Ethereum Smart Contract Framework Updated to Combat Security Concerns

cryptonews.com:

Ethereum is one of the most widely used blockchain networks globally. Recent findings from CoinMarketCap show that Ethereum has the highest number of total developers, accounting for 16% of all developers in the crypto sector.

Unfortunately, the Ethereum network has also become extremely prone to security exploits. Blockchain security firm Beosin found in its “Global Web3 Security Report ” that crypto investors lost $282.96 million to rug pulls during quarter three of this year. The report further noted that phishing schemes generated $66.15 million during the same time period. According to findings from Beosin, the Ethereum blockchain underwent the most losses and incidents overall.

Chaals Neville, technical program director at the Enterprise Ethereum Alliance (EEA) — an organization that aims to drive the use of enterprise ethereum as an open standard — told Cryptonews that there are known problems within Ethereum that are impacting the ecosystem’s security. “The most obvious problem is that the Solidity compiler – which outputs byte code and other artifacts needed for deployment of smart contracts – has bugs. As the compiler evolves, old bugs are fixed, but new ones are also created,” said Neville.

In order to address this and other challenges, the EEA established the “EthTrust Security Levels Working Group in November 2020.” In August 2022, the group released the publication of the “EthTrust Security Levels Specification v1.” This specification has since served as a framework for developers, organizations and customers leveraging and reviewing smart contract code written in Solidity, Ethereum’s main programming language.

Yet as the Ethereum network continues to advance, Neville pointed out that the EthTrust Security