Coinbase Open-Sources Smart Contracts and Base Blockchain Frontend
Coinbase, the largest US cryptocurrency exchange, has made the decision to open-source some of the smart contracts on its blockchain. Additionally, it has also open-sourced the frontend of its Base blockchain. This move comes after Coinbase’s Layer-2 blockchain became the third-largest L2 chain in the cryptocurrency ecosystem.
Benefits of Going Open-Source
Coinbase cites increased transparency and accountability as the main reasons for open-sourcing its smart contracts. By making its technology open-source, Coinbase aims to foster collaboration and allow developers and other firms to build better solutions based on its knowledge base. The exchange also intends to use community feedback to improve its ecosystem’s documentation and identify any overlooked bugs that could enhance the platform’s position in the industry.
Base Scripts and Contracts are Now on GitHub
The contracts and scripts for Base are now publicly available on GitHub. This move is part of Coinbase’s efforts to increase transparency regarding its services. Previously, Coinbase shared details about its multisig and challenger key setup and collaborated with Optimism to ensure thorough documentation and review of its upgrade process.
Enhancing Security through Transparency
According to Coinbase, open-sourcing smart contracts reduces the likelihood of errors and makes potential malicious activities more visible. This increased visibility enables easier detection and defense against such activities. With a total value locked (TVL) of $549 million, Base has become the third-largest layer-2 chain in the industry, following Arbitrum One and Optimism.
Hot Take: Open-Source for a Stronger Crypto Ecosystem
By open-sourcing its smart contracts and frontend, Coinbase is embracing transparency and collaboration in the crypto space. This move allows developers to learn from Coinbase’s technology and build upon it, ultimately benefiting the entire ecosystem. Increased transparency also helps identify vulnerabilities and improve security. With Base becoming one of the top layer-2 chains, Coinbase’s commitment to open-source solutions contributes to the growth and development of the cryptocurrency industry.
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