TL;DR
Base, Coinbase’s Layer 2 blockchain, introduces fault proofs on its mainnet, marking a significant step towards full decentralization and enhancing network security.
Fault proofs allow verifiers to challenge invalid transactions, ensuring the Layer 2 chain remains honest and secure, with collaboration from Optimism for a smooth launch.
Base plans to establish a Security Council for protocol upgrades and aims for full decentralization by 2025, setting a new standard for Layer 2 solutions.
Base, Coinbase‘s Layer 2 blockchain, has taken a significant step towards achieving full decentralization with the introduction of fault proofs on its mainnet. Announced on October 30, 2024, this development marks a crucial milestone in Base’s journey to becoming a more secure and decentralized network.
The implementation of fault proofs allows users to monitor and challenge invalid transactions, eliminating the need for a centralized third party and enhancing the network’s overall security.
Enhancing Network Security
Fault proofs are cryptographic mechanisms that enable verifiers to check the validity of transactions on the network. When network operators attempt to pass incorrect transaction data from the Layer 2 chain to the base chain, verifiers can generate fault proofs to challenge these transactions.
This system ensures that the Layer 2 chain remains honest and secure. With fault proofs now live, anyone can permissionlessly withdraw assets from the network and participate in securing it by challenging potentially fraudulent withdrawal attempts.
Collaboration between Base and Optimism
To ensure a smooth launch of the fault-proof system, Base has closely collaborated with Optimism, another Ethereum Layer 2 solution known for its fault-proof technology.
The transition from testnet to mainnet for Base’s fault proofs took half the time compared to Optimism, highlighting the efficiency of the collaboration. This partnership has been instrumental in developing and implementing the fault-proof system, which is expected to foster a more decentralized environment.
Future Prospects and Security Council
Beyond implementing fault proofs, Base plans to establish a Security Council to oversee protocol upgrades and handle potential bugs.
This council will be built on a multisig requiring 75% of signatures, with more than 26% of the members from outside the development team. This step is essential for achieving Stage 1 decentralization, as outlined by Ethereum co-founder Vitalik Buterin.
Base has committed to moving towards full decentralization by 2025, which will involve implementing multiple-proof systems and removing any remaining centralized elements.
The introduction of fault proofs on Base’s mainnet represents a significant advancement in the network’s decentralization efforts. By empowering users to challenge invalid transactions and enhancing overall security, Base is setting a new standard for Layer 2 solutions.
As the network continues to evolve, these developments will play a crucial role in shaping the future of decentralized finance and blockchain technology.
