The leading Ethereum software company ConsenSys, and Securosys, a renowned cybersecurity firm, have teamed up to offer improved security for long-term staking on Ethereum 2.0. ConsenSys unveiled this news through a blog post on February 2, noting that the partnership seeks to develop Ethereum 2.0 withdrawal keys in Securosys Hardware Security Modules. Reportedly, the firms would use the ConsenSys Codefi Staking API to achieve this.
According to the blog post, the firms collaborated to address the challenges that might arise from migrating from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) one. To validate transactions on ETH 2.0, stakers would need a convenient staking portal and the means to create ETH 2.0 withdrawal keys. They would also need high security that assures protection against attacks and failures that emanate from the transition, which could take place this year.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
To simplify this process, ConsenSys and Securosys seek to create a security model that ensures the security keys remain hidden from Codefi and Securosys. As such, stakers will maintain complete control and legal ownership of the keys.
Distinct roles in a powerful synergy
Commenting on the power of this partnership, the Product lead of Codefi Staking, Kuhan Tharmananthar, said they can create an end-to-end solution for ETH 2.0 staking. Through this solution, Tharmananthar believes that stakers will get the highest security and convenience while shifting from ETH 1.0 to ETH 2.0.
The role of Codefi Staking in this partnership will be offering a user interface for ETH holders to deposit their coins from ETH 1.0 to the ETH 2.0 beacon chain. The interface would also help eliminate the difficulty of running independent validator nodes. Codefi Staking will leverage Teku, ConsenSys’ ETH 2 client for institutional staking, to complete this task.
On the other hand, Securosys will allow stakers to create keys in the Primus Hardware Security Modules (HSMs) and shield them against attackers with its key control mechanisms. Allegedly, Primus HSMs are built on highly reliable, enterprise-grade hardware that can withstand long-term 24/7 operation. When the physical option is not viable, Securosys will offer its ISO27001 certified CloudsHSM service, which is powered by multiple geo-redundant data centers. Allegedly, these centers meet high operational security standards, such as an EMP and an attack-resistant facility in the Swiss mountains.
This news comes as Ether (ETH) continues trading bullishly. The second-largest cryptocurrency in terms of market capitalisation is trading at £1,184. This figure depicts a 1.80% gain over the last 24 hours. Over the past seven days, ETH is up 32.91%.
- Do you know WhatsApp has some lesser known features? Check these
- Vikas Gupta pays a visit to Rakhi Sawant’s ailing mom, Jaya; says, ‘I had so much fun being with her’ | Bollywood Life
- Chelsea vs Manchester United Dream11 Team Tips And Predictions, Premier League
- Hong Kong detains 47 activists on subversion charges – Times of India