The Ethereum Foundation Launches Trillion Dollar Security Initiative to Bolster Adoption

The Ethereum Foundation announced on May 14 a new security program aimed at facilitating the increasing adoption of on-chain technologies

The Ethereum Foundation is launching a new security initiative, aiming to facilitate the rising adoption of on-chain technologies and strengthen Ethereum’s role in programmable digital assets.

The initiative, titled ‘Trillion Dollar Security,’ will focus on improving the security level in wallets, smart contracts, user experience, and infrastructure, ultimately aiming to increase the total value locked (TVL) on Ethereum to trillions of dollars.

“We invite the community to join us in building this essential component of robust security at scale,” the Foundation stated.

The plan includes three stages: examining the technology stack and identifying security gaps, incorporating fixes to resolve identified weaknesses, and increasing transparency and educating users, institutions, and governments about Ethereum’s security features.

The first phase will involve a deep assessment of the technology stack to identify potential vulnerabilities. This analysis will cover various aspects, including wallet design, innovative contract architecture, consensus protocols, and network infrastructure.

The Foundation will be collecting input from developers, auditors, and the broader ecosystem for a comprehensive evaluation.

“We will be working closely with developers and community members to deploy these updates in a timely manner,” the Foundation explained.

The second phase will focus on fixing the identified vulnerabilities. Some solutions will be implemented quickly, while others will require more planning and coordination.

The Foundation will work closely with developers and community members to roll out updates. The final phase of the initiative will be dedicated to increasing transparency and educating users, institutions, and governments about Ethereum’s security features.

The goal is to build trust and confidence in the Ethereum ecosystem.

The announcement comes as the price of ETH continues to move up, having risen more than 43% since the Pectra update on the 7th of May to reach almost $2750 before being driven slightly down.

According to data from Glassnode, the price of ETH has dropped slightly after hitting a 10-month high of $2,748. According to the on-chain analytics firm, the price of ETH has experienced a strong rebound after dropping to a low of $1,000 in November 2022.

After dropping to lows of $1,000 in November 2022, the price of ETH has experienced a strong rebound and is now trading at a high of $2,300 to $2,400 in the last few weeks.

According to the firm’s analysis, the price of ETH is likely to continue to rise and may even reach new all-time highs (ATHs) if the current support level holds.

“The recent price action has seen a deep drop to $1,000 in November 2022, followed by a strong recovery to the $2,000 to $2,300 range, which can be considered a key support zone for ETH in 2023,” Glassnode stated.

According to the firm, if this level of support holds, then analysts project bullish rallies towards $3,000 and beyond.

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