The token standard that can assist in resolving the present blockchain smart contract security issue is ERC-7512. The goal of ERC-7512, which professionals developed from Ackee Blockchain, Safe, OtterSec, OpenZeppelin, ChainSecurity, and other organisations, is to standardise the direct representation of audit reports on the Ethereum blockchain.
Key Benefits of ERC-7512
Data Resilience
ERC-7512 implements erasure coding, a data protection technique, to ensure that even if parts of the data are lost or compromised, the original data can be reconstructed, strengthening data integrity and availability.
Efficient Storage
This standard optimizes storage by minimizing redundant data. It only stores the essential information required for recovery, resulting in significant cost savings, especially in storage-intensive blockchain networks.
Security
ERC-7512 significantly improves security by creating redundancy. This ensures that even in the event of data loss or attacks, the network remains secure and functional.
Core Components of the ERC-7512 Standard
ERC-7512 defines the fundamental functions and data structures necessary for implementing erasure coding efficiently in Ethereum smart contracts. It lays out the groundwork for structuring and encoding data within the blockchain.
Logic Behind the Design Decisions
The design of ERC-7512 is rooted in the need for efficient and resilient data storage in the cryptocurrency landscape. It aligns with the core principles of decentralization and security, ensuring that data remains accessible, reliable, and secure.
How ERC-7512 Strengthens Smart Contract Security
ERC-7512 enhances the security of smart contracts by ensuring that data is stored efficiently, reducing the risk of data loss, and bolstering data integrity. Smart contracts can rely on robust and redundant data storage, mitigating vulnerabilities.
Future Extensions To Enhance Capabilities
As the cryptocurrency ecosystem evolves, ERC-7512 is likely to undergo future extensions that will further enhance its data storage capabilities. These extensions will continue to contribute to the resilience and reliability of blockchain networks.