With this improvement, any user would be able to verify audit information on-chain.
The ERC-7512 was developed by companies such as Safe, ChainSecurity and OpenZeppelin, among others.
A new proposed improvement in Ethereum aims to make all smart contract audits on this network public. This would increase the transparency and security of the ecosystem, say the authors of the idea.
The Ethereum request for a comment or ERC-7512 proposes to set a standard for audits on the Ethereum network. The aim is to enable smart contracts to extract information about specific audits“e.g. B. who carried it out and what standards were checked.”
The motivation behind this is based on the fact that audits are key to ensuring the security and reliability of smart contracts used by decentralized applications (Dapps) on Ethereum. Therefore, the ability to bring these checks to the Ethereum blockchain under certain standards can increase the transparency and security of these pieces of code that govern the operation of many protocols.
It’s important to highlight this The presentation of an on-chain test does not guarantee freedom from errors or weaknesses in a contract. However, it would offer the alternative of more people checking operations and catching these errors.
Losses of $667 million were recorded in the first half of 2023 due to vulnerabilities in the Ethereum DeFi protocols, details the wallet development company Safe (formerly Gnosis Safe). The figure underscores “the urgent need and urgency for on-chain access and audit report verification,” they say.
ERC-7512 is not just a one-time initiative, but a catalyst for continued innovation in smart contract security. Future extensions to this standard may include support for additional standards and networks, improved handling of polymorphic contracts, and auditor signing key management mechanisms.
Safe statement on the presentation of ERC-7512.
More details about Ethereum’s ERC-7512
Security experts from companies such as Safe, OtterSec, ChainSecurity, Ackee Blockchain, OpenZeppelin and Hats Finance worked on the proposal, which lists a number of potential use cases. For example, It would make sense to explore smart contracts used to build bridges between networks and for issuing tokens on Ethereum.
It would also be an important development in light of ERC-4337, known as account abstraction. As explained in CriptoNoticias, this new standard for Ethereum applications uses smart contracts to provide wallets with more functionality and customization options.
ERC-7512 is still in the discussion phase, as it was only released on September 5th. It must undergo verification by Ethereum developers before implementation. This evaluation process will help refine and improve the proposal and ensure its feasibility and effectiveness in practice.