BLOCKCHAIN

Blockchain technology is an innovative idea using decentralized applications that has enabled secure transparent transactions. Blockchain facilitates transactions directly between parties with the use of a shared database, thus encouraging decentralised trustworthiness across fields such as finance, healthcare, among others. What one does is that each transaction, or ‘block,’ connects to the previous one, thereby forming a secure ‘chain,’ which would be almost impossible to forge. However, despite the disruptive nature of blockchain technology, there are challenges that make it hard to solve scalability problems in lines such as Ethereum.

It was in Ethereum that a new evolution for the blockchain mechanism took place. Created in 2015, it added smart contracts, which enabled there to be decentralized applications (dApps) on the platform’s blockchain. This led to a horde of opportunities extending beyond cryptocurrency creating Ethereum as the bedrock for DeFi, NFT, and more. Due to its flexibility, Ethereum has become one of the leaders in the blockchain industry, and developers use its possibilities to search for and develop new opportunities for digital environments.

However, Ethereum has its own problems. Its success opens millions of users’ accounts, but this high popularity is a problem of scalability. It has a low TPS – Ethereum facilitates only between 10 and 12 transactions per second – this can be a problem as it leads to the network overload. More users translate to slower transactions and exorbitant charges known as the “gas fees”. High fees make Ethereum less popular for the average user and may demotivate ordinary developers from using Ethereum.

Such problems are typical for Ethereum and became especially acute after its transition to the Ethereum 2.0 and after the change to the proof of stake system, although the scalability problems are still present and especially noticeable with high gas fees. These limitations have necessitated calls for solution that would enhance scalability and affordability when adopting Blockchain.

Base was built to address these problems front and center as part of its guiding core values. Created as an Ethereum Layer 2 scaling solution, Base is the means to deal with transactions beyond the parent Ethereum chain. By adopting this Layer 2 approach, Base is now able to process transaction at a cheaper and more efficient rate yet at a secured platform as provided by Ethereum. In doing so, Base also helps to save network traffic and lessen the burden of gas fees which in turn presents blockchain to everyone.

Base attains that scalability through its integration with the Optimism Superchain. This means that Base can leverage on the strong foundation of Ethereum, offer low fees and high – speed transactions. Regarding developers, they become an ecosystem for creating dApps without worrying about the expenses on Ethereum. Another characteristic of the platform is also the ability to connect the projects through the interoperability features, so it supports Base as versatile and suitable for mass usage.

Based’s purpose is to broaden the reach of blockchain technology to billions of users. It sees itself enabling everyone to work with Base — to use DeFi applications, to buy an NFT or create a project based on the blockchain. This goal of broad ROR [read, operate, redesign] distinguishes Base as a prism of innovation and people’s access.

As the incorporation of blockchain continues to rise but the hurdles are still present, with Base you have a robust tool. That way, it is addressing two critical factors of the blockchain which are scalability and cost bringing blockchain technology to the next level. And now base is not only one more platform, it is the bridge between Ethereum and future that would not be possible without blockchain technology.