coinbase

Have you ever wondered what it takes for a blockchain to become truly independent and secure? Base, the second-tier project for Ethereum launched by Coinbase, recently reached an important stage on the path to full decentralization, taking the first step towards independence from centralized structures. They have implemented error proofs and created a security council, which allows for a significant increase in the degree of decentralization.
What is the first stage of decentralization and how was it achieved?
Launched in August 2023, Base initially depended on centralized components such as a sequencer (controlled by Coinbase) that managed the order of transactions. This dependence placed it at the so-called 0th level of decentralization, where key functions remained under the control of one party.
Last October, Base implemented error proofs that allow any user to track and challenge invalid transactions. This is an important step to increase transparency and reduce the risk of fraud. The security council was also created, a group of 10 independent participants who now decide what updates and changes can be made to the network. In order for the changes to be approved, a consensus of 75% of the votes is needed.
What else is there progress on?
However, it is important to note that despite these significant steps, the platform has not yet achieved full decentralization. To do this, Coinbase will need to reduce its control over the network and implement additional mechanisms such as multi-signing for software updates. But Base has already become much more independent and secure than before.
What does this mean for the platform?
Achieving the first stage of decentralization significantly increases the reliability and security of the network. Thanks to bug proofs and a decentralized security council, the functionality and updates of the platform are now in the hands of a wider range of participants, rather than a single company or group.
This reduces the risks associated with trust and makes the network less vulnerable to possible manipulation. Users can now be sure that the platform will not be able to change its rules just like that.
Conclusion
Base is on its way to full decentralization, and the first steps, such as error proofs and the creation of a security council, are important in order for the blockchain to become more open and secure. This also raises an interesting question: can this approach be applied in other projects, and will they be able to achieve the same degree of independence?
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