• WHAT IS BASE
• RELEVANCE OF BASE
• EMERGENCE OF BASE IN AFRICAN MARKET
• INTO THE FUTURE OF BASE IN AFRICA

You might be wondering “what exactly is base”, in a jiffy you’ll be familiarised with what base is, but before that I’ll quickly explain what a blockchain is. Blockchain is an immutable digital ledger that enables secure transactions across a peer-to-peer network. It records, stores and verifies data using decentralized techniques to eliminate the need for third parties, like banks or governments. Every transaction is recorded, then stored in a block on the blockchain. The emergence and fast growing pace of blockchain technologies, the need for faster, cost-effective, more secure and efficient technologies increases. In the midst of numerous emerging blockchain network, Base has quickly gained the interest of many as a new fast layer2 network with Just one year of existence

WHAT IS BASE?

Base by Coinbase is a layer2 blockchain network under Ethereum wich has be proven to increase transaction speed, security and accessibility while reducing costs. Unlike other blockchain networks, Base is specifically built as a layer2 network under Ethereum blockchain to support decentralized applications (dApps). Base uses what’s known as Ethereum’s Layer 2 blockchain. The Layer 2 blockchain is designed to perform transaction-heavy work with speed, keeping costs lower for the main Ethereum blockchain (Layer 1). In the world of blockchain, Layer 1 refers to the base layer of a blockchain network, like Ethereum or Bitcoin, where transactions are processed and recorded on the main blockchain. However, Layer 1 networks often face scalability issues, meaning they can only handle a limited number of transactions per second (TPS). This can lead to slow processing times and high transaction fees, especially during peak usage periods.To address these challenges, Layer 2 solutions were introduced. Built as an Ethereum Layer 2 (L2) blockchain network, Base is designed to increase performance, interoperability and scalability while decreasing transaction costs and settlement time. Base processes transactions off-chain through a mechanism known as “rollups,” bundling multiple transactions together and submitting them as a single batch to Ethereum’s Layer 1 for validation. This approach reduces costs and load on the main Ethereum network. Because of this approach, Base can offer low transaction fees, faster transaction times and full compatibility with Ethereum processes.

RELEVANCE OF BASE Aside its low transaction fees and faster transaction times, base offers other key advantages for both individuals and businesses:

• Faster transactions: Base processes transactions quicker than the main Ethereum network, making it more efficient and user-friendly, especially during peak network activity.
• Lower fees: One of the biggest draws of Base is its significantly lower transaction fees compared to the main Ethereum network, making it a better option for frequent users.
• Interoperability: Base supports a wide variety of blockchain applications and services, including decentralized exchanges, DeFi platforms and NFTs.
• Developer-friendly: Developers can run their existing Ethereum-based applications on Base without having to overhaul their code.
• Scalability: Base offers increased scalability, so it can handle a higher volume of transactions efficiently.
• Accessibility: Base is linked with Coinbase and as such provides users with easy access to a wide range of services, including exchange functionalities, wallet services, and more. This integration makes it easier for users to transition from traditional finance to decentralized finance (DeFi).

The Emergence of Base Blockchain: Revolutionizing Africa's Digital Landscape

In the realm of blockchain technology, the past year has witnessed a significant milestone with the introduction of Base blockchain, a Layer 2 scaling solution for Ethereum. Developed by Coinbase, this innovative platform has brought about a paradigm shift in Africa's digital landscape, offering a plethora of benefits and opportunities for the continent's growing blockchain ecosystem.

Scalability and Interoperability

One of the primary advantages of Base blockchain is its ability to scale Ethereum transactions, thereby increasing the speed and reducing the cost of transactions [2]. This has been a significant bottleneck for the widespread adoption of blockchain technology in Africa, where high transaction fees and slow processing times have hindered the growth of the industry. With Base, developers can now build decentralized applications (dApps) that are more accessible and efficient, attracting more users and developers to the crypto-economy [5].

Developer-Friendly Environment