Major Move in Ethereum: Developers Take Action Following Criticism

The Ethereum Foundation has launched a new initiative with the aim of making the Ethereum blockchain secure for multi-trillion dollar financial infrastructures globally. This initiative, called “Trillion Dollar Security” (1TS), offers a three-phase plan to increase the resilience of the network. The Ethereum network, which currently holds more than $63 billion in value, must be prepared for broader economic integration, according to the Foundation. The goal is not only to be the most secure platform in the crypto ecosystem, but also to provide a civilization-scale infrastructure that can safely carry the internet and the global economy. The ETH Foundation made the following statement in a blog post published today: “Being the most secure platform in the cryptocurrency ecosystem is not enough. Ethereum’s goal is much bigger: to be the infrastructure that carries the internet and the global economy securely, more secure and reliable than the current financial systems in the world.” The first step of the new initiative will be to comprehensively analyze the current security posture of Ethereum and identify its strengths and weaknesses, then take precautions against high-risk attack sources and encourage the sharing of security practices across the ecosystem. According to the statement, the initiative will be co-chaired by ETH Foundation Protocol Security Lead Fredrik Svantes and Josh Stark from the management team. Three key figures from the ecosystem will also guide the process: SEAL 911 co-founder Samczsun, Sigma Prime co-founder Mehdi Zerouali, and Etherealize co-founder Zach Obront. The move comes after the ETH Foundation and founder Vitalik Buterin recently announced the foundation’s new governance structure, which aims to enable Ethereum, DeFi’s largest network, to reach more users and scale while preserving its cypherpunk values. *This is not investment advice.