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ConsenSys, Securosys Combine Tech for 'Secure' Way to Stake on Ethereum 2.0

The method employs Securosys' hardware security modules to keep participants' keys safe.

By Tanzeel Akhtar
AccessTimeIconFeb 2, 2021 at 2:26 p.m. UTC
Updated Sep 14, 2021 at 11:04 a.m. UTC
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Ethereum developer ConsenSys and cybersecurity firm Securosys have partnered to provide improved security when long-term staking on Ethereum 2.0.

  • Announced Tuesday, the firms said the "seamless and secure method" of staking allows the creation of Ethereum 2.0 withdrawal keys in Securosys' hardware security modules directly from the ConsenSys Codefi Staking API.
  • According to the firms, users' keys will never be exposed to Codefi or Securosys, and stakers retain control and legal ownership of the keys.
  • Codefi Staking is ConsySys' interface allowing users to deposit the ether cryptocurrency to Ethereum 2.0's Beacon Chain.
  • In order to participate in validating transactions on Ethereum 2.0, participants will need to stake ether and create their withdrawal keys as Ethereum transitions to proof-of-stake, possibly this year.
  • “By combining Codefi with Securosys hardware security modules our customers achieve the highest level of security and convenience when moving from Eth1 to Eth2,”  said Kuhan Tharmananthar, the product lead of Codefi Staking at ConsenSys.
  • 2,483,844 ETH (worth over $3.5 billion) has now been staked on the Beacon Chain since it went live on Dec. 1, 2020.

Read more: Staking Isn’t Just a Way to Earn Crypto Money – And It Shouldn’t Be

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