The Ethereum Foundation Has Introduced a New Initiative Called the “Trillion Dollar Security” Project

The Ethereum Foundation has introduced a new initiative called the “Trillion Dollar Security” project. The project worked on making the Ethereum network

The Ethereum Foundation has announced a new initiative called "Trillion Dollar Security" to enhance the safety and usability of the Ethereum network for both individual and institutional users.

The project arises from the Ethereum Foundation's broader vision for the future of the world economy and the internet. With billions of people having less than $1,000 in savings, the foundation envisions a scenario where a large portion of the population, such as 3 billion people, holds over $1,000 in on-chain assets on the Ethereum network.

Simultaneously, the foundation aims to enable institutions and governments to store more than a trillion dollars in value in a single contract or application on the blockchain, catering to the needs of large-scale financial institutions.

To achieve this ambitious goal, the Trillion Dollar Security project will be divided into three crucial phases.

The first phase involves mapping the strengths and weaknesses of Ethereum's technology across various domains. This process will cover several aspects of the Ethereum stack, including UX, wallet security, smart contract security, cloud infrastructure, and protocol security.

Moreover, the foundation will be collecting feedback from diverse segments of the Ethereum ecosystem to create a comprehensive security map that can be shared publicly, highlighting areas for improvement.

The second component of the initiative focuses on addressing the vulnerabilities identified in the mapping process. The foundation will coordinate with partners in the ecosystem to resolve pressing security problems and implement long-term solutions. This action will handle the most critical issues and safeguard Ethereum's security as it expands.

Furthermore, the foundation plans to improve how Ethereum's security is communicated to various audiences. The goal is to enable all types of users to appreciate Ethereum's robust security and to compare it effectively with blockchain and traditional systems.

Being transparent about security will encourage users to trust Ethereum and opt to use it for their financial activities.

The project leaders are Fredrik Svantes, Protocol Security Lead at the Ethereum Foundation, and Josh Stark from the EF management. They will be assisted by three ecosystem stewards who bring a wealth of experience to the project.

Samczsun, the founder of SEAL, is known for his work in crypto security and will serve as a steward for user experience and wallet security. Mehdi Zerouali, a co-founder of Sigma Prime, will contribute his expertise in blockchain security. Finally, Zach Obront, the co-founder of Etherealize, will help in developing tools that enable Ethereum to handle global financial systems.

Through the combined efforts of its team and partners, the Ethereum Foundation aims to make the network safer and more reliable for asset management by individuals and organizations.