The Ethereum Foundation announced on May 14 the launch of the 'Trillion Dollar Security' initiative (1TS), pledging to comprehensively strengthen blockchain security architecture and pave the way for financial applications of future trillion-dollar asset scales.
Although Ethereum currently holds the position as the largest smart contract platform, with on-chain assets exceeding $63 billion, the Foundation believes that in order to become the core underlying infrastructure supporting the global digital economy, the current security mechanisms still need upgrading to prepare for broader economic integration and ultimately surpass the security provided by traditional financial infrastructures.
The Ethereum Foundation pointed out in a blog post released on Wednesday:
Merely becoming the safest platform in the cryptocurrency ecosystem is far from achieving Ethereum's grand vision—becoming the foundational infrastructure that supports civilization as a whole, surpassing the security and trust of today's traditional financial systems.
The Ethereum Foundation describes the move towards 'Trillion Dollar Security', indicating that such a world is taking shape:
Billions of users will entrust assets worth over $1 trillion on the Ethereum chain, with the total accumulated asset scale reaching trillions of dollars;
Businesses, institutions, and even national government entities can also confidently store assets exceeding $1 trillion in a single smart contract or application.
Three major action agendas establish the foundation of security
According to the Foundation's explanation, 1TS will advance from three main aspects: First, a comprehensive inspection of the current Ethereum security architecture will be conducted to assess system advantages and potential risks; next, high-risk attack vectors will be prioritized for remediation; finally, the overall ecosystem will promote extensive sharing of cybersecurity knowledge, tools, and best practices.
This initiative will be co-chaired by Fredrik Svantes, the Foundation's Director of Protocol Security, and Josh Stark, a member of the Foundation's management team, to coordinate the overall strategic blueprint.
Additionally, 1TS has invited three heavyweight representatives from the cybersecurity field of the ecosystem to serve as 'Ecosystem stewards': Samczsu, co-founder of SEAL 911, Mehdi Zerouali, co-founder of Sigma Prime, and Zach Obront, co-founder of Etherealize.
"The goal is to surpass traditional financial systems! The Ethereum Foundation launches the 'Trillion Dollar Security' initiative" This article was first published on (Blockcast).
