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The Enterprise Ethereum Alliance (EEA) has announced the formation of the EEA EthTrust Security Levels Working Group, which will continue the advances initiated by the Ethereum Trusted Alliance (ETA), which is now part of the EEA, on the EthTrust project. The group aims to set standards for secure and intelligent contractual transactions that are conducted within the Ethereum ecosystem.
In the Q&A below, EEA EthTrust Security Levels Working Group Co-Chairs Tom Lindeman, Former ETA CEO, EEA Security Special Interest Group Chair, Co-Founder of ConsenSys Diligence and Director of Strategic Initiatives, ConsenSys Software Inc. and Pierre-Alain Mouy, former Product Owner of ETA and Managing Director of NVISO Security in Germany, provide an overview of the new working group.
What is the function of the EEA EthTrust Safety Levels Working Group and why is it appearing?
Today in the Ethereum ecosystem, there is no rating system to help users understand the level of trust and security of smart contracts. Think of it as a Michelin rating system for restaurants – you can get a feel for the quality and level of the safety audit in advance. Since there are still so many issues and hacks with smart contracts today, we believe the EEA EthTrust Working Group on Safety Levels will help build confidence in Ethereum as a global transaction layer in 2021.
When will we see the first security standards for smart contracts?
We have been working on the project for several months and, as a recently launched initiative by the EEA, we expect to see the first functional system and the first specifications in the first quarter of 2021.
Can these security standards be applied to smart contracts developed on blockchains other than Ethereum?
Yes, it is certainly possible. Currently, we are focused on securing a place for Ethereum as an EEA EthTrust Security Levels Working Group. The task of the Working Group will be to continue the progress initiated by the Ethereum Trusted Alliance (ETA), now part of the EEA, on the EthTrust project, which will set standards for secure and intelligent contract transactions that are conducted within the Ethereum ecosystem.
What is the greatest vulnerability of smart contracts?
Smart contracts are more powerful and flexible than people realize. Even if the developers did not want certain functions to be possible, it often happens that other interactions are possible. Since smart contracts are open and usually unauthorized, anyone can interact with them and try to find coding errors, logical errors, or unintentional exploits.
What role will EthTrust play in the evolution of DeFi?
Today, only a percentage of smart contracts in the Defi space, especially in the new arena of yield farming, are actually officially audited. That needs to change, and once it is clear that projects that have EthTrust certified smart contracts are becoming the new normal and those projects are successful, we believe this will essentially become a requirement to launch a new project when a user decides. if they should put their tokens in Pool A or Pool B, for example, the first thing they can check is if there is an EthTrust certificate.
What’s the best way to find out more about the Task Force?
For more information on joining the EEA EthTrust Security Levels Working Group, please visit https://entethalliance.org/participate/working_groups/ or contact [email protected].
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