Coinbase’s layer-2 network, Base, has taken a significant step towards increasing transparency and accountability by open-sourcing its code repositories and smart contracts, allowing for public contributions to the project.
Opening the Code for All
In a blog post on October 19, Base revealed its decision to grant developers full access to its network’s codebase, marking a commitment to greater openness. The move aims to enable the community to track the project’s progress and ensure it fulfills its commitments. Base emphasized that open-sourcing its work benefits the entire crypto ecosystem by offering valuable knowledge, fostering improvement, and inspiring others in the space.
Enhanced Transparency and Development Assessment
The core objective of this open-sourcing initiative is to provide developers with a deeper understanding of the project’s development. The base has made all its smart contracts and scripts publicly available on GitHub. This accessibility allows developers to assess and experiment with the code responsible for deposits and withdrawals on the Base network, providing valuable tools for those interested in creating similar functionalities.
Crypto Ethos and Security Concerns
Open-source development aligns with the fundamental principles of the crypto community. By making code public, it becomes subject to community audits, potentially leading to the rapid discovery and patching of vulnerabilities or exploits. However, it’s essential to acknowledge the risk of malicious actors identifying vulnerabilities before more well-intentioned developers have the chance to address them.
One of Base’s core values is building in the open
We believe this is foundational to building an onchain ecosystem, creating accountability, and enabling collaboration
In this spirit, we’ve open sourced our smart contract and GitHub reposhttps://t.co/UOgGpNXyFL
— Base 🛡️ (@BuildOnBase) October 19, 2023
To address this concern, Coinbase has encouraged “security-minded” developers to thoroughly review Base’s layer-2 code for vulnerabilities. As an incentive, Coinbase has offered a substantial bounty of up to $1 million for the discovery of bugs, promoting a collaborative approach to security.
Open-Sourced Web Properties
In addition to open-sourcing its code and smart contracts, Base has made its web properties, including base.org, docs.base.org, and bridge.base.org, accessible to the public. This comprehensive approach underscores the project’s commitment to openness and collaboration.
Base has emerged as one of the most active layer-2 networks in the crypto ecosystem, particularly driven by the growth of Friend.tech, a decentralized social finance application built on top of the Base network.
Furthermore, in September, Coinbase’s legal counsel, Paul Grewal, hinted at the possibility of issuing a native token for Base, emphasizing the platform’s continuous evolution and development.
This move to open-source its code and assets aligns with the broader ethos of the crypto industry, fostering transparency, collaboration, and security in the ever-evolving blockchain landscape.