Ethereum Foundation Unveils Open Standard for Safer, Human-Readable Transactions

• The Ethereum Foundation says it is ending blind signing, which has been responsible for billions in lost transactions.
• Major wallets and ledgers support the UX and security upgrade on transactions.

The Ethereum Foundation has announced that it has a working group looking to end blind signing. Since its launch, blockchain transactions on any wallet have been completed without seeing the full details, in a string of unreadable hex. This has left transactions exposed to scammers and has resulted in billions in losses.

In an X post, the Foundation revealed that this ongoing work is being built on top of existing clear signing work in the ecosystem. The UX and security upgrade has seen wide support from contributors, including wallet and ledger projects such as Ledger, Trezor, and MetaMask, security protocols such as Zama and Fireblocks, builders, and the Ethereum Foundation’s Trillion Dollar Security initiative.

The Foundation is now working on ERC-7730: an open standard for human-readable transaction descriptions. Additionally, the new initiative will introduce a neutral, mirrorable descriptor registry, which is basically a public reference system where transaction descriptions can be stored and copied. Another part is an attestation framework, which will act as a verification layer for auditors to verify that transaction descriptions are accurate. The Foundation will further introduce an open developer tooling for wallets, protocols, and auditors to help build safer wallet experiences.

Why Ethereum Needs Clear Signing

Unlike the traditional financial system, blockchain transactions are irreversible. Because of this, blind signing has led to the permanent loss of billions. For years, this has been a structural flaw in a system that handles billions in everyday transactions. Now the Ethereum Foundation believes this can be avoided through clear signing, which enables humans to conduct a final check with human-readable transactions.

Other blockchain networks, such as Solana, Sui, and Aptos, have released similar initiatives in the past. Solana in particular uses a design called Transaction Previews. This ensures that every transaction meets predefined criteria that account for which accounts it will interact with, what it will read, and what it will write to. Aptos and Sui, on the other hand, have clear signing built directly into their infrastructure.

It is clear that with its direct competitors already offering better security and experience, Ethereum is long overdue for this upgrade. As the largest ecosystem by Total Value Locked (TVL) and smart contract activity, this upgrade is important to maintain its top position.

The Foundation continues to work behind the scenes to strengthen the Ethereum network. As ETHNews reported, the Foundation has announced a reshuffling of its protocol team, with three key members departing as the team works on Glamsterdam.

ETH Struggles at $3,000 as Millions Leave Exchanges

At the same time, ETH has been facing immense pressure at the $3,000 pyschological level. Despite numerous attempts to break above it, the coin continues to trade under it. At the time of writing, the coin is trading at $2,300 after a 3% drop in the past 7 days.

Recent exchange data suggests bullish sentiments. According to on-chain data by Arab Chain, over 3 million ETH have exited Binance. The drop in supply could be a catalyst for a price rally that helps the coin cement its position above the $3,000 price point.

The post Ethereum Foundation Unveils Open Standard for Safer, Human-Readable Transactions appeared first on ETHNews.