July 23, 2024
Chicago 12, Melborne City, USA
Latest News

Once it found new fiat partners, cryptocurrency exchange Binance resumes offering euro services.

In an exciting move towards transparency and community involvement, Coinbase’s layer-2 network, Base, has declared the release of its code repositories and smart contracts to the public. This open-sourcing initiative aims to foster a more diverse and dynamic development environment.

As of October 19th, Base is extending a warm welcome to developers, granting them full access to the network’s codebase. By making their work available for all to see, Base intends to enable the community to monitor their progress and ensure their commitment to the project.

Base believes that open-source practices create a mutually beneficial landscape for the crypto ecosystem. They acknowledge that when builders have access to a treasure trove of knowledge, they can build upon existing work, inspiring further innovation in the field.

The decision to open-source their code is rooted in the desire to provide developers with an unprecedented level of transparency into the project’s development. Base proudly states that all their smart contracts and scripts are now accessible to the public on GitHub.

This means that developers can now scrutinize and experiment with the code responsible for handling deposits and withdrawals on the Base network. This newfound access empowers developers with the tools they need to implement similar functionalities.

Open-source development is integral to the crypto ethos, as it invites the entire community to audit the code. This approach accelerates the detection and resolution of vulnerabilities and potential exploits, surpassing the efficiency of a closed-door approach.

It’s crucial to note that open-source code might also expose vulnerabilities to malicious actors before they can be addressed by well-intentioned developers. Acknowledging this concern, Coinbase encourages “security-minded” developers to meticulously review the layer-2’s code. To incentivize their efforts, Coinbase offers a substantial bounty of up to $1 million for identifying and reporting any bugs.

Beyond code repositories and smart contracts, Base has also generously open-sourced its web properties, which include base.org, docs.base.org, and bridge.base.org. This comprehensive release demonstrates Base’s commitment to an open and collaborative approach.

Base has been a prominent figure in the active layer-2 network landscape within the crypto ecosystem. The ascent of Friend.tech, a decentralized social finance application built on the Base network, has been a driving force behind their recent surge in activity.

Notably, Coinbase’s legal counsel, Paul Grewal, has indicated that the possibility of issuing a native token for the layer-2 network is not entirely ruled out, raising curiosity within the community.