Coinbase announced earlier this week its`s decision to make the Base code and smart contracts open source to increase transparency and accountability, while allowing the public to contribute, Coin Base also opened up its web properties, such as base.org , docs.base.org , and bridge.base.org .
By sharing its code, Coinbase wants to help and work with developers. Developers can use or even improve the tools allowing for them to view and test the code that handles deposits and withdrawals on Base,
The decision was announced in a blog post earlier this week, with Base announcing that developers will have full access to the network code base from today.
“By sharing our work publicly, we ensure the community tracks our progress and delivers on our promises”
What is Open Sourcing in Blockchain & Crypto?
Open source development is an integral part of the cryptocurrency philosophy. Making the code public allows anyone in the community to monitor the code, which can theoretically identify and fix potential vulnerabilities and exploits faster than if kept private
“Open source is a win-win for the future in our series. Manufacturers gain more knowledge and improve what they already do, thus inspiring others in the industry,” added Base.
To access the code and smart contract all of this information can be found on GitHub.
Implications of Open sourcing to Coinbase
Coinbase stands a lot to gain from this move primarily because developers can now evaluate and test the rules that govern deposits and withdrawals on Base, giving developers looking to create similar functionality access to enhanced tools
This also allows the community to provide input and help identify any issues.
On the other hand open-source code means rogue actors can find and exploit vulnerabilities before another more prestigious developer can flag the issue. In response to these concerns
Coinbase encouraged “security-minded” developers to check Layer 2 code and pay close attention to any vulnerabilities, offering bounties of up to $1 million for finding their mistakes.
Base`s growth and development could be set for a bright future
Base was launched in July facing some issues. However, they did not impede its growth much and it continues to grow.
It is now the third most valuable and active Layer 2 network in the crypto ecosystem, with a value of $549 million, making it the third largest Class 2 network With a huge wave of activity due to the rise of Friend.tech.
