Coinbase is going open source and has launched Rosetta that will make integrating with blockchain simpler, faster, and more reliable.
“At Coinbase, we believe a thriving and open ecosystem is necessary for the promise of crypto to be realized, ultimately leading to our vision of more economic freedom for the world,” announced the US-based cryptocurrency exchange.
Back in 2016, the company thought of going open source, and it was only last year that they outlined its strategy. And now, it has launched Rosetta.
Rosetta was initially developed as the middleware to integrate blockchains into its platform securely, which they have now finally released.
The goal here is to standardize “how to interact with blockchains.” Making it easy for anyone to build on top of a blockchain for a variety of use cases, given that the number of blockchains has grown dramatically.
This interface will make it easier for developers of new blockchain projects to ensure compatibility with exchanges that use Rosetta, the company said. Besides speeding up the time of integration, it will protect customer funds by ensuring specific security conditions are met.
As for the broader community of crypto developers, it will help them in building cross-blockchain applications such as wallets, dapps, and block explorers. Coinbase said,
“Rosetta enables blockchain projects to 1) onboard faster with exchanges and apps; 2) build while ensuring strict security constraints are met, and 3) grow adoption by making code predictable & easier to debug.”
Currently, the framework is open-sourced to projects that are looking to get their tokens listed on the exchange. Coinbase’s goal is to decrease the time spent in bringing a blockchain onto the exchange.
Currently, there are a number of projects using this open-source software; Filecoin, Celo, Near, Oasis, Coda, Ontology, Kadena, Handshake, Blockstack, and Sia.