Coinbase’s Base is a key aspect of the World Economic Forum’s (WEF) plans to introduce central bank digital currency (CBDC) technology, said Chris Blec, host of the Proof of Decentralization podcast.
February 23rd, coin base announced the launch of its base product. The company describes the product as an Ethereum Layer 2 that enables “anyone, anywhere” to build dApps in a cost-effective manner.
“Our goal at Base is to make on-chain the next online and bring over 1 billion users into the crypto economy.“
Blec’s comments have reignited the debate that Ethereum is being adopted by entities aiming to censor and centralize the chain.
August 8, 2022 — after notice of U.S. Treasury Department Tornado Cash Mixer Licensing — Ethereum has been accused of “bowing its head” to pressure and lacking network neutrality by complying with authorities.
The agency said more than $7 billion in illicit funds were laundered through the protocol, including funds stolen by the North Korean hacking group Lazarus.
Why Coinbase Base is Different from Other Layer 2s
coin base The base said it would not incorporate tokens. Instead, Ethereum will be used as the native gas token.
Head of Protocol at Coinbase Jesse Pollack — talking to Laura Shin — You mentioned you have a self-managed Coinbase Wallet and a Coinbase dApp Wallet. Base plans to integrate both products.
As to what makes Base different from other ETH Layer 2s, Pollack said Coinbase already has a captive user base, meaning Base developers have access to a large existing user group from the start.
“It’s very easy for developers to build, and it’s also very easy for the applications they build to actually access users who come to Coinbase.”
What are the cornerstones of the WEF plan?
brek Base can be constructed without permission, but there was no clear explanation that it can be used without permission.
Base, he warned, would become a “KYC chain” and would only be accessible to those who verified their identity. Blec then took the leap that Base was an integral aspect of his WEF plans to bring his CBDC to life.
“This will be the KYC chain and is a *very* important step forward for CBDC technology and the WEF plan for a cashless society.“