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The Ethereum Security Initiative is a strategic step launched by the Ethereum Foundation to enhance cybersecurity within the network's ecosystem. This initiative aims to develop a more secure infrastructure and reduce vulnerabilities that could be exploited by malicious actors, especially with the massive expansion in the use of smart contracts and decentralized applications (dApps).

Why was the initiative launched?

The Ethereum network is the backbone of many decentralized finance (DeFi) projects and non-fungible tokens (NFTs), making it an attractive target for cyberattacks. Over the years, the network has witnessed massive losses due to smart contract breaches, highlighting the need to enhance security at all levels, from code writing to auditing projects before their launch.

Objectives of the initiative

1. Supporting security teams: Funding teams and researchers specialized in discovering and fixing security vulnerabilities.

2. Improving auditing tools: Developing open-source tools to audit smart contracts more effectively and quickly.

3. Education and awareness: Disseminating standardized security practices to educate developers and users on how to protect themselves.

4. Offering rewards for discoverers: Establishing "Bug Bounty" programs to incentivize security researchers to report vulnerabilities.