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Coinbase’s Base Network to Launch Permissionless Fault Proofs for Decentralization
Ethereum Layer 2 Base network developed by Coinbase Global Inc (NASDAQ: COIN), is set to become more decentralized. The L2 protocol plans to release its permissionless fault proof solution on October 30, 2024. This update aims to enhance security by removing central control from a single entity. This product marks a significant milestone for the platform and the broader Ethereum (ETH) ecosystem.
Understanding Fault Proofs and Its Benefits
Base is designed to solve Ethereum’s scalability problem. It does this by handling transactions off the main chain, while still maintaining Ethereum’s security. Also, Base works as an optimistic rollup, combining many transactions into one. This helps reduce crowding and lower gas fees on the ETH network. However, rollups need a way to ensure that off-chain transactions are valid and trustworthy. This is where fault proofs come in.
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