Coinbase’s Base network made a big move on October 19 by open-sourcing its code and smart contracts for developers.
The company said that the motivation behind the decision is to provide more transparency and insight into the Base project’s development. All the smart contracts and scripts that make Base work are now available for everyone to see on GitHub.
This open-source development empowers developers to dig into the code that governs how deposits and withdrawals work on the Base network.
It’s a bit like letting people peek under the hood of a car to see how the engine works. This access can lead to the creation of useful tools for anyone interested in performing similar functions.
This open-source approach aligns with the core principles of the crypto industry. When the code is open, anyone can review it.
If there are any potential problems, they can be spotted more quickly. If it were all kept hidden away, it might take much longer to identify and fix these issues.
But, as with many good things, there’s a bit of a catch with open-source projects. They are open to everyone, including those with less-than-honorable intentions.
There’s always the risk that some people might try to exploit any weaknesses they find before the good guys have a chance to fix them.