Coinbase wants devs to build inflation-pegged 'flatcoins' on its new 'Base' network

Coinbase, one of the world's largest cryptocurrency exchanges, has unveiled its new blockchain network, Base, and is calling on developers to build inflation-pegged stablecoins on it. These stablecoins would be pegged to the US dollar and could help address the issue of inflation in the traditional financial system.
Inflation is a persistent challenge in the world of finance, where the value of money decreases over time due to factors such as increased supply or decreased demand. This can make it challenging for people to save and invest, leading to economic instability. Stablecoins offer a potential solution to this problem, as they are cryptocurrencies that are pegged to a stable asset like the US dollar.
By inviting developers to build inflation-pegged stablecoins on its Base network, Coinbase is hoping to offer a more stable and reliable alternative to traditional fiat currencies. This could be particularly beneficial in countries with high inflation rates, where stablecoins could provide a more stable store of value and a dependable means of exchange.
The Base network is built on the Ethereum blockchain and will use a new consensus mechanism called Proof of Stake (PoS), which is designed to be more energy-efficient than the Proof of Work (PoW) mechanism used by Bitcoin and other cryptocurrencies. As a result, transactions on the Base network should be faster and cheaper than those on other blockchains, making it an attractive option for developers and users alike.
Coinbase has already secured significant investment in the Base network from big-name investors, including Andreessen Horowitz, Polychain Capital, and Paradigm, who have collectively invested $90 million in the project. This signals that there is considerable interest in the potential of stablecoins and blockchain technology to transform the financial industry.
In summary, the launch of the Base network and the call for developers to build inflation-pegged stablecoins on it represents an important milestone for the cryptocurrency industry.