To understand Base, we need to grasp the concept of Ethereum and its transactions.
Let’s read this article first and gain the insights of 「Ethereum」and「Ethereum transactions.」
Due to severe congestion and high transaction fees plaguing the Ethereum mainnet (Layer1), developers have introduced Layer 2 solutions. This is done to enhance network performance and transaction processing speed.
Base is a Layer 2 scaling solution developed by Coinbase, with technical support from Optimism’s OP Stack. Its mission is to create a more open, user-friendly, secure, and cost-effective transaction environment, with the goal of achieving scalability for the Ethereum network. Base seamlessly integrates with Coinbase, providing a convenient fiat gateway and access to millions of verified users within the Coinbase ecosystem.
The Base mainnet officially opened to the public on August 9, 2023, and has already gathered a community of over 100 decentralized applications and service providers.
How It Works
Base is built on the Optimism OP Stack, establishing an Ethereum Layer 2 network that adopts the Optimism Rollup scaling solution and is fully compatible with the Ethereum Virtual Machine (EVM).
- OP Stack: An open-source, modular development stack used for building Optimism Rollup.
- Optimistic Rollup: Optimistic Rollup employs a ”fraud-proof” mechanism where transactions are initially executed directly by the system without prior validation, entering a waiting period. If disputes arise during this period, the transaction is canceled; otherwise, it is written into a block.
- EVM: Ethereum Virtual Machine, analogous to a CPU in computing, enables code verification and execution on the blockchain, ensuring consistent code execution across all devices.
- Extremely low transaction fees
- Powerful cross-chain capabilities
- EVM compatibility
- Learn about Ethereum Layer 2
- Understand how Optimism scales Ethereum
- Explore the differences between Optimism Rollup and ZK Rollup
- Dive into OP Stack
(Note: These are feature highlights and suggested topics for further exploration.)
Base Wallet Usage
As an example, let’s use imToken to access the Base Wallet. Follow these steps:
1. Download and install imToken from this link: imToken Download
2. Create or import your wallet within the imToken app.
3. Once your wallet is set up, go to the token page within your Ethereum wallet.
4. At the top of the page, click on “Ethereum.”
5. In the pop-up menu, select “Base” to switch to the Base Wallet, where you can perform transactions, receive tokens, and explore its ecosystem applications.
Enjoy using the Base Wallet through imToken!
Playbook: How to use Base wallet with imToken?
Base’s official cross-chain bridge, Base Bridge, enables seamless bidirectional transfers of specific digital assets and data between the Ethereum and Base networks. Supported assets for cross-chain transfers include ETH, cbETH, DAI, USDC, COMP, BAL, RPL, and rETH.
Note: Base Bridge exclusively supports cross-chain transfers between Ethereum and Base networks. For transfers involving other networks, consider alternative tools such as Owlto Finance.
Layer 2 is the second layer of the Ethereum network and is one of the solutions proposed by developers to address Ethereum’s scalability issues. Its primary purpose is to help reduce the computational burden on Layer1, often referred to as the “mainnet.”
Layer 2 networks contribute to improving the overall efficiency and performance of the Ethereum network, significantly enhancing transaction efficiency and reducing gas fees. Popular Layer 2 solutions include ZK Rollup, Optimistic Rollup, Plasma, State Channels, Validium, and more.
Optimistic Rollup, as the name suggests, is an optimistic approach to Rollup technology, assuming that data synchronized to Layer1 is correct. Challenges can be issued during a challenge period if anyone believes the synchronized data is incorrect (indicating fraudulent behavior). This proof mechanism is known as fraud proofs, ensuring the data synchronized to Layer1 is valid.
ZK stands for Zero Knowledge, allowing a prover to convince a verifier of a statement’s truth without revealing useful information. Rollup, in the context of Ethereum scaling, refers to moving computation off-chain (to Layer 2 networks) while retaining some transaction data on-chain to improve Ethereum network performance.
ZK Rollup = Zero Knowledge Proofs + Transaction Compression (Rollup)
The core idea of ZK Rollup is to achieve transaction consensus off-chain, compressing transaction data using zero-knowledge proof algorithms to ensure the validity of off-chain transaction states, ultimately synchronizing the data with the Ethereum mainnet.
zkEVM is an Ethereum Virtual Machine built using zero-knowledge proof technology, proving the correctness of program execution, including the validity of inputs and outputs used in operations.
Coinbase, founded in 2012, is dedicated to creating a fairer, more accessible, efficient, and transparent economic ecosystem. It aims to provide a trustworthy and user-friendly platform for users engaged in the crypto economy, with over 245,000 ecosystem partners distributed across100+ countries.
The Base Explorer is a website that allows you to query information about Base blocks, transactions, account addresses, and more.
The Expansive Base
The Base ecosystem unfurls a vibrant tapestry, encompassing notable entities such as:
- Owlto Finance: A decentralized cross-chain bridge that lends steadfast support toBase.
- Orbiter Finance: A kindred spirit in the realm of decentralized cross-chain bridges.
- Base Bridge: The official portal to the Base universe, meticulously crafted by the Base team.
- Onchain Summer: Enthusiastic participants in the Onchain Summer extravaganza hosted onBase.
- OpenSea: A thriving marketplace for the exchange of NFTs, a facet of the crypto world that continues to captivate.
- Uniswap: An iconic cornerstone in the realm of decentralized exchanges.
- SushiSwap: A kindred spirit to Uniswap, making waves in the domain of decentralized trading platforms.
- Balancer: Pioneers in the arena of decentralized automated market maker protocols.
And this is merely the tip of the iceberg...
For a deeper understanding and further exploration, consider these resources: