Coinbase Unveils Open Source Contracts, Ascends to the Third Spot in Layer-2

Crypto News– Coinbase has taken a significant step by opting to open source a portion of its smart contracts code pertaining to its layer-2 blockchain, Base. In addition to this development, the recently launched scaling network has rapidly ascended to become the third largest within the Layer-2 (L2) ecosystem.

Coinbase Unveils Open Source Contracts, Ascends to the Third Spot in Layer-2

On October 19, Coinbase unveiled its decision to open source the code for its Base smart contracts and web repositories, emphasizing the drive for increased transparency and accountability. Coinbase also underlined the role of transparency in catalyzing collaboration, creating opportunities for developers to access its knowledge base and further build upon and refine the existing infrastructure.

Moreover, open sourcing-not only encourages community engagement but also facilitates feedback mechanisms for enhancing documentation and identifying potential oversights or bugs. As Coinbase stated, ‘We’ve open-sourced our smart contract repos to provide developers with increased transparency around Base’s contract development, deployment, and upgrade process.’

The contract code, along with deployment and upgrade artifacts, is now readily accessible on GitHub, enhancing accessibility and visibility.

Base, in its commitment to transparency, has also shed light on its multi-signature setup and management, emphasizing the aim to uphold a secure and well-considered key management process through this openness.