Base, Coinbase’s popular layer-2 network, has achieved ‘stage 1’ rollup status, marking a significant step towards full decentralization and reducing centralization risk.
Coinbase’s Base Network Achieves ‘Stage 1’ Status, Reducing Centralization Risk
Base, the popular layer-2 network from cryptocurrency exchange Coinbase (COIN), has achieved ‘stage 1‘ rollup status, marking a significant step towards full decentralization. This milestone comes as other layer-2s have also reached this stage, making these networks less reliant on centralized entities.
What Does Stage 1 Mean for Base?
The transition to a ‘stage 1’ rollup means that Base will now have a security council, comprising ten independent entities chosen from around the globe. These individuals, including those from the Base ecosystem and broader Ethereum ecosystem, will help approve certain network upgrades if needed. This added layer of oversight ensures that the network remains secure while allowing for more flexibility and decentralization.
Increased Decentralization and Reduced Centralization Risk
Vitalik BUTERIN is a Canadian-Russian computer scientist and programmer.
He was born on January 31, 1994, in Kolomna, Russia.
Buterin co-founded Ethereum, one of the largest and most widely used blockchain platforms.
He also founded the Bitcoin Magazine.
Buterin's work focuses on decentralized technologies and their potential to improve global governance.
He has written extensively on the subject and has been recognized for his contributions to the field.
Achieving stage 1 rollup status stems from a framework originally shared by Vitalik Buterin, co-founder of Ethereum, in 2022. According to this framework, stage 1 relies on certain guardrails or ‘limited training wheels‘ while sacrificing some elements of decentralization for security and speed. Base‘s achievement demonstrates its commitment to reducing centralization risk and embracing a more decentralized approach.
A Path Towards Full Decentralization
Base was launched by Coinbase in August 2022 and has since become the largest rollup, with $11.72 billion locked in the protocol. The transition to stage 1 status marks an important step towards full decentralization, as Base becomes less reliant on its centralized entity, Coinbase. This development is significant for the Ethereum ecosystem and layer-2 networks in general.
Key Developments for the Future
The success of Base‘s stage 1 rollup status has implications for the broader cryptocurrency landscape. With fault proofs now permissionless on Base, anyone can verify or check the state of transactions from the network without relying on a central entity. This increased transparency and decentralization will likely have far-reaching effects on the industry.
Conclusion
Base‘s achievement of stage 1 rollup status is a significant milestone in its journey towards full decentralization. By introducing a security council and increasing decentralization, Base demonstrates its commitment to reducing centralization risk and embracing a more decentralized approach. This development has implications for the broader cryptocurrency landscape and will likely have far-reaching effects on the industry.
