Ethereum Devs Put Forth ERC-7512 Standard to Represent Audit Reports On-Chain

Photo of author

By BitcoinWiki News

Key Takeaways:

– Ethereum developers introduce new smart contract standard ERC-7512
– ERC-7512 aims to enhance transparency and accessibility to smart contract audits for DeFi protocols
– Proposal posted on Ethereum Magicians forum
– Includes contributions from developers of Safe, OtterSec, ChainSecurity, OpenZeppelin, Ackee Blockchain, and Hats Finance
– Objective is to establish on-chain representation of audit reports that can be parsed by contracts
– Discussions among developers about implementing ERC-7512
– Dexara suggests alternative approach using a registry with non-transferable Soulbound Tokens
– Meissner recommends using ERC within a registry instead of a centralized approach
– Focus of ERC-7512 is to standardize what auditors should sign, not to define the registry itself
– Security audits do not guarantee flawless code, as demonstrated by recent BANANA token bug despite audits
– Ethereum developers delay launch of Holesky testnet due to parameter mismatch
– Relaunch likely to occur in one week or on September 28.

Developers in the Ethereum community have introduced a new smart contract standard, ERC-7512, aimed at improving transparency and accessibility for auditing decentralized finance (DeFi) protocols. The proposal seeks to establish an on-chain representation of audit reports that can be parsed by contracts, allowing users to extract relevant information about the audits performed. The primary objective is to provide strong guarantees of security by verifying on-chain that a contract has been audited. While the proposal has received widespread support, developers are engaging in discussions regarding the implementation of the standard. Some have suggested alternative approaches, such as utilizing a registry that organizes audits through non-transferable tokens. The focus of ERC-7512 is to standardize what auditors should sign, rather than defining the registry itself. The proposal aims to ensure consistent verification across the ecosystem. However, it is important to note that security audits do not guarantee flawless code for protocols, as evidenced by recent incidents. Additionally, Ethereum developers had to delay the launch of the Holesky testnet due to a parameter mismatch. A relaunch is expected in the coming weeks.

This is sponsored by: Learn Bitcoin Option

Leave a Comment