Ethereum Developers Engage in Thoughtful Discussion Regarding a Fresh Standard for On-Chain Audit Reports

“Web3 security experts are working together to make it easy for people to access reports about the safety of computer programs called smart contracts that run on a digital platform called Ethereum.

These experts have suggested a new rule for smart contracts. This rule is like a set of instructions that helps people find safety reports for financial programs that use smart contracts.

People have been talking about this rule, called ERC-7512, since September 5th. It was first shared on a discussion forum for Ethereum by Richard Meissner, who helps run a company called Safe. Developers from other companies like OtterSec, ChainSecurity, OpenZeppelin, Ackee Blockchain, and Hats Finance also added their thoughts to this suggestion.

The idea behind this rule is to create a common way to show safety reports on Ethereum. These reports can be read by computer programs to find out important information about the safety checks, like who did them and what standards they followed. This helps make sure that a program is safe to use.

Many people like the idea of having these safety reports on Ethereum, but they are still discussing how to make it work exactly.

Some people, like Dexara from Callisto Network, think the way the rule suggests doing this is too complicated. They suggest using a list to organize these reports differently instead of making a new rule. But Richard Meissner, who proposed the rule, says it’s important to have a clear rule to make sure things are done properly.

Shay Zluf also mentioned that the focus of this rule is to make sure auditors follow the same rules when checking programs, not just organizing the reports.

It’s important to remember that even though safety checks are helpful, they can’t make a program completely safe. For example, a program called BANANA had problems even after two safety checks, and it didn’t work as expected when it was used.”

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