Ethereum Foundation rolls out the next phase of the Biljoen-Dollar Security Initiative

The Ethereum Foundation (EF) has unveiled a plan for the next phase of his trillion dollar security (1TS) project.

This follows an ecosystem study that is conducted to identify the most urgent problems within the infrastructure of Ethereum.

Wallet Security Standard

In a blog post of August 20, the EF announced that the first actions of the security initiative will focus primarily on the problems of user experience (UX).

“During this first wave we will kick off a number of work focused on crucial areas in UX security. The work that we start today is a combination of high actions in the short term and long-term projects that we expect to continue for years,” read the post.

The most important goal of 1TS was first launched in May and is to improve network security and promoting broader acceptance on chains. The program is expected to be rolled out in different phases, with the first place in the coming weeks and months.

One of the most important efforts will mean that a “minimal security standard” for Ethereum portfolios is determined. The EF explained that Secure UX is crucial, because users must be able to manage keys, sign transactions and understand the actions they approve in decentralized applications.

The proposed standard includes functions such as transparent transactions, compromise-resistant interfaces, privacy retention of architecture and rules for arranging wallets, such as approval management and key treatment. To support this effort, the non-profit has awarded a subsidy to Walletbeat, which will help to develop and assess the benchmark against it.

Blind signature and transactional transparency

The foundation also emphasized blind signing as a major problem in UX Security, where users are often asked to approve transactions without understanding them. To tackle this, it is planning to promote transaction decoding, which would present readable details instead of unprocessed code, and to expand the use of transactions simulations that view an example of clear results before approval.

The message showed that the EF has started various research projects aimed at improving the transparency of transactions in portfolios. Plans are compromising the establishment of new standards to interpret transactions more easily, re-viewing proposals in the past and making simulation tools more reliable and generally available, in addition to exploring potential in-protocol security upgrades.

Action will also be taken to help developers to avoid vulnerable code, which can help to reduce the number of compromised smart contracts. This includes creating an open-source database with relevant vulnerabilities where programmers can control their code against known issues before implementation.

The survey also noted that there is a demand for simpler portfolios designed for non-technical users and enterprise-oriented apps with functions such as privacy, censorship resistance and compliance options.

The relocation of the EF comes a few months after Ethereum co-founder Vitalik Buterin has outlined a route map for the ecosystem aimed at L1S, Blobs, as well as user experiences.