According to U.Today, Vitalik Buterin, the co-founder of Ethereum, has proposed the use of checksummed addresses to enhance the security of the Ethereum network. The checksum address is a key concept in Ethereum that could significantly reduce the risk of errors and potential losses in transactions. In the ERC-3770, Buterin made some important recommendations, one of which was to require mixed-case checksum addresses.
Buterin urged all wallets, especially those using ERC-3770, to ensure they are only producing checksummed addresses. To prevent errors, Ethereum addresses can be encoded using checksummed addresses. These are address strings that mix capital and lowercase letters. EIP-55 outlines this system and demonstrates how to use a checksum in Ethereum addresses to identify characters that have been typed incorrectly.
The use of mixed-case checksums greatly decreases the likelihood that an incorrectly typed address will be accepted as legitimate, thereby increasing the security of transactions. Buterin's proposal goes beyond simply printing checksummed addresses. He also proposes that input be required to have checksummed addresses. This could be implemented in several ways, such as making it mandatory or including an obtrusive clickthrough if an address is entered without being checksummed.
By taking this precaution, users will be more likely to enter addresses correctly, reducing the possibility of sending money to the wrong address. One advantage of this approach is its backward compatibility with numerous current hex parsers that support mixed-case addresses. This means that it is possible to gradually switch to checksummed addresses without disrupting existing systems. The checksummed addresses also maintain the conventional 40-character length, which helps to preserve the usability and familiarity of Ethereum addresses.
