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05 December 2020

Smart contract standards: Making DeFi transactions on Ethereum more secure

Smart contract standards: Making DeFi transactions on Ethereum more secure


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Specifically speaking, the smart contracts that power Ethereum are known for being fraught with security issues, which, in turn, have greatly impacted DeFi projects.

Tom Lindeman, a previous veteran researcher at Microsoft and the former managing director of the Ethereum Trust Alliance — a group of blockchain companies working on a security system for smart contracts — told Cointelegraph that there is currently no good ways to identify whether a smart contract is secure before initiating a transaction:.

In an attempt to solve the security challenges related to smart contracts, Lindeman has joined the Enterprise Ethereum Alliance’s newly formed “EthTrust Security Levels Working Group” as its co-chair.

According to Lindeman, the working group’s mission will be to continue the advances initially started by the Ethereum Trust Alliance, or ETA, which are aimed to set standards for secure, smart contract transactions conducted on the Ethereum blockchain.

Lindeman explained that the ETA has been working on its EthTrust project for close to a year, even before the DeFi space started to expose the vulnerabilities of Ethereum smart contracts.

Daniel Burnett, executive director of the Enterprise Ethereum Alliance, told Cointelegraph that the timing for the new working group has been purely coincidental in regards to the rise of DeFi.

For example, Pierre-Alain Mouy, an Enterprise Ethereum Alliance member, former ETA product owner and managing director at NVISO Security in Germany, told Cointelegraph that there are three levels of validation that a smart contract can achieve to help individuals understand its level of trust:.

While innovative, it’s important to point out that the Enterprise Ethereum Alliance’s new working group and the EthTrust project are not the first to tackle challenges related to the security of smart contracts.

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cointelegraph.com
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