- This move meant that developers could evaluate and experiment with the code for deposits and withdrawals on the Base network.
- However, open source projects are exposed to potential bad actors who could try to exploit the network.
Coinbase’s layer 2 network, Base, announced on October 19 that it made its code repositories and smart contracts open source. This decision means that developers now have full access to the network’s codebase.
Base’s motivation to make its code open source is rooted in the desire to give developers more insight into the development of the project. All smart contracts and scripts associated with Base are now available available to the public on GitHub.
This development allows developers to evaluate and experiment with the code for deposits and withdrawals on the Base network. They can also provide valuable resources for those interested in creating similar positions.
Open source development aligns with the core principles of the cryptocurrency space. Making code publicly accessible allows the broader community to review it.
The chances of quickly identifying vulnerabilities and potential exploits will therefore increase. The process could be slower if development were limited to a closed, internal team.
However, open source projects come with a caveat. They are exposed to the watchful eye of potential bad actors who could try to exploit any weaknesses before ethical developers have a chance to address them.
In response to these concerns, Coinbase has encouraged “security-focused” developers to thoroughly analyze the layer 2 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 increase transparency and collaboration?
Coinbase’s decision to open Base also applies to its web properties. This includes base.org, docs.base.org, and bridge.base.org, which are now open for public review and possible contributions.
Base has been particularly active in the field of layer 2 networks. 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 importance of layer 2 solutions in the crypto space, as they enable faster and more efficient transactions. This will contribute to the wider adoption of blockchain technology.
