Coinbase releases Principle of Neutrality plan

Author: Margaux Nijkerk, CoinDesk; Translation: Song Xue, LianGuai

Cryptocurrency exchange Coinbase has announced a plan aimed at decentralization and neutrality for its new “Base” blockchain a few weeks after its launch on the network.

The new framework is called “Base Neutrality Principles”. According to a blog post by Coinbase, these principles are designed to align with Optimism’s “chain rules” and unify the various chains built according to the project’s “superchain” vision. (Base is built using the Optimism OP Stack technology.)

The release of this plan demonstrates the intricacies of Coinbase’s development of its own blockchain, which is uncharted territory for a publicly traded company; the challenge is how to benefit from having a relevant network without exerting improper control over it, thereby undermining the claimed benefits of decentralization.

The Base Neutrality Principles consist of five standards, and Coinbase states that it will strive to “establish a set of standards for all OP Stack blockchains and ensure that builders and users have access to a neutral and open block space in Base.”

The exchange states that it will not control users’ cryptocurrencies on Base or prioritize transaction order on the blockchain. Coinbase also promises not to use private transaction data for marketing purposes and will not impose any restrictions on withdrawals or deposits for Base users.

The team behind Optimism stated in their own blog post that the commitment of Base to the superchain vision means that Base and the OP mainnet will undergo the same upgrades to maintain compatibility between blockchains. Transaction fees will also be split, with a portion entering the Optimism Collective through smart contracts.

According to Optimism, Base users will have the ability to earn up to approximately 118 million OP tokens (currently valued at around $183 million) over six years.

Jesse Pollak, the founder of Base, stated in the blog post, “We aim to create a virtuous cycle that ensures sustainable funding for the open-source OP Stack and other public products that support Base, thus enabling more innovation and growth.”

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