Enterprise Ethereum Alliance Advances Sensible Contract Safety with EthTrust Specification – Enterprise Ethereum Alliance

EEA EthTrust Safety Ranges Specification Defines Sensible Contract Safety Certification Necessities for Ethereum Ecosystem

WAKEFIELD, Mass. – August 22, 2022 – The Enterprise Ethereum Alliance (EEA) at this time introduced the publication of the EthTrust Security Levels Specification V1.  Developed by the EEA EthTrust Security Levels Working Group, the brand new specification goals to make it fast and straightforward for auditors to outline certify whether or not a wise contract has been by way of a full safety audit by knowledgeable group.

The blockchain house has exploded with a flurry of exercise that has people and organizations deploying token contracts, including liquidity to swimming pools and deploying good contracts to assist a variety of enterprise fashions and vital companies. Whereas there are a variety of established corporations that provide to test the safety of good contracts within the Ethereum ecosystem, there was no commonplace set of exams, nor a standard ranking system, till now.

“The EthTrust Safety Ranges Specification V1 gives the primary high quality framework with broad {industry} backing and supplies steerage on the necessities organizations have to certify a degree of assurance, backed not solely by the repute of the auditor issuing the certification however by the collective repute of the a number of safety specialists from many competing organizations who’ve contributed to this work,” stated EEA Govt Director Dan Burnett. “I’d wish to thank the EthTrust Safety Ranges Working Group for collaborating to make sure that this specification defines protections towards an actual and important set of identified vulnerabilities.”

The EEA EthTrust Safety Ranges Working Group is chaired by Chris Cordi of Splunk. The working group brings collectively EEA member representatives identified primarily for his or her auditing and safety experience, together with ConsenSys Diligence, The Depository Trust & Clearing Corporation (DTCC), Hacken, OpenZeppelin, Banco Santander and Trail of Bits, in addition to safety specialists from broader-based members akin to EY, JP Morgan, Microsoft, SAE, Splunk, and extra.

“Because the Ethereum blockchain {industry} grows, so does the necessity for a mature framework to evaluate the safety of good contracts,” stated Cordi. “Specifically, DeFi platforms have grown explosively up to now couple of years to collectively maintain billions of {dollars} in property, and they’re frequent targets of exploits. This specification may help enhance the safety of those platforms and mitigate safety dangers.”

“This work is for organizations placing good contracts on Ethereum blockchains. This specification permits new auditors to determine that they’re working on the identical high quality degree as their established friends. It additionally permits builders to study what the {industry} is aware of, construct higher and handle safety dangers extra successfully in their very own work,” stated EEA Technical Program Director Chaals Nevile. “The EEA is comfortable to finish this vital first step in creating safety requirements to extend belief within the ecosystem of EVM-based blockchains, customers, companions, and suppliers, particularly as the necessity for efficient safety evaluation solely continues to develop.”

EEA EthTrust Safety Ranges Working Group Supporting Quotes

ConsenSys Diligence

“The EEA EthTrust Specification has been years within the making and it’s thrilling to see the discharge of the primary specification. One of many principal challenges with constructing such an ordinary has been the quick tempo of the modifications and discovery of latest vulnerabilities within the good contract methods, which have gotten more and more mature and sophisticated. The rise in complexity has elevated the chance of safety points being hidden in a system’s code base. Within the broader Ethereum ecosystem, it’s more and more tough to measure a wise contract system’s safety properties in a manner that is still structured and comparable. The EEA EthTrust Safety Ranges Specification is the primary cross-industry effort to formalize necessities for the safety of such methods and a certification scheme that provides numerous ranges of confidence. Having this framework in place will enable for elevated investor and particular person confidence within the contracts they put money into and work together with. As long-time contributors to the EEA’s EthTrust working group and specification, we sincerely hope this specification will contribute to the prominence of safety measures within the software program improvement lifecycle and the Ethereum ecosystem,” stated Dominik Muhs, Sr. Safety Engineer, ConsenSys Diligence, an EEA and EEA EthTrust Safety Ranges Working Group member.

DTCC

“Sensible contracts have confirmed to be susceptible to exploitation as a consequence of insufficient coding practices and a scarcity of requirements across the measurement of their maturity and reliability. The EthTrust Safety Ranges Specification will introduce much-needed requirements that can convey elevated security and confidence to this house because the blockchain ecosystem continues to evolve. We’re proud to be part of EEA and look ahead to supporting the Specification roll-out and its development,” said Invoice Izzo, Director, Data Expertise Safety at DTCC, an EEA and EthTrust Safety Ranges Working Group member.

Hacken

“The EEA EthTrust Safety Ranges Specification is probably the most important try and degree the taking part in area for all crypto auditors and finally convey unparalleled ranges of safety, ethics, and belief to Ethereum blockchain know-how. Contributing to the Specification in collaboration with main safety gamers is integral to Hacken’s mission of creating Web3 safe. The Ethereum EthTrust Safety Ranges ecosystem has an increasing number of use circumstances, however exploits have gotten extra prevalent too. Earlier than initiating a transaction, there should be a method to inform how safe a contract or handle is. With the Specification, main crypto auditors, together with Hacken, present a baseline degree of safety towards identified and consequential good contract weaknesses,” stated Yevhenii Bezuhlyi, Head of Sensible Contracts Audits Division, Hacken, an EEA and EthTrust Safety Ranges Working Group member.

OpenZeppelin

“We’re extremely excited in regards to the EthTrust Specification because it is step one in the direction of a extra strong Web3 ecosystem. Getting safety {industry} leaders and opponents collectively below one roof is important for the adoption of safety requirements we will all belief,” stated Michael Lewellen, Head of Options Structure, OpenZeppelin, an EEA and EthTrust Safety Ranges Working Group member.

In regards to the EEA’s EthTrust Safety Ranges Working Group

The Working Group’s mission is to develop requirements for Ethereum and EVM good contract safety audits to profit the ecosystem. The EthTrust Security Levels Working Group invitations firms which can be concerned with collaborating of their ongoing work to succeed in out to [email protected] to turn into an EEA member. Present EEA members can get entry to the EthTrust Working Group by way of the EEA membership collaboration portal.

In regards to the EEA

The Enterprise Ethereum Alliance (EEA) permits organizations to undertake and use Ethereum know-how of their every day enterprise operations. The EEA empowers the Ethereum ecosystem to develop new enterprise alternatives, drive {industry} adoption, and study and collaborate. The EEA Community Projects supplies a hub for open supply improvement of code, APIs, requirements, and reference implementations. To study extra about becoming a member of the EEA, attain out to [email protected] or go to https://entethalliance.org/become-a-member/.

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