Fun

News Feed - 2023-08-25 02:08:40

Tom Blackstone6 hours agoBase, Optimism unveil shared governance and revenue-sharing frameworkThe two networks will share profits and governance using multisignature wallets, and a “security council” will be formed as the ecosystem grows.3193 Total views13 Total sharesListen to article 0:00NewsJoin us on social networksDevelopers behind the Base and Optimism networks have jointly announced a revenue-sharing and governance-sharing agreement. Coinbase, the parent company of Base, has also published a list of “principles of neutrality” it will follow to prevent Base from becoming centralized. This announcement was made through three separate blog posts on Aug. 24: one from the jointly controlled Optimism Collective, one from Base and one from Coinbase.


According to the Optimism Collective’s post, Base’s smart contracts can only be upgraded via a two-of-two multisignature wallet account. One signature is controlled by Base and the other by the Optimism network’s team (called the “Optimism Foundation”). This means that Base cannot be upgraded without the consent of the Optimism team. As more chains opt to use the OP Stack and become part of the “Superchain,” governance will be handed over to a “security council” with representatives from all of the chains that comprise this ecosystem.This month marked a momentous first for Ethereum: a publicly listed US company incubated and launched an OP Chain powered by Optimism.

But @BuildOnBase represents so much more than just technological validation of the OP Stack.https://t.co/E1Pow0LIlk— Optimism (✨_✨) (@optimismFND) August 24, 2023


Base will also pay either 2.5% of its revenue or 15% of its profits to the Optimism Collective, whichever is greater. In return, it will receive “up to approximately 118 million OP Tokens,” allowing it to have a voice within Optimism’s protocol governance. This amount will be capped at 9% of the total votable supply in order to maintain balance, the announcement stated.


The post from Base was issued under the name of its principal creator, Jesse Pollak. He pledged that Base will become more decentralized over time, moving from what Ethereum co-founder Vitalik Buterin called “stage 0” to “stage 2” of a layer 2’s decentralization. The Base team will work to improve the scalability of the two current Optimism clients, op-geth and op-node, and create an entirely new client called “op-reth” to diversify the types of clients used.


Related:Coinbase layer-2 network Base hits 136,000 daily active users


The team will also continue to develop Pessimism, a real-time network-monitoring tool that attempts to detect cybersecurity threats early.


In addition, Pollak confirmed that Base will share revenue with the Optimism Collective and will eventually hand over upgrade keys to an Optimism security council.


Coinbase’s post was published under the name of the company’s engineering lead, Will Robinson. He focused specifically on the concept of “neutrality.” 


Robinson pledged that Coinbase will remain a neutral participant in the Base network. The exchange will not “custody or control the crypto that users bring to the Base network,” nor will it change the order of transactions for its own benefit or “misuse any non-public information gleaned from Base.” 


Robinson claimed that Coinbase’s marketing team and other branches of the company will use only publicly available data from block explorers and other tools in its efforts to sell Coinbase’s products, gaining no insider advantage from running Base’s sequencer. Withdrawals from Base will also be processed without censorship, respecting what Robinson calls “freedom to exit.”


Some critics of the Base network have suggested that its currently centralized nature may lead to regulatory scrutiny from the United States Securities and Exchange Commission. For example, attorney Gabriel Shapiro has stated that Base “could threaten dangerous collateral damage” to the industry. 


Coinbase CEO Brian Armstrong also raised eyebrows on March 7 by suggesting that “centralized players” on Base must implement identity verification. Despite these criticisms, many Ethereum investors have expressed hope that Base and the Optimism Superchain will help to onboard new users to the Ethereum ecosystem.# Coinbase# Decentralization# Ethereum# Adoption# Base# DeFiAdd reactionAdd reactionRead moreWhat is profit and loss (PnL) and how to calculate itBitcoin gains traction in West Africa with educational drive5 ChatGPT prompts for web developers

News Feed

Google Launches Blockchain Node Engine, Says ‘Ethereum Will Be the First Blockchain Supported’
Google Launches Blockchain Node Engine, Says "Ethereum Will Be the First Blockchain Supported" After revealing Alphabet Inc.’s Google Cloud partnership with Coinbase, the multina
Is Bitcoin Price Heading To $137K? Market Expert Says BTC Broke Out Since Nov. 2024
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Musk claims X hit by ‘massive DDoS attack’ delaying Trump interview
Jesse Coghlan8 hours agoMusk claims X hit by ‘massive DDoS attack’ delaying Trump interviewThe livestream ended up kicking off 30 minutes after the scheduled start, with the pair discussing immigration and the attemp
Marco Castrovilli7 hours agoHuman vs. AI: Who is better at crypto investing?Cointelegraph journalist Giovanni Pigni spent two weeks challenging an AI program in a crypto investment competition.584 Total views59 Total sha
Jack Dorsey Calls Bitcoin a ‘Big Part’ of Twitter’s Future as a Global Currency
Jack Dorsey Calls Bitcoin a "Big Part" of Twitter"s Future as a Global Currency Twitter CEO Jack Dorsey says that bitcoin will be a big part of the company&rsquo
Constant Blackouts Have Ruined Cryptocurrency Mining Investments in Cuba
Constant Blackouts Have Ruined Cryptocurrency Mining Investments in Cuba Several small investors have manifested that the constant blackouts in several parts of Cuba have made cryp
NASA created VR metaverse to prep astronauts for life on lunar space station
Tristan Greene6 hours agoNASA created VR metaverse to prep astronauts for life on lunar space station“When they slip on their headsets, they’re not just seeing the station—they’re in it,” according to a NASA bl
The Bitcoin Treasuries List Exceeds $30 Billion – 29 Companies Hold BTC Reserves
The Bitcoin Treasuries List Exceeds $30 Billion - 29 Companies Hold BTC Reserves More than 1.1 million bitcoin or over $30 billion worth of the crypto asset is h
Goldman Sachs Flags 35% Recession Risk — What This Means For Crypto
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Montenegrin court delays Do Kwon’s extradition to South Korea
Turner Wright7 hours agoMontenegrin court delays Do Kwon’s extradition to South KoreaThe Terraform Labs co-founder has been in Montenegro since his arrest in 2023, potentially facing extradition to either his native So
Bored Ape and Cryptopunk Values Wobble — During the Last Month, Blue-Chip NFT Floor Values Dropped Over 50%
Bored Ape and Cryptopunk Values Wobble — During the Last Month, Blue-Chip NFT Floor Values Dropped Over 50% While the crypto economy has dropped considerably in value during the
Australia Probes Big Four Bank Accused of 23 Million Money Laundering Breaches
Australia Probes Big Four Bank Accused of 23 Million Money Laundering Breaches With stricter new regulations on the horizon for the crypto space around the world, Australians hav