In the world of blockchain, speed and safety drive every innovation. Base, Coinbase‘s layer 2 blockchain, is gearing up for its mainnet launch, having effectively sailed through a gamut of security audits. Built on the OP stack in association with Optimism, Base plans to entice a staggering one million new crypto users in the ensuing years.
The code has gone under the microscope of over 100 individuals in a unique audit contest by Coinbase, thereby hurling an open challenge to find potential vulnerabilities. After examining Optimism’s pre-deployments and all related smart contracts on both layers, Coinbase’s Protocol Security team gave the much-awaited green flag.
In a blog post, Coinbase delineated the collaborative work undertaken over the past six months with OP Labs to bolster the security of Base and Optimism. An intriguing technique known as “fuzzing” was deployed to scout for bugs through a method that introduces malformed code into the existing one. This approach was primarily concentrated on the layer 2 blockchain bridge to layer 1 and the sequencer.
The security team didn’t hold back from developing operational instructions for various risk scenarios and specific distress events. Six-month-long reviews and audits of the key management setup for Base and its contracts set a solid foundation for its operation. The absence of any severe system vulnerability during these in-depth security procedures boosted the team’s confidence for the mainnet launch.
However, in an industry where surprises are often the norm, Base’s unique proposition is that it will not feature a native token. This sets it apart from other layer 2 blockchains like Polygon, Optimism, and Arbitrum, which all possess native tokens.
Coinbase’s commitment to security is apparent in its engagement of over 100 security researchers in a contest, a move that has not unearthed any notable susceptibilities. The company assured that it is in the process of appropriately addressing all submissions and any minor issues reported, emphasizing the high level of engagement from the researchers.
However, Coinbase continues to grapple with a considerable legal tussle with the US Securities Exchange Commission. As the firm ready to unveil Base takes this disruptive ride, one cannot ignore the latent uncertainties and thrilling opportunities that the future holds for this revolutionary blockchain-reliant technology.
Source: Cryptonews
