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Ethereum (ETH) 2.0 Keys Solutions Explained By Ethereum Foundation Researcher

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Thu, 05/21/2020 - 11:39
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Vladislav Sopov
As its launch gets closer, the Ethereum (ETH) 2.0 design is steadily becoming more clearly defined. EF researcher Carl Beekhuizen explains the role of keys in ETH2
Ethereum (ETH) 2.0 Keys Solutions Explained By Ethereum Foundation Researcher
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Carl Beekhuizen, an Ethereum (ETH) 2.0 researcher, along with the assistance of Ethereum contributors Sacha Saint-Leger and Danny Ryan, has unveiled the novelties of key usage in the future Ethereum (ETH) Proof-of-Stake network.

Keys of all types and sorts

As explained by Mr. Beekhuizen, each validator will have two sets of keys: a signing key and a withdrawal key. Also, a public key serves as the identity of an ETH2 validator.

A signing key will be required from validators to perform their duties, i.e. to sign attestations and propose blocks. Withdrawal keys will allow transferring and withdrawing Ethers.

To advance the storage of keys without sacrificing its integrity, mnemonic phrases and the ability to derive keys from other keys will be added.

As a result, keystores encrypted with the user’s password will secure private keys.  Keystores (files) and passwords will have to be provided to the clients to start validating blocks.

First step in validating

Mr. Beekhuizen outlined that generating the appropriate sets of keys is the first step in becoming a validator.

One keystore will be needed per validator to store the required keys. In Phase 0, the keystores for withdrawal keys are not necessary as withdrawals and transfers won’t be allowed in Beacon Chain.

Finally, the EF researcher highlighted that the Ethereum (ETH) 2.0 team is working on a friendly interface to walk validators through this sophisticated process.

Related
Ethereum (ETH) 2.0: What is Ethereum’s Next Phase After the Istanbul Hard Fork
 

Ethereum (ETH) 2.0 or Serenity is a Proof-of-Stake version of the Ethereum (ETH) network that may be released in Q3, 2020.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)