Enhance Logging with Advanced Practices

[monilpat]

Is your feature request related to a problem? Please describe.

The current logging strategy does not fully leverage advanced logging practices that can improve observability and performance.

Describe the solution you'd like

Implement advanced logging practices including:

1. Distributed Tracing: Use correlation IDs and trace IDs to track requests across services, helping in identifying performance bottlenecks.
2. Log Sampling: Implement log sampling for high-throughput systems to manage storage costs while retaining critical information.
3. Asynchronous Logging: Use asynchronous logging to minimize performance impact.
4. Integration with Observability Tools: Integrate with tools like Prometheus and Grafana for a comprehensive view of application health.
5. Log Security Enhancements: Implement access controls and data redaction to secure log files.
6. Regular Log Audits: Conduct periodic log reviews to ensure logging provides necessary insights.

Describe alternatives you've considered

• Continuing with the current logging setup, which lacks some of these advanced capabilities.
• Using third-party monitoring solutions, which may not integrate seamlessly with our existing infrastructure.

Additional context

Implementing these practices will enhance the observability and reliability of the system, aligning with industry standards and improving our ability to debug and monitor application performance.

Related Issues

• Implement Logging Best Practices for Flow and EVM Transactions
• Implement Enhanced Logging for EVM Transactions