Unfixable ethereum smart contract errors might soon be a thing of the past.
While such bugs can cause any number of issues for blockchain operators today, a startup called Smart Contract Solutions is launching ZeppelinOS, a release that marks the fruition of a vision its team of veteran smart contracts developers has had since 2016, they announced Friday.
Launching on the ethereum blockchain today, ZeppelinOS seeks to develop a series of libraries for smart contract applications and tools on the ethereum network.
Notably, the platform aims to use a custom cryptocurrency to incentivize developers to continuously improve and build upon its existing code, creating a standardized system for individuals to develop, manage and operate these applications, said chief executive Demian Brener.
In materials provided to CoinDesk, the startup noted that it believes “hundreds of millions of dollars” have been put at risk because of vulnerabilities in smart contracts that could have been fixed, but weren’t because the costs were too excessive.
As such, the company hopes to rectify this issue by providing its ZEP tokens to developers who propose fixes and upgrades to a library, while other users who hold tokens can support different proposals.
Though the mainnet launched Friday, a number of companies already began testing or have plans to begin testing the platform These include notable startups Protocol, Storj, TrueBit and OB1.
OpenBazaar chief executive Brian Hoffman told CoinDesk that his company is interested in the platform, though it hasn’t yet begun to use it officially.
“They’ve proven to be an industry leading smart contract auditor and security focused organization and we hope to leverage their expertise and ZeppelinOS for future work on the OpenBazaar token.”
Code image via Shutterstock