Coinbase’s Ethereum-based L2 network Base is looking to introduce fault proofs this month.
Background
- Base was developed with the help of Optimism’s OP Stack
- The introduction of fault proofs on Base follows a similar update executed on Optimism recently
- On the Ethereum L2 network, users can now initiate withdrawals of ETH and ERC-20 tokens from the mainnet sans the involvement of any trusted third parties
- Retrospectively, invalid withdrawals by sequencers can be challenged and removed by any user who submits a fault-proof depicting that the withdrawal is invalid
- The end goal of fault proofs is to verify the correctness of a transaction — like the validity of withdrawals
Why should you pay attention?
- Permissionless fault proofs on Base will be implemented on Oct. 30
- Via this move, the team is looking to decentralize the network and eliminate control by a single entity
- Withdrawals on Base that are pending when the upgrade occurs will need to be re-proven
- Fault-proof contract upgrades will be completed atomically
- This means all affected L1 contracts will be upgraded via a single transaction
- In retrospect, node operators will not have to take any action
Who said what?
- The Base team said,
“Fault proofs are coming to Base mainnet, marking a key milestone on the path to decentralization”
- They added,
“This means anyone can monitor and permissionlessly challenge invalid withdrawals, removing the need for a trusted third party. The Base team has been collaborating closely with Optimism to bring fault proofs to Base and ensure a safe upgrade”
Zooming out
- Base recently surpassed Arbitrum to become the largest rollup in terms of TVL [$2.44 billion vs. 2.37 billion]
- The platform is also becoming the go-to hub for project developers
