hold or not - Layer 2 Base Mainnet Will Introduce Fault Proof on October 30

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News Layer 2 Base Mainnet Will Introduce Fault Proof on October 30 3 mins ago - Around 2 mins mins to read

Key Points:

Layer 2 Base mainnet will introduce fault proofs on October 30, allowing users to challenge invalid transactions without relying on third parties.

Fault proofs are critical for decentralized validation on Layer 2 networks to ensure greater transparency.

Base, the Ethereum Layer 2 scaling solution developed by Coinbase and Optimism, announced it will begin enabling fault proofs on its mainnet from October 30.

Read more: Coinbase Layer 2 Base Introduced New Identity Tool

Layer 2 Base Mainnet to Launch Fault Proofs on October 30

Faulty proofs are an important part of how Layer 2 networks achieve decentralization of the validation process. They allow anyone to dispute a claim on the network if that claim is fraudulent or invalid. Therefore, the system is much more transparent, with lesser dependability on any third-party mediator.

With the new implementation on layer 2 Base mainnet, any party shall be able to monitor and dispute an incorrect withdrawal transaction for greater security without permission from centralized entities.

Base’s team has been working hand in glove with Optimism to ensure this faultproof mechanism is well integrated. During the upgrade, all pending withdrawal transactions are going to be re-verified in order to make the new system reliable.

Base Strengthens Position as a Leading Layer 2 Platform

The layer 2 Base mainnet released in July 2024. The network has been gaining some pretty rapid attention, given that it is still a relatively new player in town. For security, cost efficiency, and ease of use for developers, Base is built to become a very important Layer 2 player.

The introduction of fault proofs will further help in building trust in the network, driving more activity within the community, and helping to realize Base’s long-term vision with a decentralized home for blockchain applications.

base Coinbase Fault Proof Layer 2 Layer 2 Base Mainnet

Author Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Layer 2 Base Mainnet Will Introduce Fault Proof on October 30 - Coincu