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Tezos Israel Develops Hardware Device to Protect Network Validators' Staked Assets
Innovation hub Tezos Israel has built a hardware security device it says will better secure the staked assets of Tezos' network validators.
Updated Sep 14, 2021, 10:46 a.m. Published Dec 21, 2020, 2:00 p.m.
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An Israel-based innovation hub focused on the proof-of-stake blockchain network Tezos is bringing out a security device it says will better secure the staked assets of network validators.
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- Tezos Israel said in a press release Monday that the hardware security modules, developed in partnership with Hub Security, will allow validators (also known as "bakers") to store their private keys in a secure cloud or in a separate physical unit, avoiding theft and network disruptions.
- Network validators must stake large amounts of cryptocurrency – that is, lock in funds a period of time – to qualify to validate the network. This approach requires "rigorous security," said Eyal Moshe, CEO of Hub Security.
- A kind of server, the new device is powered by a mini hardware security module (HSM) that acts as the user's "remote control" and software that allows "bank-level" two-factor authentication, according to the release.
- It is said to offer bakers a better alternative to cryptocurrency hardware wallets, which need to be physically connected to the computers running the network.
- The firms said using HSM technology enables "the safe use of encryption keys and secret information to operate sensitive applications while maintaining complete secrecy and privacy."
See also: Licensed Swiss Crypto Bank Launches Tezos Trading and Staking
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