Coinbase’s ‚Base‘ Rekindles Suspicions Over Ethereum’s Network Neutrality
• Coinbase recently announced the launch of its product Base, a Ethereum layer 2 enabling users to build dApps cost-effectively.
• Chris Blec argued that Base is a play for Central Bank Digital Currency (CBDC) tech and a cashless society, raising suspicions over Ethereum’s network neutrality.
• Coinbase’s Head of Protocol Jesse Pollack stated that Base will not incorporate a token and will allow developers access to a large existing userbase from the off.
Coinbase Launches ‘Base’
Coinbase recently announced the launch of its product Base, an Ethereum layer 2 enabling „anyone, anywhere“ to build dApps cost-effectively. The company stated that their goal with Base was to make onchain the next online and onboard 1B+ users into the cryptoeconomy.
Suspicions Over Network Neutrality
Chris Blec, host of the Proof of Decentralization Podcast argued that Base is part of World Economic Forum (WEF) plans to bring about Central Bank Digital Currency (CBDC) tech and a cashless society. This rekindled discussions about Ethereum being co-opted by entities who seek censorship and centralization within the chain – following notice of U.S. Treasury sanctioning Tornado Cash mixer for laundering $7 billion in illicit funds stolen by North Korean hackers Lazarus.
Coinbase’s Head of Protocol Jesse Pollack explained that there would be no token incorporated into Base; instead, Ethereum will be used as the native gas token. Developers will have access to Coinbase’s self-custodial wallet, as well as its dApp wallet – meaning they can tap into an existing user base right away.
Blec warned that while it’ll be permissionless to build on Base, there were no explicit narratives regarding it being permissionless to use – suggesting it could become a KYC-chain where only verified identities are allowed access.
Coinbase’s Base product has sparked conversations about network neutrality within Ethereum’s chain – with arguments made for how this WEF play could lead towards CBDCs and a cashless society in future development plans. While developers can look forward to accessing existing user bases quickly when building on this layer 2 technology, concerns remain over potential permission restrictions upon usage in future iterations of this product.