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Vitalik Buterin Offers Crucial New Security Practice for Ethereum

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Fri, 21/06/2024 - 13:09
Vitalik Buterin Offers Crucial New Security Practice for Ethereum
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Vitalik Buterin believes this practice for Ethereum will bolster the network's security. The checksum address is a key concept in Ethereum that might push the risk of errors and potential losses in transactions down significantly.

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In the ERC-3770, Buterin made some important recommendations, one of which was that this might be the best chance to require mixed-case checksum addresses. All wallets, especially those using ERC-3770, are urged by Buterin to make sure they are only producing checksummed addresses.

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To help prevent errors, Ethereum addresses can be encoded using checksummed addresses, but what are checksummed addresses exactly? In an address string they mix capital and lowercase letters. EIP-55 outlines this system and shows how to use a checksum in Ethereum addresses to identify characters that have been typed incorrectly.

The likelihood that an incorrectly typed address will be accepted as legitimate is greatly decreased when mixed-case checksums are used in increasing the security of transactions. Beyond simply printing checksummed addresses, Buterin's proposal does more. Additionally, he proposes that input be required to have checksummed addresses. This could be done in a number of ways, such as by making it required or by including an obtrusive clickthrough if an address is entered without being checkedsummed.

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By taking this precaution, users will be more likely to enter addresses correctly and lower the possibility of sending money to the incorrect address. Backward compatibility with numerous current hex parsers that support mixed-case addresses is one useful advantage of this approach.

This implies that it is possible to gradually switch to checksummed addresses without interfering with already-built systems. The checksummed addresses also retain the conventional 40-character length, which contributes to maintaining the usability and familiarity of Ethereum addresses.

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