2023-08-25 00:10:12
© Reuters Coinbase Launches ‘Principles of Neutrality’ for its Base Blockchain
CriptoFácil – The publicly traded company Coinbase (NASDAQ:), which operates one of the largest cryptocurrency exchanges in the world, released this Thursday (24) a series of guidelines that it called “principles of neutrality” for its layer 2 blockchain (layers2) Base.
These principles, according to the company, have been fundamental to the work at Base and play a critical role in the relationship between Base and Coinbase.
As reported by Coinbase, Base is part of the company’s plan to create an open financial system that increases economic freedom globally. But for that, Base needs to be an “open and neutral platform where builders and users can participate freely,” according to the exchange. This idea is in line with the “Law of Blockchains” of the Optimism platform, which aims to scale the network.
“Along with the commitment to the Law of Chains, Base is also driving decentralization through technical contributions and sustainable financing mechanisms,” the company said.
Coinbase Foundation Principles
In the publication, Coinbase listed five principles. The first one, called “Blockchain Law”, establishes a common set of standards for all OP Stack blockchains, as is the Base. Furthermore, it ensures that both builders and users can access Base’s neutral and open block space.
It is worth mentioning that the Base team acted as the second main developer of the OP Stack, collaborating closely with Optimism in defining the Blockchain Law.
The second principle involves the maxim of the crypto market: “your keys, your cryptocurrencies”. According to Coinbase, the exchange does not hold or control the assets that users bring to the Base network. As with the Ethereum mainnet, ownership of an asset depends on having a valid private key.
Principle #3 is about the free market. According to this principle, Coinbase does not influence, discriminate or give preference in the ordering of transactions that occur on the Base. In other words, no one can “jump the queue”.
equality and freedom
The fourth principle concerns “equal access to information”. This means that Coinbase will not misuse any non-public information obtained from Base. As such, private transaction data is not used for marketing or any other commercial purposes.
“Coinbase and its partners will rely on the same publicly available data as everyone else,” Coinbase highlighted.
Finally, Neutrality Principle #5 is about “Freedom of Exit”. As this guideline highlights, Coinbase does not place limits on withdrawals from Base. That is, a user dissatisfied with the Base is free to withdraw their assets at will and without any kind of “penalty”.
In conclusion, Coinbase noted that the commitment to an open source protocol ensures that the company will never violate its commitment to transaction and information neutrality:
“These principles of neutrality provide a clear vision of how a protocol launched by a centralized enterprise can flourish in a decentralized and permissionless network.”
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