Base, Ethereum layer-2 blockchain supported by Coinbase, announces the launch of an error proof system to verify the validity of transactions, reducing withdrawal times and strengthening the decentralization of the network.
Let’s see all the details in this article.
Base promises greater security, decentralization, and autonomy for blockchain users: the help of Coinbase
As anticipated, on October 23, Base, a layer-2 blockchain of Ethereum incubated by Coinbase, announced the introduction of its fault proof system.
This technology aims to enhance the decentralizzazione of the platform, allowing users to monitor and challenge invalid transactions autonomously, without the need to resort to trusted third parties.
The launch of this system will take place on the mainnet on October 30 and represents a crucial step in the path of decentralization of Base.
Error proofs are mechanisms designed to verify the correctness of transactions on the blockchain, particularly those related to fund withdrawals.
Before the introduction of this system, withdrawals required a waiting period of seven days during which they could be contested.
With the new system, Base users will be able to withdraw their assets from Layer-2 (L2) like Base or Optimism to the original Ethereum blockchain (Layer-1), without having to rely on a centralized entity to ensure the validity of the transaction.
Base emphasized that the withdrawal process might still require a waiting period of seven days, especially in the case of disputes.
However, the error-proofing system makes this process safer and less prone to fraud risks. Additionally, all affected L1 contracts will be updated in a single transaction.
All this thanks to the automatic and atomic update that Base plans to implement. In this way, no additional action will be required from the node operators.
A strategic collaboration with Optimism
To ensure an effective and smooth launch of the error-proofing system, Base has partnered with Optimism, another layer-2 platform of Ethereum.
Optimism was among the first to develop and implement technologies of this type, launching its error proof system on the mainnet in June 2024, six months after testing it on the testnet.
In any case, the case of Base is slightly different. The platform indeed launched the error tests on its testnet in July 2024, but plans to introduce the system on the mainnet in less than half the time compared to Optimism.
This speed was made possible thanks to the experience gained by Base and the collaboration with Optimism, which allowed for the acceleration of development and implementation times.
One of the most significant aspects of the new system is its ability to reduce dependence on centralized entities.
Users will be able to independently verify the validity of transactions, making the platform more secure and resistant to potential attacks.
This change represents an important step towards greater decentralization of the blockchain ecosystem, a goal that many L2 platforms seek to achieve.
Furthermore, the new error testing system will help improve the user experience, making withdrawals more efficient and transparent.
Despite potential delays due to disputes, users will be able to rely on a more reliable and secure system for managing their transactions.
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Future prospects
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With the introduction of the error proof system, Base positions itself as one of the most advanced and decentralized layer-2 platforms in the blockchain landscape.
The adoption of these technologies will not only improve network security but also reduce waiting times for withdrawals, offering users greater flexibility and control over their funds.
The collaboration with Optimism represents an additional advantage for Base, allowing the platform to adopt technologies that are already tested and refined. Reducing the risk of errors during the implementation phase.
Looking to the future, it is likely that other L2 platforms will follow the example of Base, adopting fault proof systems to improve the decentralization and security of their networks.
