Coinbase’s Base Ready to Shake Up the Crypto Landscape on Mainnet

Jun. 30, 2023
Coinbase’s Base Ready to Shake Up the Crypto Landscape on Mainnet

The Core group, innovators for the two app-oriented technology within Coinbase, recently shared information about the development to achieve the introduction of the main blockchain. The team has achieved a majority of the specified launch requirements.

Nevertheless, there is still one criterion that needs to be fulfilled in order to establish a solid foundation before launching the production environment. Per the statement on the specified date, the team disclosed that the network underwent comprehensive security assessments over six months. The network utilizes Optimism and is fortified with the Ethereum blockchain.

Consequently, the inspectors have judged the infrastructure as safe and ready for implementation based on these inspections. They conducted internal and external audits, fulfilling the second-to-last requirement before the introduction.

The team from Base conveyed their contentment regarding the conclusion of the performed evaluations. They state that they currently satisfy 80% of the essential requirements for the mainnet’s release.

Importantly, no significant code defects were discovered during the specific security initiatives. The result has inspired trust within the group to continue. Advancing towards the launch of the mainnet is presently in the following stage.

The Core team has achieved three additional requirements as a step in their preparation for deploying the mainnet. These achievements involve the application of a “Regolith” protocol upgrade in the test environment.

A comprehensive examination of the infrastructure was conducted in collaboration with OP Labs (the group in charge of Optimism) and the accomplished deployment of the upgrade known as “Bedrock” in Optimism. The accomplishments indicate substantial advancement for the release of Base being launched on the primary.

Coinbase’s Base: Propelling Ethereum Forward with Layer-2 Breakthroughs

In February, Coinbase, on the 23rd, formally introduced its Base service. The project aims to create a cost-effective, secure, and developer-friendly system that is compatible with building decentralized software.

To comprehensively evaluate the dependability of the technology stack of Optimism, Coinbase’s team responsible for protocol security performed an internal examination. The goal aimed to discover possible weaknesses that may appear within layer 1, the second layer, as well as the bridges.

Furthermore, the internal audit conducted by Coinbase, Base expanded a call to the broader community to join in a test to review smart contracts publicly via Code4rena. The experiment’s objective was to enable individuals to report any identified glitches within Optimism’s software stack.

We received contributions from more than 100 security researchers during this contest and are pleased to report that no significant vulnerabilities were discovered.

The cybersecurity experts executed inspections analyzing diverse components. This consists of Optimism’s software for nodes, potential security risks concerning the Ethereum Virtual Machine (EVM) equivalence, and security risks related to the bridge, including other smart contract concerns. 

The community’s audit happened from May 27 to June 10. During this period, bounty seekers who successfully completed their tasks were eligible to receive awards of up to one hundred thousand dollars.

Base stated earlier that the mainnet rollout would require meeting the last requirement, demonstrating the testnet’s durability. As a result, it is essential to guarantee that each system and functionality is operating smoothly and without any difficulties.

Although Base did not reveal the exact information concerning the satisfaction of the last requirement, the team stated that they are presently evaluating entries from the one hundred researchers who engaged in the transparent smart contract review. Additionally, they evaluate input from past inspection initiatives, specifically “spearbit” and “sherlock.”

The core also showed the progress of gloom. The creators developed this free and open observability solution to notify programmers about potential anomalies in the system. The purpose of this tool for identifying problems like inconsistencies in relation to account balances, contract events, or inconsistencies among Layer 1 and Layer 2 states.

As March came to a close, Coinbase expressed interest in observing several components’ development within the Base infrastructure. These components include a price-stable “digital currency,” a decentralized reputation system, and a decentralized order book exchange. Upon receiving the information regarding Base was first revealed in the final days of February.

Many widely perceived this as a necessary approval for Ethereum. The project’s base uses Ethereum. The use of Optimism, a layer-2 network, strengthens its goal of developing a powerful platform for creating decentralized applications.

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Ammar Raza

Associate editor
Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.