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- The move meant developers can evaluate and experiment with the code governing deposits and withdrawals on the Base network.
- However, open -source projects are exposed to potential bad actors who might attempt to exploit the network.
Coinbase’s layer-2 network, Base, announced on 19 October that it has open-sourced its code repositories and smart contracts. This decision means developers now have full access to the network’s codebase.
Base’s motivation for making its code open source is rooted in the desire to provide developers with greater insight into the project’s development. All smart contracts and scripts associated with Base are now available to the public on GitHub.
This development empowers developers to evaluate and experiment with the code governing deposits and withdrawals on the Base network. They can also provide valuable tools for those interested in creating similar functions.
Open-source development aligns with the core principles of the cryptocurrency space. By making code publicly accessible, the broader community can review it.
The chances of quickly identifying vulnerabilities and potential exploits will thereby increase. The process might be slower if development were confined to a closed, in-house team.
However, open-source projects do come with a caveat. They are exposed to the watchful eyes of potential bad actors who might attempt to exploit any weaknesses before ethical developers have the chance to address them.
In response to this concern, Coinbase has encouraged “security-minded” developers to thoroughly analyze the layer-2’s code and report any vulnerabilities. As an incentive, Coinbase has offered a bug bounty program with rewards of up to $1 million for discovering and reporting bugs.
Can Coinbase’s open-source boost transparency and collaboration?
Coinbase’s decision to open-source Base extends to its web properties as well. This includes base.org, docs.base.org, and bridge.base.org, which are now accessible for public review and potential contributions.
Base has been notably active in the layer-2 network arena. It has gained momentum partly due to the success of Friend.tech.
Friend.tech is a decentralized social finance application built on top of the Base network. This indicates the growing significance of layer-2 solutions in the crypto space, as they enable faster and more efficient transactions. This will contribute to the broader adoption of blockchain technology.