What is the new crypto project – and why is it becoming a danger for Ethereum?

What is the new crypto project - and why is it becoming a danger for Ethereum?

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“Base”, the coin from the crypto exchange Coinbase, has come under heavy criticism – and now there are concerns that the project could also threaten Ethereum. For example, Chris Blec argues that the newly announced product is WEF’s match for CBDCs and a cashless society.

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Coinbase’s “Base” is a key element of the World Economic Forum’s (WEF) plans to launch central bank digital currencies (CBDC). So believes Chris Blec, host of the podcast Proof of Decentralisation.

On February 23, Coinbase announced the launch of its Base product. The company describes Base as an Ethereum Layer 2 project that will allow “anyone, anywhere” to build dApps for free.

“Our goal with Base is to make Onchain the next online and bring 1B+ users into the crypto economy.”

Blec’s comments have led to discussion of Ethereum co-optation by entities seeking to censor and centralize the ETH blockchain. Could Base also become a competitor to Ethereum and attract developers?

On August 8, 2022 — after it was revealed that the US Treasury had approved the tornado money mixer — Ethereum came under fire due to pressure and to meet the authorities.

According to the agency, more than $7 billion in illegal funds were laundered through the protocol – including funds stolen by the North Korean hacker group Lazarus.

Why Coinbase Base is different from other Layer 2

Coinbase emphasisThat Coin is not a coin at all and there will be no token. Instead, Ethereum is to be used as a native gas token.

Points Coinbase’s Head of Protocol, Jesse Pollack, in an interview Laura Shinthat the Coinbase self-managed wallet and the Coinbase dApp wallet – and Base plans to integrate the two products.

When asked why Base is different from other ETH Series 2s, Pollack says: Coinbase already has its own 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 then it’s very easy for these applications that the developers build to actually access the users that come to Coinbase.”

Base – the cornerstone of the WEF plans?

Blec, on the other hand, says that while Base can be built without permission, there are no clear statements that it can be used without permission.

He warns that Base will be “a KYC chain”. That means: Access is only granted to those who verify their identity. Blec even says that Base is a key element of WEF’s plans to launch CBDCs.

“This will be a KYC chain and is a *very important step forward for the WEF roadmap of CBDC technology and the cashless society.”

A user points he points out that there is no threat to personal sovereignty as long as the base layer remains decentralized. Blec’s comment: That was “unsweet”.

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Text credit: Cryptoslate

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