Coinbase’s Vision for Base
Jesse Pollak, Head of Protocols at Coinbase, shared his insights on various topics during an interview at Messari’s Mainnet conference. When discussing Coinbase’s blockchain platform, Base, Pollak emphasized the company’s focus on bringing a billion users into the blockchain ecosystem. He believes that Base will play a crucial role in achieving this vision. To facilitate mainstream adoption, Pollak highlighted the need to reduce costs, enhance wallet experiences, and establish better on-chain identity systems. Although Base has already reduced app costs significantly, further reductions are necessary.
Transitioning from Speculation to Utility
Pollak acknowledged the speculative nature of the crypto market and its importance in attracting capital. However, he emphasized the need for the industry to transition from speculation to utility. This shift would enable blockchain technology to fulfill its potential as a practical tool for various applications.
Base as a Layer-2 on Ethereum
When discussing Ethereum, Pollak revealed that Coinbase had considered developing its own layer-1 blockchain but ultimately decided to build Base as a layer-2 solution on Ethereum. The decision was influenced by Ethereum’s large and active ecosystem. Pollak acknowledged that scalability issues still exist but noted progress made through initiatives like EIP-4844, which Coinbase supported.
The Success of Social Media DApps
Pollak highlighted the initial success of Friend.tech, a social media decentralized application (DApp) on Base. Within 24 hours of its launch, Friend.tech generated over $1 million in fees. Pollak defended the importance of social apps in the blockchain space, emphasizing their ability to provide users with more control over their data and creativity.
DApps Revolutionizing Industries
Pollak also mentioned Blackbird, a customer engagement platform for restaurants operating in New York City and soon expanding to California. He believes that DApps like Blackbird have the potential to revolutionize various sectors by leveraging the benefits of blockchain technology.
Multiple Transformative Applications
Pollak concluded by stating that he does not foresee a single “killer app” for blockchain. Instead, he believes there will be multiple applications, such as stablecoins, that will significantly impact people’s lives. He remains optimistic about the future of blockchain technology and expects to witness many transformative applications in the years to come.
Hot Take: Coinbase’s Jesse Pollak Discusses the Future of Blockchain Technology
Jesse Pollak, Head of Protocols at Coinbase, shares his insights on Coinbase’s blockchain platform, Base, and the future of blockchain technology. Pollak emphasizes the importance of bringing a billion users into the blockchain ecosystem and identifies areas for improvement to facilitate mainstream adoption. He discusses the transition from speculation to utility in the crypto market and explains why Coinbase chose to build Base as a layer-2 solution on Ethereum. Pollak highlights the initial success of social media DApps on Base and believes that DApps like Blackbird can revolutionize various sectors. He concludes by expressing his optimism about the transformative potential of blockchain technology.
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