Originally published on: October 24, 2024
Base, an Ethereum layer-2 blockchain supported by Coinbase, is gearing up to enhance its decentralization through the implementation of a new fault-proof system.
Scheduled for launch on Oct. 30, the fault-proof system on Base aims to validate the correctness of transactions, including the legitimacy of withdrawals, thereby reducing reliance on trusted third parties.
With this innovative system in place, users will now have the ability to monitor and challenge any invalid withdrawals on Base without the need for intermediaries. This significant development towards decentralization is expected to revolutionize the way assets are withdrawn from layer-2 solutions like Base and Optimism, allowing for direct transfers to the original Ethereum blockchain.
In preparation for this milestone upgrade, Base has been collaborating closely with Optimism, a fellow Ethereum L2 platform specializing in fault-proof technology. Drawing from the success of fault-proof implementation on the testnet in October 2023 and subsequently on the mainnet in June 2024, Optimism serves as a valuable partner in driving the adoption of fault proofs.
Unlike Optimism, which took six months to integrate fault proofs on the mainnet, Base has accelerated its transition process by launching fault proofs on the testnet in July 2024. This proactive approach reflects Base’s commitment to advancing decentralization and ensuring a seamless experience for its users.
Following the activation of fault proofs on Base, the withdrawal process will undergo significant changes, requiring transactions to be validated and finalized based on the fault-proof system. While withdrawals initiated before the upgrade will undergo a seven-day challenge period for verification, those conducted post-upgrade will rely on the fault-proof system for proof and finalization.
In the event of challenges or disputes, the fault-proof system will play a crucial role in expediting the resolution process. This streamlined approach not only enhances security but also reduces the potential for delays in finalizing withdrawals.
As Base moves closer to implementing fault-proof contract upgrades, users can expect a seamless transition facilitated by atomic upgrades of all affected L1 contracts in a single transaction. This automated process minimizes the need for manual intervention, ensuring a hassle-free experience for node operators and users alike.
With the imminent launch of fault proofs on Base, the platform is poised to usher in a new era of decentralized finance, empowering users with greater control over their assets and transactions. This groundbreaking initiative underscores Base’s commitment to innovation and its mission to drive the widespread adoption of blockchain technology.
Don’t miss out on the latest developments in the crypto space. Subscribe to our Markets Outlook newsletter for exclusive insights and analysis delivered to your inbox every Monday. Join us in exploring the potential of digital assets and navigating the dynamic landscape of decentralized finance.
