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ConsenSys partners with Securosys cybersecurity company to launch a more secure staking solution for ETH 2.0 as we can see in today’s ETH news.
The New York-based ETH software company ConsenSys partners with Securosys which is also a cybersecurity company to launch an improved staking solution for ETH 2.0. The new product CodeFi staking will provide “institutional staking tools for ETH 2.0” while the Beacon Chain launched on December 1, 2020, after it secured a minimum deposit contract. With the new partnership, both companies will create a more secure method for long-term eth staking.
The enhanced security is achieved by removing the “challenges of operating independent validator nodes” as the company said. Securosys provides a few control mechanisms to ensure that the stakers don’t relinquish their control over the ETH 2.0 withdrawal keys. Kuhan Tharmananthar who is the product lead at CodeFi staking said:
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“By combining Codefi with Securosys Hardware Security Modules our customers achieve the highest level of security and convenience when moving from Eth1 to Eth2.”
ETH 2.0 brings the promise of proof of stake which is a huge milestone for smart contract platforms. The move from the current proof of work consensus to the desired PoS poses many challenges. To validate the transaction on ETH2 the stakers will have to be assured that they are safe from all types of attacks and failures in the first transition phase as the company said. Under PoS, the users can stake tokens and earn rewards to validating the blocks. At the time of writing, more than 2.87M ETH were sent to the ETH2 deposit contract while Ethereum’s price started trekking upward, much faster than Bitcoin did in the past year.
As recently reported, The New York-based Ethereum ConsenSys Quorum partnered with the Blockchain-based Service Network to bring the enterprise ledger to the nationwide blockchain project-BSN. As a part of the partnership, Quorum is an open-source protocol layer that serves as the basis for businesses to build ETH-based applications and will be available in about 80 different cities via BSN’s public city nodes in mainland China. The BSN was founded in April last year by Red Date Technology and it spans various cloud environments and portals in China while being backed by the Chinese government in the form of a National Development and Reform Commission.
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