EF researcher Carl Beekhuizen explains the role of keys in Ethereum 2.0, the design more clearly defined
The Ethereum 2.0 design is getting more and more clearly defined as the launch approaches. Meanwhile, EF researcher Carl Beekhuizen explained the role of the keys in ETH2.
As you may know, Ethereum 2.0 or Serenity is a Proof-of-Stake version of the Ethereum network that may be released in Q3, 2020.
Confused about keys in eth2? The next Validated article explains all you need to know about how, and why they work the way they do in eth2:https://t.co/pEHqePAsxl
— Carl Beekhuizen (@CarlBeek) May 21, 2020
Ethereum 2.0 researcher unveiled the novelties of key usage in the future
With the help of Sacha Saint-Leger and Danny Ryan, who contributed to Ethereum, Carl Beekhuizen announced the main use of innovations in the future Ethereum Proof-of-Stake network.
According to Beekhuizen, each validator will have two sets of keys:
- A signing key: Required from validators to perform their duties, i.e. to sign attestations and propose blocks
- A withdrawal key: Allow transferring and withdrawing ETH
Besides, a public key will serve as the identity of an ETH2 validator. To enhance the storage of keys without losing its integrity, mnemonic phrases, and the ability to retrieve keys from other keys will be added. Therefore, keystores encrypted with the user’s password will secure the private keys. The keystores and password will have to be provided to the customer to start validating the blocks.
Beekhuizen stated that the creation of appropriate key sets is the first step to becoming a validator. A key store will be required for each validator to store the necessary keys. At phase 0, withdrawals and transfers will not be allowed on the Beacon Chain, so keystores will not be required for withdrawal keys.
Finally, the EF researcher stated that:
“The Ethereum (ETH) 2.0 team is working on a friendly interface to walk validators through this sophisticated process.”
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