Coinbase’s layer-2 network, Base, has officially open-sourced its code repositories and smart contracts. This strategic decision aims to foster a culture of openness and accountability while encouraging public involvement in the development process.
Granting Developer Access
In a blog post dated October 19, Base declared that developers would now have unrestricted access to the network’s entire codebase. The rationale behind this move, as stated by Base, is to allow the community to actively monitor the project’s progress and hold it accountable to its commitments.
By sharing our work openly, we enable the community to track our progress and ensure that we’re living up to our commitments,
notes Base in the announcement.
The philosophy here is that open source is a mutually beneficial approach. Further, it provides builders with a wealth of knowledge, fostering improvements, and inspiring innovation within the space.
A pivotal aspect of this open-source endeavor is the transparency it brings to the project’s development. Base has made all its smart contracts and scripts publicly available on GitHub. Also, it is inviting developers to assess and experiment with the code governing deposits and withdrawals on the network.
This move aligns with the crypto ethos, where open-source development allows the community to audit the code collectively. The potential for rapid identification and patching of vulnerabilities is significantly increased when the code is open to public scrutiny. This is as opposed to the slower pace of in-house processes.
Encouraging Security Audits
Recognizing the potential risks associated with open source, Coinbase has urged “security-minded” developers to conduct thorough reviews of Base’s layer-2 code. In a proactive measure, Coinbase is offering a bounty of up to $1 million for the discovery of any bugs or vulnerabilities. This initiative demonstrates Coinbase’s commitment to robust security practices.
In addition to open-sourcing its repositories and smart contracts, Base has extended this transparency to its web properties. Notable domains like base.org, docs.base.org, and bridge.base.org are now part of the open-source ecosystem.
Base’s Active Role in the Crypto Ecosystem and Potential Native Token
Base stands out as one of the most active layer-2 networks in the crypto landscape. The surge in activity is particularly driven by the emergence of Friend.tech. This is a decentralized social finance application built on the Base network.
In an intriguing statement on September 21, Coinbase legal counsel Paul Grewal hinted at the possibility of issuing a native token for the layer-2 network. While not confirmed, this prospect adds another layer of anticipation to Base’s dynamic role in the evolving crypto space.
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