The Ethereum Trust Alliance (ETA) seeks to increase the levels of security and trust in the network. The organization will create a smart contract registry and a public consultation indicator.
It was announced that six audit and security companies making life in the cryptocurrency ecosystem have decided to jointly create a rating index for the smart contracts developed on the Ethereum network. The Ethereum Trust Alliance (ETA) is an initiative that provides information so that users gain greater awareness of the security of smart contracts and know how to distinguish them after undergoing security checks.
The organization, which is comprised of the startups MythX, Quantstamp, Runtime Verification, Sooho, SmartDec, and ConsenSys Diligence, considers that, for this field of the crypto industry to evolve, it is necessary to establish an indicator that serves as a reference, to both users and institutions, which will result in having access to more accurate information and being aware of the potential risks.
As the ETA stated on its website, only a small flaw in the code of a smart contract is needed to block or lose tens of millions of US dollars in an instant, which has occurred on many occasions. Currently, it is still not possible to easily know that a smart contract has undergone a full security audit, according to the organization.
It should be noted that the project compared its proposal with the service provided on a global scale by credit rating agencies, such as the case of Moody’s, which establishes a scale of risks of various financial assets. Similarly, the ETA will report to the Ethereum community which smart contracts have undergone certain levels of rigorous testing to help ensure that vulnerabilities have been addressed. In other words, the higher the level of the ETA, the lower the associated risk will be.
Given that the initiative will be based on a badge system, there will be specifications that contain the requirements for each level. The ETA reported that anyone can use tools or audits to meet the requirements and apply for the registration of the ETA. A third party will review the request and the badge will be issued. Besides, it was highlighted that the service is free.
It is believed that multiple aspects within the cryptoecosystem could be influenced by the fact that there is an indicator of the security of a smart contract, especially that of Ethereum. From dApps to DeFi (decentralized finances), the evaluation and audit of smart contracts would give them a higher level of reliability so that users or investors can decide which service to use.
It should be remembered that smart contracts are computer programs that can be fulfilled automatically after two or more involved parties meet a set of pre-established conditions. Although that the Ethereum network is one of the best-known platforms for developing this type of software, smart contracts can also be created through TRON or EOS, among others. In the case of Bitcoin, it is possible to generate smart contracts through the RSK platform.
By Alexander Salazar