Ethereum developers presented a new smart contract security standard


A group of developers proposed the ERC-7512 standard, aimed at improving the security of Ethereum smart contracts by providing additional on-chain audit verification.

The authors of the solution included developers from Safe, Ackee Blockchain, OtterSec, ChainSecurity, OpenZeppelin and Hats Finance.

ERC-7512 will allow you to thoroughly analyze the results of a smart contract audit. Currently, checks are carried out manually by teams without verifying their authenticity online.

If the standard is adopted and implemented, it will also create an on-chain reputation system for trusted auditors of decentralized applications.

The need for a new standard arose due to losses in the DeFi sector due to exploits. Experts estimate industry losses from hacking and fraud for the first half of 2023 at $655.6 million.

Let us recall that in July, a group of programmers from the Ethereum community proposed the ERC-7265: Circuit Breaker standard to improve the security of DeFi protocols.

The solution allows developers to insert an automatic “breaker” into smart contracts that stops the movement of tokens when the asset outflow rate threshold is reached.

In March, the Ethereum team activated the ERC-4337 standard, which implements the concept of account abstraction.

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