The Ethereum Foundation has announced a new project, Trillion Dollar Security, aimed at bolstering the security of the world's largest smart contract network.
Ambitious Goals of the Initiative
The Ethereum Foundation stated that the Trillion Dollar Security initiative is not just a catchy name but a concrete goal. The project aims to create an environment where:
* Billions of people feel safe holding over $1,000 on-chain, collectively amounting to trillions secured on Ethereum. * Institutions and governments are comfortable locking in over a trillion dollars in a single smart contract or decentralized app.
Security Enhancement Strategy
To achieve these goals, the Ethereum Foundation has outlined a three-pronged strategy:
1. Mapping current vulnerabilities across Ethereum’s full stack, from wallet UX and developer tools to consensus mechanisms and protocol layers. 2. Executing critical fixes and long-term upgrades based on this mapping. 3. Improving clarity in communications with users about Ethereum’s security to make comparisons with other blockchains and legacy systems easier.
Who is Leading the Project?
The initiative is co-chaired by Fredrik Svantes (Protocol Security Lead) and Josh Stark (EF Management), who will work closely with three named external advisors:
* samczsun, founder of the Security Alliance (SEAL), known for responsibly disclosing major vulnerabilities and his role at Paradigm as a security advisor. * Mehdi Zerouali, co-founder of Sigma Prime, a blockchain security firm that has worked on high-stakes audits for major protocols. * Zach Obront, co-founder of Etherealize and one of the minds behind the OP Stack’s first ZK-validity proof implementation.
The Trillion Dollar Security initiative underscores Ethereum's desire to establish itself as a reliable platform for digital asset operations, crucial as interest in blockchain grows among institutions and governments.
