ConsenSys Unveils Its Codefi Staking Pilot Program for Ethereum 2.0
Even before the final and official launch of Ethereum 2.0, enthusiasm of blockchain service providers to offer ETH 2.0 staking services remain high. ConsenSys, the blockchain software engineering firm recently announced the launch of its new institutional-grade Ethereum staking-as-a-service pilot platform dubbed as Codefi.
The announcement came on Wednesday, June 17, as six cryptocurrency heavyweights pledged their support to the ConsenSys Codefi. Among this six includes two popular crypto exchanges Binance and Crypto.com. Others include investment firm DARMA Capital and cryptocurrency custody service providers like Matrixport, Trustology, and Huobi Wallet.
Using the ConsenSys Codefi platform, all these six crypto giants will get an early access to the ETH 2.0 staking pilot. The official announcement also notes that with the completion of the pilot program, the parters will also get a better and deeper understanding of Ethereum 2.0.
We all know that with ETH 2.0, the popular Ethereum blockchain is shifting from a proof-of-work consensus mechanism to a more efficient proof-of-stake consensus protocol.
As the transition happens ahead, anyone with a minimum of 32 ETH tokens in their wallet can stake their holdings. For the Ethereum 2.0 blockchain to launch, a minimum of 16,384 validators staking 524,288 ETH is required.
James Slazas, chief executive of DARMA Capital, says that the ETH upgrade to PoS protocol is “a pivotal moment for both Ethereum and the Web 3.0 ecosystem.”
The Codefi Staking pilot platform is built atop the trusted software stack developed by ConsenSys. Speaking on the launch of this Codeif platform, Product Lead Tim Lowe said:
“Some of the risks associated with running your own validator include theft or loss of withdrawal keys, incorrect transfer of funds to the Eth 2 deposit contract, and not to mention hardware or internet connectivity failures which result in a loss of validator rewards. With ConsenSys Codefi, validator keys are held in a secure vault with online signing capability, and there will be multiple layers of gatekeepers validating transactions preventing unauthorized usage.
We know the importance of onboarding as many validators to Ethereum 2.0, and for that reason have built a turnkey solution for enabling large exchanges and institutional crypto funds to have an always-on and dependable access point to stake the ETH they hold for their customers,” he added.