In the evolving blockchain landscape, Coinbase has been on the front lines championing a new decentralized course. Just a few weeks after launching their new blockchain network referred to as “Base”, Coinbase presented their unique strategic framework, dubbed “Base Neutrality Principles”. It’s a projection of their approach to navigate the yet uncharted waters as a publicly traded company managing its own blockchain.
There’s a fascinating duality in this situation. Coinbase stands to gain tremendously from running its proprietary network. But concurrently, it needs to be careful not to wield too much control as this could potentially compromise the underpinning spirit of decentralization existential to blockchain.
Their ambition aligns with Optimism’s “Law of Chains,” setting out to blend a variety of chains while staying true to the concept of a “Superchain.” It’s an intriguing idea: protocols designed to work on various blockchains existing in harmony with the Base blockchain which is built on Optimism’s OP Stack technology.
The Base Neutrality Principles, which can be construed as Coinbase’s charter for Base, encompass five key standards. An unequivocal assurance is made: Coinbase will not control the crypto assets that users plug into Base. Similarly, there will be no priority to transaction sequences on the blockchain. Privacy is another cornerstone in these principles, with Coinbase swearing off using private transaction details for promotional purposes, while ensuring unhindered withdrawals for Base users.
Unsurprisingly, the architects of Optimism have endorsed these principles. They have emphasized that being in sync with the Superchain vision equates to Base and OP Mainnet updates being parallel, facilitating compatibility. Transaction costs will be shared, with a slice of it devolved to the Optimism Collective via smart contracts.
Furthermore, worth approximately $183 million, around 118 million OP tokens will be up for grabs for Base users. This arrangement stretches for six years offering ample opportunity for these users.
Everything considered, on the outset it appears exciting yet complex. The potential benefits are massive, but ensuring a fair balance between control and decentralization will be a tightrope walk. However, Coinbase seems latched on a path creating a self-sustaining model for the OP Stack and other open-source initiatives that power Base, thus sparking more innovation and growth. The onus lies on how effectively they can execute on these lofty ideals.
Source: Coindesk
