The post The Base blockchain, with Coinbase, accelerates decentralizzazione appeared on BitcoinEthereumNews.com.

Base, Ethereum layer-2 blockchain supported by Coinbase, announces the launch of an error proof system to verify the validity of transactions, reducing withdrawal times and strengthening the decentralization of the network. Let’s see all the details in this article.  Base promises greater security, decentralization, and autonomy for blockchain users: the help of Coinbase  As anticipated, on October 23, Base, a layer-2 blockchain of Ethereum incubated by Coinbase, announced the introduction of its fault proof system. This technology aims to enhance the decentralizzazione of the platform, allowing users to monitor and challenge invalid transactions autonomously, without the need to resort to trusted third parties.  The launch of this system will take place on the mainnet on October 30 and represents a crucial step in the path of decentralization of Base. Error proofs are mechanisms designed to verify the correctness of transactions on the blockchain, particularly those related to fund withdrawals.  Before the introduction of this system, withdrawals required a waiting period of seven days during which they could be contested.  With the new system, Base users will be able to withdraw their assets from Layer-2 (L2) like Base or Optimism to the original Ethereum blockchain (Layer-1), without having to rely on a centralized entity to ensure the validity of the transaction. Base emphasized that the withdrawal process might still require a waiting period of seven days, especially in the case of disputes.  However, the error-proofing system makes this process safer and less prone to fraud risks. Additionally, all affected L1 contracts will be updated in a single transaction.  All this thanks to the automatic and atomic update that Base plans to implement. In this way, no additional action will be required from the node operators. A strategic collaboration with Optimism To ensure an effective and smooth launch of the error-proofing system,…

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Filed under: News - @ October 24, 2024 4:23 pm