Coinbase Open-Sources Code for Layer-2 Network Base

Increasing Transparency and Accountability

Coinbase's layer-2 network, Base, has made a significant move towards transparency and accountability by open-sourcing its code repositories and smart contracts. This decision allows public contributions to the project and provides developers with full access to the network's codebase.

Building in the Open

Base believes that building in the open is crucial for creating an onchain ecosystem, fostering accountability, and enabling collaboration. By open-sourcing its smart contract and GitHub repositories, the project aims to track its progress and ensure that it lives up to its commitments.

A Win-Win for the Future

The decision to open-source its code not only benefits Base but also the wider crypto community. Builders now have access to a wealth of knowledge, the opportunity to improve existing work, and the ability to inspire others in the space.

Increased Transparency and Collaboration

By making its smart contracts and scripts publicly available on GitHub, Base provides developers with greater transparency into the project's development. This allows them to assess and experiment with the code responsible for deposits and withdrawals, providing valuable tools for creating similar functions.

The Importance of Open-Source Development

Open-source development is an integral part of the crypto ethos. Making code public allows for community auditing, potentially leading to the discovery and patching of vulnerabilities and exploits more quickly than if the code were kept private. However, it's important to note that nefarious actors could also exploit vulnerabilities if they are discovered before being fixed.

Bounty for Bug Discovery

To address security concerns, Coinbase has encouraged security-minded developers to review the layer-2 network's code and report any vulnerabilities. In fact, the company is offering a bounty of up to $1 million for the discovery of bugs.

Open-Sourcing Web Properties

In addition to open-sourcing its code and smart contracts, Base has also made its web properties, including base.org, docs.base.org, and bridge.base.org, open-source. This further promotes transparency and collaboration within the project.

A Leading Layer-2 Network

Base has emerged as one of the most active layer-2 networks in the crypto ecosystem. The rise of Friend.tech, a decentralized social finance application built on top of Base, has contributed to the network's growing activity.

Native Token Possibility

In a recent interview, Coinbase legal counsel Paul Grewal hinted that the idea of issuing a native token for the layer-2 network has not been ruled out entirely. This possibility adds another layer of interest and potential for growth to Base.