Tezos Israel is well known to be an innovation hub. They have developed a security device, which will better secure the assets of the Tezos investors, which has been staked by/with the Tezos Network Validators.
The staked assets should be protected well. The hardware device proposed by Tezos Israel can be particularly of help.
It is well known that Tezos are based on the proof-of-stake blockchain network. The Tezos security device will better secure the staked assets of the network validators.
Tezos Israel have developed the hardware module in partnership with Hub Security. This in turn will permit validators (bakers) to be able to store their private keys either in a secure physical unit or in a secure cloud to prevent theft and inability to access their assets due to network disruptions.
Eyal Moshe, CEO of Hub Security expressed that network validators should stake large amounts of cryptocurrency to qualify as validators on the network. During this period the funds will be locked in for a period of time. To make this process safe, rigorous security is required.
This new hardware has a mini hardware security module (HSM), which works like a remote control in the hands of the user/investor. The software permits a two-factor authentication. Thus, bakers get a better alternative to already existing cryptocurrency hardware wallets, which should be connected to the network when the validators are running the network.
HSM technology makes it possible for “safe use of encryption keys and secret information to operate sensitive applications while maintaining complete secrecy and privacy.”
Commenting on this topic, Sydney Ifergan, the crypto expert tweeted: “Tezos (XTZ) well know that ensuring privacy is an endless affair and I see their teams are innovating new products periodically like the HSM technology to protect privacy.”
Tezos (XTZ) Groundwork towards DeFi
The Tezos Foundation have expressed that they have driven some of biggest accomplishments in the Tezos Ecosystem throughout 2020. The Tezos 2020 year in review provides a listing of the same.
The strength of the Tezos Ecosystem is their Team. The different Tezos Teams from across the world have built new products. New developers have been onboard on to the ecosystem. All of these have occurred despite the disruption of the pandemic. Updates about their achievement have been classified as being on the technical side and the adoption side.
On the technical side, they pointed to developments in the adoption of two new protocol proposals, Carthage and Delphi and also about Edo. The new protocol upgrade schedule with regular cadence for proposals in 2021 and beyond. The new token standard, FA2, to support a different ranges of token types and multi-asset contracts. Integrations like Truffle Suite and Beacon SDK easing up Tezos smart contract development. The introduction of Harbinger oracle, SmartPy, Cryptonomic’s ongoing efforts to integrate Chainlink oracles were highlighted.
Also, pointed to the work from Bender Labs to migrate the existing tokens onto Tezos and camlCase with the launch of Dexter. Thus lot of groundwork for continued development of DeFi ecosystem on Tezos has happened in 2020.