Coinbase Open Sources L2 Base Code

Hi NoRamp Community,

Daily News:

Crypto-Friendly Rep. Pursues House Speaker Nomination

Coinbase Open Sources L2 Base Code

LBRY Ceases Operations

Crypto-Friendly Rep. Pursues House Speaker Nomination:

• Republican Representative Tom Emmer, known for his pro-crypto stance, is actively seeking a nomination for Speaker of the U.S. House of Representatives, gathering endorsements from multiple lawmakers. The current interim Speaker, Patrick McHenry, is limited in pushing legislation forward, including crypto-related bills, underscoring the need for a permanent appointment.

• Emmer has consistently advocated for digital assets and challenged the SEC’s regulatory approach. His potential speakership could accelerate progress and create a more favorable environment for crypto legislation.

• Support for Emmer's nomination is growing, with public endorsements from Representatives Brad Finstad and Kevin McCarthy, the latter highlighting Emmer's ability to unite the party and maintain a majority.

Coinbase Open Sources L2 Base Code:

• Coinbase's layer-2 network, Base, has open-sourced its code repositories, smart contracts, and web properties to foster transparency, accountability, and community contributions. This move allows developers full access to the network’s codebase, enabling them to assess, experiment, and improve upon the existing code.

• While open-source development aligns with the crypto ethos and can lead to quicker identification and patching of vulnerabilities, it also exposes the code to potential exploitation by malicious actors. Coinbase is mitigating this risk by offering a bounty of up to $1 million for the discovery of bugs, encouraging security-minded developers to scrutinize the code.

• The announcement comes amidst significant activity on the Base network, driven in part by the decentralized social finance application Friend.tech. Coinbase is also exploring the possibility of issuing a native token for the layer-2 network, further expanding its ecosystem.

LBRY Ceases Operations:

• LBRY, a blockchain file-sharing and payment network, has officially announced the cessation of its operations, attributing the shutdown to multiple debts totaling several million dollars. These debts include financial obligations to the U.S. Securities and Exchange Commission (SEC), their legal representation, and a private debtor. All executives, employees, and board members have resigned, and the company's assets are now under regulatory supervision.

• The platform has had ongoing legal battles with the SEC, resulting in a court ruling in favor of the SEC in November 2022, with a final ruling and imposed fine confirmed in July 2023. Despite these challenges and a previous commitment to wind down operations, LBRY made an unexpected legal appeal in September, sparking curiosity and speculation within the crypto community.

• Throughout this ordeal, the crypto community has shown robust support for LBRY, particularly on its video-sharing platform, Odysee. Members have expressed gratitude and admiration for the platform's contributions to blockchain-based platforms. Ripple's CTO, David Schwartz, also expressed disappointment over LBRY's situation, highlighting the impact of the case on the wider cryptocurrency industry.

NoRamp:

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Proof of Work Podcast:

NoRamp chatted with Ross Buhrdorf, CEO and Founder of ZenBusiness. He was previously the founding CTO of HomeAway, which sold to Expedia for $3.9B. Check it out here.

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