Technology

Unleashing the Power of Onchain Economy: Coinbase’s Bold 2024 Mission






Base: Revolutionizing the Digital Economy | Blog

Base: Revolutionizing the Digital Economy

Expanding Base’s Mission

In 2024, Base, the Layer 2 blockchain developed by Coinbase, embarks on an ambitious journey to revolutionize the digital economy. With a year of building and learning from both internal Coinbase teams and external collaborators, Base is poised to reshape the onchain landscape.

Initially envisioned as a developer-centric platform, Base has evolved into a holistic ecosystem comprising three key elements: a developer platform, an app ecosystem, and a capital market. This trifecta aims to facilitate a global onchain economy, fostering innovation, creativity, and freedom. The mission transcends technical foundations, aspiring to build a new internet and economy.

Strategic Pillars for 2024

Base’s strategy revolves around four core pillars:

  1. Decentralization and Scalability: Focusing on fast, affordable transactions in a secure, decentralized Layer 2 environment.
  2. Empowering Developers: Aiming to support over 1 million builders to create transformative onchain products.
  3. Nurturing an App Ecosystem: Attracting over 1 billion people to a diverse range of applications that drive creativity and innovation.
  4. Developing a Robust Capital Market: Establishing Base as a key player in the onchain economy and facilitating seamless integration with other Ethereum Layer 2s and Layer 1s.

Key Initiatives for 2024

Several initiatives will drive Base’s 2024 strategy:

  • Advancing Decentralization and Network Availability: Collaborating with Optimism for fault proofs, enhancing sequencer redundancy, and supporting the Optimism Security Council.
  • Reducing Fees: Aiming to lower fees to less than $0.01 by working on Ethereum Layer 1 innovations (e.g., EIP4844) and Layer 2 optimizations.
  • Promoting Smart Wallets: Expanding ERC4337 adoption and exploring wallet migration solutions to make onchain apps more accessible.
  • Simplifying On and Offramps: Focusing on user-friendly fiat-to-crypto transitions and integrating local currency stablecoins.
  • Integrating Coinbase: Utilizing Coinbase’s resources to further Base’s onchain presence and launching multiple onchain products.
  • Improving the Superchain: Enhancing interoperability and governance across the Layer 2 ecosystem.
  • Supporting Builders and Creators: Continuously improving grants programs, developing tools for gasless experiences, and fostering a community of onchain developers and creators.

Conclusion

As Base enters 2024, its goals are clear: decentralize, scale, and innovate to build a global onchain economy that stands as a testament to innovation and freedom. With these initiatives and a community-driven approach, Base is set to redefine the boundaries of blockchain technology and its applications.

Image source: Shutterstock


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