Coinbase’s new Base network, built on top of the Ethereum blockchain, addresses the shortcomings of the popular Layer 1 ecosystems, Ethereum and Solana.
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Popular Alternative Cryptocurrencies
Cryptocurrency is described as the “native” digital asset of a blockchain network because they power these networks. Blockchain networks serve not only for transferring currency but also enable developers to create decentralized applications (dApps). In this context, cryptocurrency primarily facilitates transactions on its respective blockchain. The fundamental architecture of a blockchain network is known as Layer 1, upon which developers can construct secondary networks (Layer 2).
As the cryptocurrency ecosystem evolved, developers identified limitations within the Bitcoin network, leading to the creation of alternative cryptocurrencies (alt coins). The two most prominent Layer 1 cryptocurrencies, aside from Bitcoin, are Ethereum and Solana.
Ethereum and Solana Networks: Pros and Cons
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