Coinbase Ensures Robust Security Assessments as Base Mainnet Launch Nears

Coinbase Ensures Robust Security Assessments as Base Mainnet Launch Nears

Blockchain news, News

In the run-up to Base’s highly anticipated mainnet launch, Coinbase, a leading cryptocurrency exchange, announced on Wednesday that its Ethereum Layer-2 network underwent rigorous security evaluations conducted by researchers. The evaluations, part of a six-month internal audit commissioned by Coinbase’s protocol security team, focused on thoroughly testing the security of Base, a project developed on the OP stack in partnership with Optimism, which was announced in February.

P.S. In case you’re keeping track, with the completion of these audits, we’ve now fulfilled ⅘ of our criteria for mainnet launch…

— Base 🛡️ (@BuildOnBase) June 29, 2023

Coinbase’s statement reads:

“The team audited all of Optimism’s pre-deployments and smart contracts on both layer 1 and layer 2 to identify potential vulnerabilities and security risks.”

Layer-2 solutions, like the one being implemented by Base, aim to enhance the cost-effectiveness and efficiency of transactions on networks such as Ethereum. By processing transactions in a separate space and later relaying the outcomes back to the main network, these solutions promise to address scalability issues.

Despite not disclosing a specific date for the mainnet launch, Base clarified a notable difference from other Layer-2 blockchains, such as Polygon, Optimism, and Arbitrum. Unlike those platforms, Base will not introduce a native token into its ecosystem, signaling a unique approach to its future operations.

Compiled by Coinbold

blockchain, Coinbase, ETH, NEAR, Optimism, Polygon