Base Network of Coinbase Achieves Initial Rollup Status, Enhancing Decentralization
Coinbase's Base network has achieved a significant milestone by being classified as a 'stage 1' rollup, paving the way for better decentralization.
Key Highlights:
- Coinbase’s Base network has achieved ‘stage 1’ rollup status, marking a major step towards decentralization.
- This transition aligns with similar advancements made by other layer-2 networks, reducing dependency on centralized entities.
- The network will now benefit from a security council comprising ten independent entities selected globally. Tom Vieira, the head of product at Base, confirmed this in an interview.
In addition, Base has introduced permissionless fault proofs, allowing anyone to verify transaction states independently. This shift enhances transparency and shift away from centralized control.
The classification to ‘stage 1’ is based on Ethereum co-founder Vitalik Buterin’s framework, which categorizes platforms based on decentralization levels. Notably, he previously expressed the need for layer-2 networks to meet this threshold before publicly endorsing them.
Since its launch in August 2022, Base has solidified its position as the leading rollup with $11.72 billion locked in its protocol, now becoming less dependent on Coinbase itself.
