Ethereum Devs Put Forth ERC-7512 Standard to Represent Audit Reports On-Chain
Ethereum (ETH) developers have introduced a new smart contract standard, ERC-7512, aimed at enhancing transparency and accessibility to smart contract audits for decentralized finance (DeFi) protocols.
The proposal was posted on the Ethereum Magicians forum by Richard Meissner, co-founder of Safe earlier this month, and has sparked lively discussions among developers.
Other notable contributors to the proposal include developers from OtterSec, ChainSecurity, OpenZeppelin, Ackee Blockchain, and Hats Finance.
The primary objective of ERC-7512 is to establish an on-chain representation of audit reports that can be parsed by contracts, enabling users to extract relevant information about the audits performed, including the auditors involved and the verified standards.
“The proposal aims to create a standard for an on-chain representation of audit reports that can be parsed by contracts to extract relevant information about the audits, such as who performed the audits and what standards have been verified,” the authors wrote.
“To provide strong guarantees about security and allow better composability, it is important that it is possible to verify on-chain that a contract has been audited.”
Although the proposal has received widespread support from the community, developers are engaging in detailed discussions regarding the implementation of the standard.
Dexara, founder of Callisto Network, suggested an alternative approach by utilizing a registry that organizes audits through non-transferable Soulbound Tokens, instead of introducing a new Ethereum standard.
“The idea of having on-chain audits is useful. However, the implementation proposed in this ERC is overcomplicated significantly.”
Meissner, in response, suggested that the
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