Consensys, a leading Ethereum developer, recently launched a new tool designed to enhance the security of smart contracts. The tool, called Diligence Fuzzing, enables developers to detect and manage vulnerabilities before deploying smart contracts. This innovation comes at a time when hacks and hacking are on the rise in the DeFi field, with nearly $2.8 billion lost by 2022.
The security of smart contracts: a major concern
With the rise of blockchain-based projects and decentralized finance (DeFi), securing cryptocurrency transactions and smart contracts has become crucial. Several loopholes have been exploited by hackers, resulting in significant financial losses for users and investors.
The need to guarantee the security of smart contracts is at the heart of the Diligence Fuzzing initiative. This new automated tool enables smart contracts to be tested before they are launched, by generating random, invalid data points to reveal possible vulnerabilities.
Why use an automated tool?
Using an automated tool has several advantages for developers:
- Time-saving and efficient
- Rapid identification of vulnerabilities
- Minimizing risks when deploying smart contracts
With Diligence Fuzzing, developers can concentrate on creating and improving their projects, with the certainty that their smart contracts are secure.
zkEVMs: a solution to reduce Ethereum congestion
Alongside this security tool, Consensys is also working on a solution to relieve Ethereum congestion. The company has announced the launch of a private beta of its zkEVM, a new technology that aims to offload some activity off the Ethereum chain, onto second-layer protocols.
What is a zkEVM?
As the Ethereum network faces technical limitations linked to its scalability, several second-layer projects have emerged to address these issues. zkEVMs (zero-knowledge Ethereum Virtual Machines) enable transactions and smart contracts to be processed more efficiently, without sacrificing security or decentralization.
- Improving the overall performance of the Ethereum network
- Lower transaction costs
- Preserving the confidentiality of user data
Consensys’ zkEVM could therefore help solve the bottleneck problems faced by Ethereum and encourage wider adoption of blockchain and DeFi technologies.
The launch of Diligence Fuzzing and the development of zkEVM demonstrate Consensys’ efforts to improve the security and performance of the Ethereum network. These innovations could not only boost user and investor confidence, but also stimulate the adoption and growth of DeFi and blockchain-based projects.
By offering high-performance tools to test the security of smart contracts and facilitate transactions, Consensys is establishing itself as a key player in the blockchain and DeFi ecosystem.
