A New Standard Aims to Enhance Security of Ethereum DApps
A group of Ethereum developers has proposed a new standard, Ethereum Request for Comments (ERC)-7512, with the objective of improving the security of Ethereum decentralized applications (DApps). The standard aims to allow anyone to utilize and verify smart contract audit information on-chain, rather than relying on off-chain methods.
The proposal, introduced by developers from projects such as Safe, Ackee Blockchain, OtterSec, ChainSecurity, OpenZeppelin, and Hats Finance, seeks to ensure that audit details can be parsed by contracts to verify their authenticity. Currently, audits are manually presented by teams with no on-chain representation of their authenticity.
The Need for Improved Auditing
The need for this standard arises from the significant losses associated with issues found in smart contracts. In the first half of 2023 alone, over $650 million has been lost to DeFi-related scams and hacks. Smart contracts are susceptible to attacks, and while audits are crucial for ensuring their integrity, achieving absolute security remains challenging.
Richard Meissner, co-founder of Safe and one of the authors of ERC-7512, emphasized the importance of creating a layer that enables the verification of contract security. He stated that current visibility is lacking and hinders the emergence of actual use cases.
The Potential Impact of ERC-7512
If implemented, ERC-7512 could bridge the security verification gap by allowing developers to conduct more thorough audit checks and establish reputation systems around audits. This standard could also make it easier for users and DApps to verify rigorous audits by trusted auditors and establish an on-chain reputation system for DApps.
However, it is still uncertain whether core Ethereum developers will accept and implement ERC-7512 as a standard. Previous proposals, such as the “circuit breaker” proposal titled ERC-7265, have also been made to enhance DApp security on Ethereum but are still under development.
Hot Take: Improving Security and Trust in Ethereum DApps
The proposed ERC-7512 standard has the potential to significantly enhance the security and trustworthiness of Ethereum decentralized applications. By enabling on-chain verification of smart contract audit information, developers can conduct more robust audits and establish reputation systems around audits. This would help address the vulnerabilities and losses associated with smart contract issues, which have plagued the DeFi space. While it remains to be seen whether ERC-7512 will be accepted and implemented as a standard, its introduction marks an important step towards strengthening the security of Ethereum DApps.
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