Balances Reset on Ethereum: Developers Took Action After Criticism!

The Ethereum Foundation has launched a new initiative aimed at adapting the security of the Ethereum blockchain to be suitable for trillion-dollar financial infrastructures on a global scale.

“Trillion Dollar Security” (This initiative named 1TS) offers a three-phase plan to enhance the resilience of the network.

The Ethereum network, currently holding a value of over 63 billion dollars, should be prepared for broader economic integrations, according to the Foundation. The goal is not only to be the safest platform in the crypto ecosystem but also to provide an infrastructure capable of securely carrying the internet and the global economy on a civilization scale.

The ETH Foundation stated the following in the blog post it published today:

“**Being the safest platform in the cryptocurrency ecosystem is not enough. Ethereum’s goal is much greater: to be a more secure and reliable infrastructure than the existing financial systems in the world, safely carrying the internet and the global economy.”

The first step of the new initiative will be to comprehensively analyze the current security status of Ethereum and identify its strengths and weaknesses. Then, measures will be taken against high-risk attack sources, and the sharing of security practices across the ecosystem will be encouraged.

According to the statement, the initiative will be co-chaired by Fredrik Svantes, Head of Protocol Security at the ETH Foundation, and Josh Stark from the management team. Three key figures from the ecosystem will also guide the process: Samczsun, co-founder of SEAL 911, Mehdi Zerouali, co-founder of Sigma Prime, and Zach Obront, co-founder of Etherealize.

This move comes after the ETH Foundation and founder Vitalik Buterin recently announced the foundation’s new governance structure. The new structure aims to ensure that Ethereum, the largest network in DeFi, reaches more users and scales, while preserving cypherpunk values.