Coinbase’s layer-2 network, Base, has taken a significant step by open-sourcing its code repositories and smart contracts, embracing transparency, accountability, and community involvement. In a blog post on October 19, Base declared its decision to provide full access to its codebase for developers, asserting that open sourcing would facilitate community oversight and ensure the project’s commitment to its goals.
Base emphasized the advantages of open-source development in the blockchain space, citing it as a win-win situation. Developers can access a wealth of knowledge, build upon existing work, and inspire innovation within the industry.
One of the key motivations behind this move is to enhance transparency regarding the project’s development. Base disclosed that all its smart contracts and scripts are now available on GitHub, allowing developers to assess and experiment with the code governing deposits and withdrawals on Base. This accessibility provides valuable tools for developers seeking to create similar functionalities.
Open-source development aligns with the fundamental principles of the cryptocurrency community. By making code publicly available, it becomes possible for anyone in the community to scrutinize it, which, in theory, allows for the prompt identification and resolution of vulnerabilities and potential exploits, as opposed to keeping code in a closed environment.
Nevertheless, it’s important to recognize that open-source code can be scrutinized not only by benevolent developers but also by malicious actors seeking to exploit vulnerabilities before they are fixed. In response to this concern, Coinbase has encouraged “security-minded” developers to conduct a thorough review of the layer-2 network’s code and report any vulnerabilities. A bounty of up to $1 million is offered for the discovery of bugs.
In addition to opening its repositories and smart contracts, Base has also open-sourced its web properties, including base.org, docs.base.org, and bridge.base.org.
Base has been a prominent player in the world of layer-2 networks within the cryptocurrency ecosystem, particularly with the emergence of Friend.tech, a decentralized social finance application built on top of the network. Notably, Coinbase’s legal counsel, Paul Grewal, hinted at the possibility of issuing a native token for the layer-2 network, leaving the door open to further developments in the future.
