Enterprise Ethereum Alliance Launches EthTrust Security Initiative to Advance Confidence in Ethereum as a Global Settlement Layer for Transactions of All Types
The EEA EthTrust Security Levels Working Group Advances Work Initiated by the Ethereum Trust Alliance and Enables Broader Collaboration within the EEA
WAKEFIELD, Mass. – November 19, 2020 – The Enterprise Ethereum Alliance (EEA) today announced the formation of the EEA EthTrust Security Levels Working Group. The Working Group’s mission will be to continue the advances begun by the Ethereum Trust Alliance (ETA), now part of the EEA, on the EthTrust project, that will set standards for secure, smart contract transactions that are conducted within the Ethereum ecosystem. Given that it only takes one small flaw in smart contract code to instantly lock up or lose tens of millions of dollars, the EthTrust project’s standard and registry aim to make it quick and easy for organizations and individuals to tell if a smart contract has been through a full security audit by a professional team.
During the ICO boom of 2017, many were uninformed about the fundamental security risks of smart contacts. In other financial industries, credit rating agencies, such as Moody’s, are designed to inform the public about the relative risk associated with a particular financial asset. Yet, within the Ethereum ecosystem, there is no similar registry or rating system for smart contracts. The EEA’s new Working Group will address this issue by focusing on the development of definitions and requirements for different levels of security risks, and a registry system that records which smart contracts have been rigorously tested for security vulnerabilities.
Leading the EthTrust Security Levels Working Group are the newly appointed co-chairs: Tom Lindeman, the former managing director of ETA, chair of the EEA Security Special Interest Group, co-founder of ConsenSys Diligence, and director of Strategi...