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The Wallet 🎒
@thewallet
📝 A Comprehensive Overview of the Base Blockchain 🧵👇👇👇👇 #Ethereum holds a pivotal role in the #blockchain landscape, serving as the foundation for a vast array of #dApps and smart contracts. It has significantly contributed to the growth of #DeFi, #NFTs, and blockchain gaming, transforming them into thriving sectors. ⚠️ However, Ethereum faces certain challenges, particularly in terms of transaction speed, costs, and scalability.
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The Wallet 🎒
@thewallet
📍 To address these challenges, Layer-2 blockchains have emerged as crucial solutions. By offloading transactions from the main Ethereum network while still leveraging its security, these Layer-2 blockchains enhance transaction speed, reduce costs, and support high transaction volumes. One of the most promising Layer-2 solutions is @base, which is built using the OP Stack developed by Optimism. Base aims to not only resolve Ethereum’s existing issues but also to advance the network’s capabilities, positioning Ethereum as a future-ready blockchain.
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The Wallet 🎒
@thewallet
👉 How Base Works Base operates as an optimistic rollup, a technology that processes transactions off-chain in batches, significantly lowering costs and reducing network congestion. Transactions are initially handled on Base and then aggregated for finalization on the Ethereum mainnet. This method ensures that Ethereum’s security and decentralization benefits are preserved. Optimistic rollups, like Base, assume that transactions are valid by default, which reduces the need for intensive computational resources upfront, thus keeping costs low. However, the system incorporates a fraud-proof mechanism to verify suspicious transactions, ensuring the network remains secure. Funded entirely by Coinbase, Base is focused on technological advancement rather than profit generation. Its strategic partnerships and the quality of projects in its ecosystem demonstrate a commitment to fostering innovation.
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