Ethereum Plans to Make Crypto Safer

Woke up this money and did a little online checks. Saw that that the ethereum network has got some great news for the crypto world and I want to write a blog and share what I learned about it.

Ethereum's big new security initiative is well, about time. Last week, on May 14th, the Ethereum Foundation, essentially the nonprofit behind Ethereum, revealed a major initiative to secure the entire system. Frankly, with how many people are investing in crypto today, it is very important something like this is developed, and not just ethereum alone, but I hope other networks do same.

They’re calling it the Trillion Dollar Security Initiative. Its a big name with a pretty straightforward mission: safeguard individuals' digital money (ether to be precise) and get everything on the network running securely.

How they are doing it is actually clever.

They are, first of all, going through all of it, from how the digital wallets are constructed to the protocols that make the network function. They will look for vulnerabilities in the code, then identify the top issues and repair those. They say that they will not keep secretly the information the find in the process, but they are going to publish what they learn and inform everyone else, from users, businesses, and even regulators on how to remain secure with Ethereum. So yeah that should be easy for the other Blockchain networks to see and implement.

Considering how we often hear that sometimes individuals lose their millions due to hacking, I think that this is going to be good news for all of those that love their crypto, at least for the genius individuals. To scammers that's obviously bad news.

There is a team of experts hired for the job

It's being headed by two of the Foundation guys, Josh Stark and Fredrik Svantes, and they’ve recruited three prominent security professionals from the world of crypto. I don't know these names personally, but from research, I've found that they are notable names in the world of crypto security. So having those guys in charge means this thing has a higher chance of actually being functional.

The market will always market to news like this

Since Ethereum's last major update on May 7, ETH's price rose by more than 40%, and it even briefly reached $2,755 before falling a bit. Obviously investors and traders will have a change of sentiments upon this initiative. If Ethereum can show that it's safer than alternative blockchains, it may be able to keep its position as number one in DeFi by letting people feel it can be trusted with their money.

Well after all that i have said, what really matters is that they can actually do this. For those who've been in this space and have been following news like this, I'm sure you've seen many elaborate plans in cryptocurrencies that sounded super great but amounted to nothing. So if Ethereum is going to get people to trust them, they need to be able to execute and fix bugs quickly.

Thanks for reading to the end. I'm Ricky, and I enjoy sharing my views. If you appreciate what I do and want to support me, join me as I build a long-term stake on Hive. Give this blog a sweet upvote, and my future self will thank you for it. Best wishes!

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