Key Notes
- The Ethereum Foundation has set a new goal to secure trillions in on-chain assets.
- The new initiative will focus on wallets, smart contracts, and public education.
- Leading experts and advisors will guide the multi-step effort to re-focus Ethereum as a leading chain.
The Ethereum Foundation has launched a new security initiative to make the network more secure and reliable globally. As shared by the Foundation, the “Trillion Dollar Security” project intends to ensure that Ethereum can safely handle trillions of dollars in value, whether from individuals or institutions.
Ethereum Foundation Aims at Global Scale Security
The Ethereum Foundation has earned a reputation as the most secure blockchain in the digital asset ecosystem. This achievement results from over ten years of work across various layers of the technology. Likewise, progress has been consistent, from building user experience in wallets to creating more secure developer tools. It has also included strengthening consensus protocols.
Coinspeaker recently highlighted Ethereum’s impressive market growth. This growth shows how the coin’s market capitalization has surpassed $308 billion. With this milestone, Ethereum has flipped major companies like Coca-Cola, Alibaba, and Hermes. Ethereum
ETH
$1 845
24h volatility:
2.6%
Market cap:
$222.72 B
Vol. 24h:
$14.22 B
added $700 million to its market cap in just one week, pushing it above these industry giants.
According to its latest update, the Ethereum Foundation is setting a new goal to prepare Ethereum for even greater growth trends. Per the update, the plan is to build a system where billions of users feel safe keeping their funds on-chain. Everyone should be comfortable storing more than one thousand dollars on the protocol.
It was also noted that this would add to the trillions of dollars secured on Ethereum. The Ethereum Foundation also noted that it aims to make institutions, businesses, and governments confident enough to keep over one trillion dollars within a single smart contract or application.
The initiative will follow three key steps. First, it will assess Ethereum’s security in terms of wallet safety, smart contracts, and internet threats. Input will be gathered from across the ecosystem.
Next, it will address security gaps based on the assessment. Some changes will be quick, while others may need more time and resources, with collaboration across the ecosystem.
Lastly, there will be a stronger push to explain Ethereum’s security to the public. This means helping users and institutions understand the network’s strengths and how it compares to other blockchains and traditional financial systems.
Security Initiative to Be Led by Experts
According to the update, Fredrik Svantes and Josh Stark will lead the project within the foundation. They will be supported by three external advisors with years of experience in blockchain security.
One of the advisors is Samczsun, who is known for revealing significant flaws in crypto protocols and founding the Security Alliance. Another advisor, Mehdi Zerouali, is the co-founder of Sigma Prime and has over fifteen years of experience in offensive security and blockchain audits.
The third advisor, Zach Obront, works on tools to move financial infrastructure onto Ethereum. He has also been involved in audit contests and zero-knowledge proof systems.
It is worth noting that this initiative comes shortly after the Ethereum Foundation released its funding report and added new leaders to its team. On April 28, Hsiao-Wei Wang and Tomasz K. Stanczak were appointed co-executive directors. This leadership change separates day-to-day operations from long-term strategic planning.
Following the announcement of the Trillion Dollar Security initiative, the Foundation has requested contributions from users, developers, and security teams. Their feedback will help shape the direction of this vital effort to secure Ethereum for the future.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
