Ethereum developers collaborate on new smart contract audit standard

Ethereum developers collaborate on new smart contract audit standard

Developers from leading Web3 security firms collaborate on the proposal to make smart contract audit reports accessible on-chain.

Users looking for smart contract audits for DeFi protocols can now access a new smart contract standard proposed by Ethereum developers.

Devs have been spiritedly debating ERC-720 since it was first published on Sept. 5 by Rich Meissner, the co-founder of safe, for the Ethereum Magicians forum. Developers such as Hats Finance, ChainSec, OpenZeppelin, Ackee Blockchain, OtterSec and Hats Finance also contributed to the proposal.

Developers are exploring the details of how to implement the standard, despite the intent of the proposal getting widespread support from the community.

While security audits are useful, they do not guarantee that a protocol's code is impenetrable, Meissner said.

The highly-anticipated launch of BANANA, a Telegram trading bot, ended in tears hours after its deployment when a bug was discovered in the smart contract, despite the team's claim that its code underwent two audits.

Twitter user punk9059, however, ran BANANA's code through the popular AI chatbot, ChatGPT, which immediately identified the problem.