The cryptocurrency world is abuzz as Coinbase’s layer-2 network Base gets closer to its mainnet launch. The announcement came on June 29 as the Base team excitedly shared that they had ticked off the fourth of their five launch criteria following extensive internal and external security audits. Notably, these painstaking audits did not reveal any critical code bugs, providing the team an assured go-ahead towards potential launch.
The new layer-2 protocol promises to boost the blockchain ecosystem with its developer-friendly, secure, and low-cost approach. This platform, officially launched on February 23, ensures the stability and security of the future decentralized applications. The last hurdle, proving “testnet stability”, now awaits Base before crossing the threshold to mainnet launch. Supporters hang by the thread, eager to see how the final stage unfolds.
The Base project lies at the intersection of skepticism and optimism. Its impending launch is touted as “a vote of confidence for Ethereum” but also underlines questions about scalability, security vulnerabilities, and the responsiveness of layer-2 solutions. Critics point to the heavy reliance on the Ethereum network for security, while supporters argue that the combination of Ethereum’s robust platform and Optimism’s scalability-focused technology creates a formidable resultant network for decentralized applications.
From the broader community perspective, Base set an interesting precedent by inviting the community to participate in a public smart contract audit test via audit platforms, involving over 100 security researchers. The inclusion of community-based efforts for bug detection, though commendable, does raise concerns about the extent of transparency and group participation in security audits within the cryptomarket. The successful bounty hunting initiative with rewards up to $100,000 hinted at the potential of such community-involved audits, though it also introduced the concept of rewarding external security audits in crypto-projects.
The ground-breaking development of Base, an application-focused protocol, places Coinbase at the forefront of redefining blockchain applications, though it also pushes the industry to question the functionality and security of similar upcoming ventures. As layer-2 networks continue to gain attention, the cryptomarket and its enthusiasts are undoubtedly curious about the outcome and implications of this intriguing launch, waiting with bated breath for Base‘s next move.
Source: Cointelegraph
