is really about getting there as quickly as possible,” Pollak confirmed.
Since launching in 2012, Coinbase has become one of the top five cryptocurrency exchanges by trading volume due to its basic trading interface.
The platform has gone on to launch an advanced trading platform called Coinbase Pro, Coinbase Wallet, and other user-focused services of which Pollak has played crucial roles in their actualization.
Pollak said even though Base would tap into Coinbase’s clientele, it is not looking to surpass its parent company.
Instead, Base would focus on meeting its objectives while remaining as separate from Coinbase as possible.
Pollak even stated that Coinbase CEO Brian Armstrong had stressed the importance of upholding the decentralized ethos on which Base is thriving.
Pollak stated that Base intends to exit the crypto exchange within months or years rather than decades.
As a result, the centralized exchange operations do not impede the growth of the layer-2 scaling solution.
All Aboard! Base Already Drawing Attention
Despite being in its testnet phase, Base has already piqued the interest of several other blockchain protocols and businesses.
So far, Blackdaemon, Chainlink, Etherscan, Gelato, Dune, Animoca Brands, The Graph Wormhole, Aave, Quicknode, Rainbow Wallet, and others are taking notice of Base.
In a tough crypto climate, Coinbase’s initiative to diversify outside its trading and custodial services could see it become a mainstay in the crypto space in the future.
The platform has also been moving to expand its international presence as its home country becomes more taciturn towards crypto businesses.
In a recent statement, Coinbase announced that it is lending its full support to the UK’s Treasury as it works towards actualizing its blockchain initiative.
According to Armstrong, the event’s main attraction has been the United Kingdom’s open mindset toward digital assets and how to provide a dynamic and viable environment in which these new-generation financial instruments can thrive.
Coinbase has also gotten a regulatory license from the Bermuda Monetary Authority (BMA).