Coinbase’s ‚Base‘ Raises Suspicions of Ethereum Network Neutrality
• Coinbase announced the launch of its Base product on Feb. 23, which is an Ethereum layer 2 enabling “anyone, anywhere” to build dApps cost-effectively.
• Chris Blec argued that Coinbase’s Base is a WEF play for CBDCs and a cashless society.
• Jesse Pollack said that Coinbase already has a captive userbase, meaning Base developers have access to a large, existing user group from the off.
Coinbase Launches ‚Base‘ Product
On February 23rd, 2021, Coinbase announced the launch of its new product called ‘Base’. This product is an Ethereum Layer 2 that enables anyone to build decentralized applications (dApps) at cost-effective rates.
Suspicions Over Ethereum Network Neutrality
Chris Blec argued that this new product could be part of the World Economic Forum’s plans to bring about Central Bank Digital Currencies (CBDC) tech and ultimately lead to a cashless society in the future. This rekindled suspicions over Ethereum’s neutrality towards its own network as it had previously been accused of being co-opted by entities who sought to censor and centralize operations on the blockchain following sanctions from U.S Treasury which stated that over $7 billion of illicit funds had been laundered through their protocol including those from North Korean hacking group Lazarus in 2022.
Why Is Coinbase ‚Base‘ Different?
Is ‚Base‘ The Cornerstone Of WEF Plans?
Blec further added that while Base will allow developers create whatever they want without permission required, users may need to verify their identities first before they can gain access or use certain functions or applications on this chain – thus turning it into what he calls “a KYC-chain” where personal data is collected in order for users to continue using such services available on this network. Furthermore, he posited whether this could possibly be part of WEF’s plan going forward with their CBDC intentions by allowing them control over who gets access or not based on personal information gathered beforehand.
Overall Coinbase’s ‚Base‘ product looks set to become an important factor in helping facilitate WEF plans for CBDCs and a cashless society moving forward – but at what cost remains unknown considering possible privacy concerns due to identity verification requirements expected from users wanting full access or utilise certain features provided by these applications built upon this layer 2 network ?