Coinbase’s Layer-2 Blockchain Network Base Open Sources Code Repositories and Smart Contracts
Coinbase’s layer-2 blockchain network, Base, has taken a step towards transparency and public collaboration by open sourcing its code repositories and smart contracts. This move allows developers to have visibility into Base’s development and contribute improvements to the project. By making its smart contracts and core code publicly available on GitHub, Base aims to foster community participation and hold itself accountable for delivering on its technical roadmap.
Increased Transparency and Community Collaboration
Base believes that building in the open is crucial for creating an onchain ecosystem, establishing accountability, and enabling collaboration. Open sourcing its code not only provides full insight into the ongoing development of the network but also allows developers to learn from and expand upon Base’s work so far.
Multi-Signature Setup and Key Management
In line with its commitment to transparency, Base has shared details about its multi-signature setup and key management processes. Demonstrating a thoughtful approach to security is essential for a network that manages user funds.
Open Sourcing Web Properties
In addition to its core protocol code, Base has also open sourced its main web properties including its homepage, documentation portal, and bridge site. This further promotes transparency and encourages community involvement in the development process.
Bug Bounties for Responsible Disclosure
While open source brings benefits like transparency, there are risks associated with potential vulnerabilities being exploited by malicious actors. To incentivize responsible disclosure, Base is offering bounties of up to $1 million for reporting previously unknown bugs or security flaws.
A Growing Layer-2 Platform with Future Potential
Within just three months, Base has become the third-largest layer-2 platform in terms of total value locked, reaching $549 million. However, it faces competition from Arbitrum and Optimism, which together dominate 80% of the layer-2 ecosystem. By embracing open-source collaboration, Base hopes to accelerate development and adoption of its Ethereum-based scaling solution. Coinbase is also considering the possibility of issuing a native token for Base in the future.
Hot Take: Open Sourcing Base’s Code and Smart Contracts for Increased Transparency
Coinbase’s layer-2 blockchain network, Base, has taken a significant step towards transparency and community collaboration by open sourcing its code repositories and smart contracts. This move allows developers to review and contribute improvements to the project while holding Base accountable for delivering on its technical roadmap. By embracing open-source collaboration, Base aims to accelerate development and adoption of its Ethereum-based scaling solution. With its rapid growth and Coinbase’s potential plan for a native token, Base’s future looks promising if the community can help strengthen its technical foundations.
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