– Coinbase recently announced the launch of its new product Base, an Ethereum layer 2 that enables anyone to build dApps cost-effectively.
– Chris Blec argued that Base is an integral part of WEF plans for CBDCs and a cashless society.
– There were no explicit narratives about Base being permissionless to use, with Blec warning it will be a KYC-chain, meaning only those who verify their identity will be granted access.
Coinbase Launches New Product “Base”
Coinbase recently announced the launch of its new product Base, an Ethereum layer 2 enabling anyone, anywhere to build dApps cost-effectively. The goal with Base is to make onchain the next online and onboard 1B+ users into the cryptoeconomy.
Suspicions Over Ethereum’s Network Neutrality
The news rekindled the discussion about Ethereum being co-opted by entities who seek to censor and centralize the chain. Following notice of U.S. Treasury sanctioning Tornado Cash mixer in August 2022, Ethereum was under fire over its lack of network neutrality in “bowing” to pressure and complying with authorities. The agency stated that over $7 billion of illicit funds had been laundered through the protocol including funds stolen by North Korean hacking group Lazarus.
What Makes Coinbase Base Different?
Unlike other ETH layer 2s Coinbase already has a captive userbase which developers have access to from the off. Additionally, Coinbase stated that Base would not incorporate a token; instead Ethereum will be used as native gas token for powering transactions on platform’s decentralized applications (dApps).
Base As A Cornerstone Of WEF Plans?
Chris Blec warned that despite being permissionless to build on, there are still no explicit narratives about it being permissionless to use; making it more likely for it become KYC-chain where only those who verify their identity are granted access – thus becoming integral part of WEF plans for CBDCs and cashless society initiatives..
Coinbase’s newly announced product “Base” is a crucial aspect of World Economic Forum (WEF) plans for Central Bank Digital Currency (CBDC) tech according to Chris Blec; however there are still suspicions around network neutrality due its potential KYC requirements and ability to control usage on chain