- Ethereum Trust Alliance has finally started functioning.
- The goal of ETA (Ethereum Trust Alliance) is to prevent any such incidents from happening in the future.
- The purpose of the formation of the Ethereum Trust Alliance is to address these issues.
Today, Ethereum Trust Alliance has finally started functioning. Trust is a coalition of security agencies from all over the world working together to increase the confidence in the Ethereum ecosystem.
— Ethereum Trust Alliance (@ethtrustorg) February 3, 2020
Earlier, vulnerabilities in the smart contracts resulted in a loss of millions of dollars of funds. The goal of ETA (Ethereum Trust Alliance) is to prevent any such incidents from happening in the future.
One of the problems with Ethereum and Bitcoin is that they are open source. This allows anyone to check the source code of the project and find vulnerabilities. Most of the time, people are looking to plug in such holes and help the project. However, some people use these vulnerabilities for their gains.
Yes, anyone can indeed access the source code, but to understand it entirely is altogether a different challenge. With prominent security flaws like the one in DAO are still not forgotten, many similar vulnerabilities might be present in the codes. This presence of vulnerabilities put off prospective investors from investing in Ethereum.
The purpose of the formation of the Ethereum Trust Alliance is to address these issues. The ETA consists of various Blockchain Startups such as MythX, Runtime Verification, Quantstamp, SooHoo, SmartDec, and ConsenSys Diligence. The group will be working to provide a security rating system that can reference if an auditor has inspected a specific smart contract.
This system would help the Ethereum users to check if a particular smart contract had any flaws, which makes it risky. In a post made by ETA, the team has compared their system to those of pre-existing credit rating agencies like Moody’s.
The team behind ETA made a post on their website where they have mentioned their aims. The announcement made today was the first step in their plan.
Now, the ETA will be working on creating its first set of specifications. The specifications will include definitions and requirements of rating levels. It will also consider the needs for auditing and security tools and an application process for people who would like the ETA to look at the smart contracts.