Ethereum Devs Introduce New Security Standard for Smart Contracts
Main page Technologies, Ethereum, Smart contracts

A group of developers has just proposed the ERC-7512 standard, aimed at improving the security of smart contracts on the Ethereum blockchain through additional on-chain auditing.

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

ERC-7512 will reportedly enable in-depth analysis of the results of a smart contract audit. Currently, the checks are performed by teams manually without verifying their authenticity online.

If implemented, the standard will also create a chain reputation system for reliable auditors of decentralized applications.

The need for a new standard arose due to losses in the DeFi sector due to exploits. Experts estimate the industry's losses in the first half of the year will exceed $600 million.

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