As a seasoned crypto investor with years of experience navigating the volatile world of digital currencies, I can’t help but feel a sense of excitement and anticipation about the upcoming launch of Base’s fault-proof system. Having seen my fair share of centralized authorities and third parties in this space, it’s refreshing to see a shift towards more community participation and decentralization.
As a researcher, I’m excited to share that I’m involved in the upcoming launch of a robust, self-verifying system on Coinbase’s layer-2 network, Base. This innovative feature empowers users with the ability to independently authenticate their withdrawal transactions, enhancing the overall reliability and security of the platform.
On October 30th, the Ethereum network Base will incorporate Optimism’s robust system called “fraud proofs.” This integration allows users to independently confirm transactions, reducing the need for trusted third parties. By doing so, it aims to foster increased community involvement in the network.
On October 30th, fault proofs are being introduced to the Base mainnet, signifying an important step towards decentralization. In other words, this allows anyone to oversee and independently challenge suspicious withdrawals without requiring a third party for trust. The Base team has been working together…
— Base (@base) October 23, 2024
In a post on October 24th, it was announced that the rollout marks a significant achievement in Base’s decentralization plan since it allows anyone to scrutinize and contest withdrawal transactions if they are found to be incorrect. Base highlights this update as a transition from the present system, where only centralized proposers can submit information about the network’s state.
Working together with Optimism, we’re introducing a new system at Base that makes it possible for permissionless output proposals to become an essential part of our network. This means that community members can submit claims about Base’s state, rather than relying on a central authority. Furthermore, users will have the ability to question dubious or incorrect claims through a decentralized process, fostering greater community engagement in maintaining the network’s security as outlined in Base’s technical documentation.
The use of fault proofs, first implemented on Optimism, prevents the passing of inaccurate transaction data to Ethereum’s layer-1 blockchain. Built using the OP Stack from OP Labs, Coinbase’s Base network looks to create a more community-driven ecosystem, aligning with broader goals of decentralization across the Ethereum landscape.
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2024-10-24 10:04