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- 1 Coinbase announced open source code to enhance transparency with developers.
- 2 The code for the layer-2 network base is openly available on GitHub.
Coinbase, a layer-2 network base, has announced that it has openly shared its source code. This will increase transparency as it is available openly, allowing public contribution.
In the latest post of October 19, Coinbase announced that building in the open is their main value. They believe that is the base of building onchain ecosystem. They have open-sourced smart contracts.
By sharing Coinbase’s work openly, they enable the community to track their progress and confirm that they are living up to their commitments. Base also added,
“Open source is a win-win for our on-chain future. Builders get access to a trove of knowledge, improve on what’s already been done, and in turn inspire others in the space,”.
The main aim behind making the source code open is to enhance trustability and transparency with developers. Base said that all of the script and smart contract code are publicly available on GitHub.
This shows that developers can access the code and experiment with the code responsible for deposits and withdrawals on Base.
Is it Safe to Open its Layer-2 Code?
Open source development will facilitate the faster enhancement of security of the code as now anyone can view and make necessary changes like fixing covering loopholes or addressing weaknesses.
Regarding the above-mentioned issue, Coinbase encourages “security-minded” developers to keep a close watch on the layer-2 code for any vulnerabilities. They also say that noting any vulnerability like the discovery of the bugs it will give a bounty of up to $1 Million.
Besides opening the layer-2 code, Coinbase also open-sourced its web properties including base.org, docs.base.org, and bridge.base.org. Coinbase is one of the most active layer-2 networks. The large activity is being driven by the rise of friend.tech, a decentralized social financial application built on the top of the network.
Summary
Coinbase announced that it has publicly shared its source code on GitHub. Anyone can have access to the code. Their aim behind it is to increase the transparency. Obviously, now that the code is open source, it is also available to the bad actors. To avoid the situation where the vulnerabilities and loopholes are exploited, Coinbase also announced a bounty of $1 Million to developers who discover bugs in the codes.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
