- Big plans are in view for ETH as the Ethereum Foundation has floated a new security initiative.
- Per the plans, the goal is to push billions of users to hold assets on Ethereum.
Ethereum Foundation (EF), a non-profit supporting the Ethereum Network, has announced a trillion-dollar security initiative. This initiative is an ecosystem-wide effort to upgrade Ethereum’s security to help bring the world on-chain.
Ethereum Upgrading Network Security
The Foundation aims to prioritize security in the Ethereum blockchain. While it acknowledged Ethereum as one of the most secure and trusted blockchains, the Foundation noted room for expansion.
The EF wants Ethereum to surpass the safety and trustworthiness of the world’s legacy systems. The Foundation thinks there is still more to do to become the most reliable foundation for civilizational infrastructure.
According to the Foundation, Ethereum must achieve “Trillion Dollar Security,” where billions of individuals feel safe holding $1000 on-chain. Collectively, this would amount to trillions of dollars secured on Ethereum. EF also foresees the network providing a safe space where individual organizations can comfortably store $1 trillion inside a single contract or application.
The trillion-dollar security initiative is divided into mapping, executing, and communication. In the first stage, EF would gather information ranging from security strengths and attack vectors, producing a detailed security overview report.
In the execution stage, the EF will work on the highest-priority issues discovered through its research. The non-profit organization will partner with the ecosystem to implement priority fixes and allocate investments for longer-term improvement projects.
Finally, the Foundation would communicate about Ethereum’s security properties to the world. The idea is that anyone should be able to evaluate Ethereum’s security standards and compare these against other blockchains.
Fredrik Svantes, Protocol Security Lead at EF, and Josh Stark, EF management team, will act as the project’s initial co-chairs. They will receive support from three ecosystem stewards who will help guide the project and provide input and advice.
The Foundation believes achieving trillion-dollar security is only possible with the support of the broad Ethereum ecosystem. Therefore, it is calling on the community to share their perspective and input on where Ethereum’s security needs improvement.
Recent Improvements on Ethereum
The introduction of the trillion-dollar security initiative follows other improvements on the Ethereum blockchain. As reviewed in our recent publication, Ethereum developers finally launched the Pectra upgrade on the mainnet.
Pectra is a major update that aims to make Ethereum more scalable, efficient, user-friendly, and secure. It also prepares the Ethereum blockchain for future advancements like Verkle trees and efficient data handling.
Meanwhile, the Ethereum Foundation recently revealed a change in leadership structure by introducing a co-executive model. Hsiao-Wei Wang and Tomasz K. Stańczak were appointed as co-executive directors. As outlined in our recent blog post, their appointment marks the beginning of the new formation of the Foundation for its governance.
The latest improvements in the ecosystem appear to have positively influenced the price of Ethereum. Ethereum has experienced an increase of over 31% in the last seven days. As of this writing, ETH is traded at $2,538, with a market cap of $306.5 million.
In a recent update we covered, experts hinted that ETH could hit $3,000 if favorable market trends continue.
