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Ethereum developer ConsenSys and cybersecurity firm Securosys have partnered to launch a seamless and secured method for Ethereum 2.0 staking. The partnership will allow the possibility to create Ethereum 2.0 withdrawal keys in Securosys Hardware Security Modules directly from the ConsenSys Codefi Staking API. The keys will never be exposed to Codefi nor Securosys. Besides, stakers will retain full control and legal ownership of the keys. Through its authentication mechanisms, Securosys ensures the security of the keys not only against external attacks but also against various failure factors.
Towards Secured ETH 2.0 Staking
The new partnership will ensure the security of ETH 2.0 staking while removing the challenges of operating independent validator nodes.
In the announcement release, the Product Lead of Codefi Staking, Kuhan Tharmananthar, said:
“Together with Securosys we can provide an end-to-end solution for Ethereum 2.0 staking,” says Kuhan Tharmananthar, Product Lead of Codefi Staking. “By combining Codefi with Securosys Hardware Security Modules our customers achieve the highest level of security and convenience when moving from Eth1 to Eth2.”
Through ConsenSys’s Codefi Staking platform, users will be able to deposit their Ether to the Ethereum 2.0 Beacon Chain. This will enable them to access Ethereum’s proof-of-stake (PoS) consensus mechanism while allowing users to stake their tokens for validating blocks and earn rewards.
$3.5 Billion Worth ETH Staked on the Beacon Chain
To participate in validating transactions on Ethereum 2.0, participants need to stake ether and create their withdrawal keys as Ethereum transitions to proof-of-stake, possibly this year.
At the time, 2,483,844 ETH worth over $3.5 billion has now been staked on the Beacon Chain since going live on Dec. 1, 2020.
Robert Rogenmoser, CEO of Securosys, commented on the partnership:
“The recognition by the leading developer of the Ethereum platform is not only a great acknowledgement of these efforts, but also a strong motivation to continue providing the best services to our customers.”