Introiduction:
Leostrategy recently announced it was launching tokens on Base, the sidechain of Ethereum created by Coinbase, the largest cryptocurrency exchange in the United States, and one of the largest in the world. This is another connection between Hive and the outside world.
Base
Base is a faster and cheaper blockchain that helps Ethereum work better. Think of Ethereum as a busy main highway with a lot of traffic and high tolls. Base is like a new express lane built right next to it.
How Base works:
Takes the side roads:
Base moves a lot of transactions off the busy Ethereum main road, which is called "off-chain processing".
Bundles them up: It combines these off-chain transactions into a single batch.
Drives back to the main road:
After processing the batch, Base submits a summary of the transactions back to the main Ethereum highway.
Keeps everyone honest:
To make sure no one cheats, there is a waiting period, or "challenge window," where anyone can report a fraudulent transaction. This is why it's called an "optimistic rollup"—it assumes transactions are valid unless proven otherwise.
Relies on Ethereum's security:
Because it ultimately settles back on the Ethereum mainnet, Base gets the benefit of Ethereum's strong security.
Key features in plain English
Built by Coinbase:
The popular cryptocurrency exchange Coinbase created Base to help grow the number of people using blockchain technology.
Works with Ethereum apps:
If you're a developer, you can easily use your existing Ethereum apps and tools on Base without major changes.
Low fees:
Since it processes transactions in large bundles, Base is able to offer much lower transaction costs, sometimes just a few cents.
No new token:
Base uses ETH for its fees, so there is no special Base cryptocurrency to worry about.
What is it used for?
Because of its low fees and high speed, Base is great for applications that need a lot of transactions, like:
Online games:
In-game purchases and trades are faster and cheaper.
Digital art (NFTs):
Minting and trading NFTs becomes much more affordable.
Decentralized finance (DeFi):
Trading crypto and borrowing money on decentralized apps is cheaper and more efficient.
Last Words
This has been a simple introduction to base blockchain, a side chain of ethereum. Leostrategy will launch two okens on it soon, and so as a Inleo community member and a Hive community memeber you should learn about it, to see if this investment opportunity is right for you.
Thee End.
The End
@Shortsegments
#Thank #you #for #reading #my #post
Shortsegments is a writer, who has been writing about cryptocurrency, the blockchain, digital ledgers, bitcoin, ethereum, and decentralized finance; where digital ledgers and smart contracts meet finance, for seven years, and he has written thousands of articles on the subject.
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