Ethereum Developers Propose ERC-7512 Standard to Enhance Smart Contract Auditing on Blockchain
In a bid to enhance the security and reliability of smart contracts on the Ethereum blockchain, a group of Ethereum developers from projects including Safe, Ackee Blockchain, OtterSec, ChainSecurity, OpenZeppelin, and Hats Finance have introduced a new proposal known as ERC-7512. This proposal aims to revolutionize the way contract audit information is verified directly on the blockchain.
Until now, audits have been presented manually by auditing companies, often lacking on-chain verification of the information they provide. This has led to instances where projects that were supposedly “audit-certified” ended up causing losses due to malicious internal actions.
A case in point is the DEX Merlin on zkSync, which experienced a “rug pull” incident back in April, despite undergoing a thorough CertiK audit. This security firm was unable to guarantee that internal project misconduct would not occur. In the end, CertiK had to plan a $2 million compensation for the affected parties.
If crypto would be an airline, we would have a lot of crashes. Our goal should be to be the most secure value exchange network, similar to how airplanes are the safest form of transportation.
Getting audit certificates onchain will help us get there. https://t.co/AfUjr1aszZ pic.twitter.com/u2Jqaa9cjo
— Richard Meissner (@rimeissner) September 19, 2023
To address these issues, ERC-7512 has been proposed to allow developers to have a more meticulous view of contract audits. Users will also have access to audit data to make investment decisions. If ERC-7512 is implemented, it could establish a reliable auditing system within the industry.
Richard Meissner, co-founder of Safe and one of the authors of ERC-7512, shared his thoughts on the proposal, stating, “The first step is to provide crucial audit information for contracts that can be verified. This is the goal of ERC-7512, a standard drafted by some of the industry’s top auditors and security experts. ERC-7512 is not just a one-time initiative but a catalyst for further innovation in smart contract security.”
It remains uncertain whether the Ethereum core developers will accept and implement ERC-7512 as a standard. In July, the Ethereum development community proposed another new token standard called ERC-7265, a “circuit breaker” designed to prevent token transfers in the event of DeFi protocol attacks. This proposal is still in development.
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