The Ethereum ecosystem is beefing up its security capabilities with a new initiative called “Trillion Dollar Security”. The Ethereum Foundation unveiled the initiative on May 14, expecting to load up the blockchain with security capabilities that could encourage more entities to explore the on-chain world. Fredrik Svantes, the protocol security lead at Ethereum, and Josh Stark from the Ethereum Foundation management team have been appointed as the initial co-chairs to oversee the project.
In its announcement post, the Ethereum Foundation said that the network’s security should be able to support billions of users storing at least $1,000 (roughly Rs. 85,690) on-chain. Reaching “Trillion Dollar Security” would mean companies, institutions, and governments would be comfortable storing over a trillion dollars of value inside a single contract or application, Ethereum said.
“Ethereum’s ambition is to be civilisation-scale infrastructure that securely underpins the internet and global economy, surpassing the safety and trustworthiness of the world’s legacy systems,” the company said in the announcement.
Roadmap for Execution
Developers of Ethereum, the world’s most commercial blockchain, have segregated the implementation of the new initiative into three parts — mapping, executing, and communicating.
Under the first step of mapping, developers will conduct an analysis of common attack vectors and existing security systems across each layer of Ethereum’s technology stack. Domains such as UX, wallet security, smart contract security, and infrastructure provisions, among others, will also be mapped as part of the process.
“We will gather input from across the ecosystem and synthesise this into a security overview report that will help us identify focus areas,” the announcement said.
Upon identifying the areas that require immediate attention after the mapping stage, the developers will implement “near-term high priority fixes”. Under the execution stage, budgets for longer-term improvement projects will also be chalked out and funds will be allocated accordingly.
For the third stage of the process, that is communication, the foundation plans to make Ethereum users aware of Ethereum’s security foundations. “Anyone should be able to evaluate Ethereum’s security standards and compare these against other blockchains and legacy systems,” the company said.
Details on Participation
Project co-chairs Svantes and Stark will work alongside a three-person team to complete the different stages of the initiative. The three individuals — samczsun, Mehdi Zerouali, and Zach Obront — are all individually associated to the web3 security space.
Additionally, Ethereum developers have asked ecosystem members to help achieve Trillion Dollar Security.
“We want your perspective and input on where Ethereum’s security needs to improve. Whether you are an individual user or a security auditing firm, we want to hear from you,” the company noted.
A form has been made available for those looking to drop their security concerns and suggestions to the developers.
Ethereum is the largest blockchain with its total value locked (TVL) standing at $121.26 billion (roughly Rs. 10,39,521 crore), as per CoinMarketCap.
Earlier this month, the blockchain completed its latest Pectra upgrade aimed at upscaling the experience and reward generation for Ethereum validators. With the Pectra upgrade, Ethereum validators can stake 2,048 ETH tokens — a notable rise from the previous limit of 32 ETH tokens — allowing them to earn higher staking rewards.
