To increase the trust in the Ethereum ecosystem, an Ethereum Trust Alliance has been formed by the global coalition of professional security organisations. Ethereum Trust Alliance in its tweet confirmed the alliance this week.
— Ethereum Trust Alliance (@ethtrustorg) February 3, 2020
The group is focussing on creating a security rating system for smart contracts that would make users more aware of smart contract security. This would also help rate smart contracts that have gone through security audits. The members of the alliance, primarily blockchain security firms are Quantstamp, MythX, Sooho, Runtime Verification, ConsenSys Diligence and SmartDec. In order to become a global settlement layer across all industries for all types of transactions, Ethereum needs a trust indicator for the smart contracts directing those transactions.
The smart contracts are vulnerable, and even one small flaw in it can lock up your millions of dollars instantly. The website compared itself to that of Moody’s platform that advises users on risks related to various investment classes.
How Would ETA Benefit The Ethereum Ecosystem?
According to the website, ETA ratings are designed to signal to the Ethereum community which smart contracts have been through certain levels of rigorous testing to help ensure that vulnerabilities have been addressed. The higher the ETA level, the lower the associated risk.
It added that the group intends to generate a smart contracts registry where its security ratings can be questioned. The wallet users can quickly check the contract’s security rating before actually sending tokens.
The first specification of ratings would most probably be launched by the first quarter of the year.
Ethereum (ETH) Price Update
With a general downturn in crypto markets, Ethereum prices have improved a little today. As per Tradingview.com, the prices have successfully settled slightly below $190 after a dip below $182 a few hours ago.
Since the year start, Ethereum has gained up to 45%, exceeding its big brother, which has made 28% gain over the same period. As the altcoins recover, Ethreum could go above the $200 psychological barrier this month that would lead to substantial gains.