Coinbase’s ‚Base‘ Sparks Fears of Ethereum’s Network Neutrality

• Coinbase recently announced their new product Base which enables anyone to build dApps cost-effectively.
• Chris Blec argues that this is part of the World Economic Forum’s plan for CBDCs and a cashless society.
• Coinbase stated that Base would not incorporate a token and Ethereum will be used as the native gas token.

Coinbase Launches ‚Base‘

Coinbase recently announced their newest product “Base”, an Ethereum layer 2 enabling „anyone, anywhere“ to build dApps cost-effectively. The company states that the goal with Base is to make onchain the next online and onboard 1B+ users into the cryptoeconomy.

Suspicions Over Network Neutrality

Chris Blec, host of the Proof of Decentralization Podcast, argued that Coinbase’s newly announced product Base is a WEF play for CBDCs and a cashless society. This statement rekindled discussion about Ethereum’s network neutrality in light of the U.S. Treasury sanctioning Tornado Cash mixer for laundering $7 billion of illicit funds by North Korean hackers Lazarus group.

Why Is Base Different?

Coinbase stated that Base would not incorporate a token but instead use Ethereum as its native gas token. Furthermore, they already have an established captive userbase meaning developers have easy access to existing users from launch day.

The Cornerstone Of WEF Plans?

Blec further warned that while building on Base may be permissionless, using it might require KYC verification first before being granted access. He then took this one step further by suggesting that Coinbase’s Base could actually be the cornerstone of WEF plans for Central Bank Digital Currency (CBDC).

Conclusion

Overall, Coinbase’s announcement has created much speculation over whether or not it is indeed part of WEF plans for CBDCs and a cashless society or simply another layer 2 solution offering more scalability on Ethereum network itself remains to be seen as time passes by.