I’m curious about the tech behind Coinbase. Does it use Ethereum’s blockchain for all its operations, and if so, how does that work exactly? Can someone explain in simple terms?
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To elaborate on the first reply, Coinbase primarily uses Ethereum’s blockchain to support Ethereum transactions and ERC-20 tokens. It’s like Ethereum provides the rails that Coinbase trains run on for these specific operations.
Adding to the above points, Coinbase is a platform that allows users to buy, sell, and store various cryptocurrencies, not just Ethereum. While it does use Ethereum’s blockchain for Ethereum and ERC-20 token transactions, it also supports other cryptocurrencies that use different blockchains. Think of it as a multi-track station, where each track is a different blockchain technology. Coinbase ensures that your transaction is on the right track, whether it’s Ethereum or any other crypto.
It’s mainly for Ethereum transactions.
Other cryptos use their own blockchains on Coinbase.
So, Coinbase is like a hub for different blockchain techs.