TL;DR
- Base will implement fault proofs on the mainnet on October 30, strengthening decentralization and security.
- Users will be able to challenge invalid withdrawals without relying on intermediaries, eliminating the need for a trusted third party.
- The update will replace the “L2OutputOracle” contract with “DisputeGameFactory,” improving security in transactions.
Base, the layer 2 solution developed by Coinbase on the Ethereum blockchain, has announced a significant advancement towards decentralization with the implementation of its fault-proof system.
This system, which will go live on the mainnet on October 30, 2024, will allow users to monitor and challenge invalid withdrawals without depending on centralized intermediaries, enhancing the network’s autonomy and security.
Fault proofs are coming to Base mainnet on October 30th, marking a key milestone on the path to decentralization
This means anyone can monitor and permissionlessly challenge invalid withdrawals, removing the need for a trusted third party
The Base team has been collaborating…
— Base (@base) October 23, 2024
Fault proofs are mechanisms designed to verify the validity of transactions on the blockchain, including the process of withdrawing assets from layer 2 to layer 1 of Ethereum. This system also eliminates the need for a trusted third party, allowing any user to challenge suspicious or incorrect transactions.
To ensure a smooth transition, the protocol has worked in collaboration with Optimism, another layer 2 blockchain that has also developed fault-proof technology. However, unlike Optimism, which took six months to bring this system from the testnet to the mainnet, Base has managed to reduce this time by half. Fault proofs were implemented on the Base testnet in July 2024, enabling a faster deployment on the mainnet.
What Changes Does Base’s New System Bring?
A key change introduced by this system affects the withdrawal process. Until now, Base users who wanted to withdraw their assets to the Ethereum layer 1 had to wait for a seven-day challenge period before the transaction could be finalized. With the activation of fault proofs, this process will continue to require a seven-day challenge period, but withdrawals made during or after the update will be subject to review under the new system. Additionally, withdrawals in progress during the transition to the fault-proof system will need to be re-evaluated before finalization.
The update also introduces the replacement of the “L2OutputOracle” contract with “DisputeGameFactory,” optimizing the process of proposing layer 2 states and strengthening transaction security. These improvements will be implemented automatically and in a single transaction, without requiring any action from node operators. With these updates, Base will continue to solidify itself as a robust and decentralized solution for scaling the Ethereum network.
