Sunday, June 16, 2024
12 C
London
HomeBlockchain NewsCoinbase Open Sources Layer-2 Network "Base" for Transparency and Collaboration

Coinbase Open Sources Layer-2 Network “Base” for Transparency and Collaboration

Keypoints:

  • Coinbase’s layer-2 network, Base, has been open-sourced to enhance transparency and encourage community collaboration.
  • Base’s smart contracts and core code are now publicly available on GitHub for developers to review and improve.
  • This move aims to foster community participation and ensure accountability in the network’s development.
  • Base is also offering bounties of up to $1 million for responsible disclosure of unknown bugs.
  • Despite rapid growth, Base faces competition from Arbitrum and Optimism in the layer-2 ecosystem.

Coinbase’s layer-2 network, Base, goes open source, boosting transparency and inviting community contributions. Learn how this move impacts the Ethereum-based scaling solution.

Coinbase’s Open-Source Initiative

In a strategic move towards transparency and collaboration, Coinbase has open-sourced its layer-2 network, “Base.” By making its smart contracts and core code publicly available on GitHub, Base is now open for scrutiny and potential improvements from the developer community. This decision aims to enhance transparency, foster community participation, and ensure accountability in Base’s ongoing development.

Incentives for Responsible Disclosure

To mitigate risks associated with open sourcing, Base has introduced a significant incentive. It offers bounties of up to $1 million for responsibly disclosing previously unknown bugs. This step underscores the network’s commitment to security.

Competition in the Layer-2 Space

While Base has experienced rapid growth and now ranks as the 3rd largest layer-2 platform with $549 million in total value locked, it faces stiff competition from Arbitrum and Optimism, which collectively hold an 80% market share. By embracing open-source collaboration, Base aims to accelerate its development and adoption within the Ethereum scaling solution landscape.

DISCLAIMER

As per the principles outlined by the Trust Project, Cryptozia remains dedicated to delivering impartial and transparent reporting. This news article is intended to offer precise and punctual information. Nevertheless, it is recommended that readers autonomously corroborate the facts and seek advice from a qualified expert prior to making any decisions reliant on this content.

latest articles

explore more