A significant step towards decentralization, aligning with Vitalik Buterin's vision, enhancing network security and community accountability.
Coinbase's Base, a Layer 2 network built on Ethereum, has made a significant stride towards decentralization by deploying fault proofs on the Sepolia testnet. This move is a crucial step in achieving what Ethereum's chief scientist, Vitalik Buterin, refers to as "Stage 1" decentralization.
Fault proofs are mechanisms that allow for permissionless state validation. This means that anyone can propose or challenge the state of the network, reducing the reliance on a centralized party for state verification. Essentially, it makes the network more transparent and accountable, as multiple parties can verify the network's state.
The introduction of fault proofs is a key milestone in Base's journey towards a more decentralized network. By enabling permissionless state validation, Base is moving towards a system where the community has more control and accountability. This is in line with Vitalik Buterin's vision of decentralization stages, where the network gradually reduces its dependence on centralized entities.
Currently, Base ranks second in Total Value Locked (TVL) with $7.27 billion and leads in transaction throughput. The deployment of fault proofs on the Sepolia testnet is a critical step for a secure transition to the mainnet. This ensures that the network can handle the complexities of decentralization without compromising security.
The move also highlights the growing dominance of optimistic rollups over zk-EVMs in the Layer 2 space. Optimistic rollups, like those used by Base, allow for more scalable and efficient transactions compared to zk-EVMs. This makes them a preferred choice for many Layer 2 solutions looking to enhance their decentralization efforts.
For users and developers, this development means a more secure and decentralized network where the community has a greater role in maintaining the network's integrity. For the broader crypto economy, it signifies a step towards more robust and transparent blockchain networks, setting a precedent for other Layer 2 solutions to follow.
