[#EthereumSecurityInitiative – Safer, stronger trust]

The Ethereum Foundation has just announced the Ethereum Security Initiative (ESI) program – an important step to comprehensively upgrade security for the entire Ethereum ecosystem.

The goals of ESI:

Improve smart contract security through source code auditing tools

Fund independent security research teams

Establish safety standards for Layer 2 and DeFi applications

Organize security hackathons and bounty programs to detect vulnerabilities early

Why is this important?

Ethereum is the backbone of DeFi & Web3, so security is a vital priority

Recent hacks have caused billions of USD in damages – community trust is being tested

ESI is an effort to show that: "The future of Web3 can only be sustainable if it is safe."

Expectations:

Attract more large organizations, investment funds, and businesses to confidently build on Ethereum

Promote the application of blockchain in traditional finance with higher security standards