Establishing an Eth2 Node in a Mobile Wallet: An Introduction to the Eth2 Non-Custodial Wallet Staking Solution
The Eth2 non-custodial wallet staking service by InfStones and imToken has recently been launched on the imToken wallet. As a natively integrated feature in the Eth2 wallet, imToken users can directly stake ETH in the wallet interface, establish an Eth2 validator node, and participate in the Eth2 PoS consensus. Users can have an APY of around 8% by using this service.
This article will introduce the details of this service solution jointly launched by InfStones and imToken.
This solution gives the user a private key to their funds, and the service provider (InfStones) is responsible for the operation and maintenance of the node, one of the first and best of its kind. This solution also guarantees security and reliability for both the assets and the node.
1 Separation of Withdrawal Key Pair and Signature Key Pair
The focus on the feasibility of the Eth2 non-custodial wallet staking solution lies in the separation of the Withdrawal key (used to retrieve the staked deposit and income) and the Signing key (used to verify the node’s block production and transactions) in Eth2. In Eth2, the private key in charge of assets and the private key in charge of node operation are separated, making it possible for service providers to only run the validator nodes and not have access to user assets.
2 Generation of Eth2 Private Key in imToken
imToken has fully supported Eth2 wallet creation since version 2.9.1. An Eth2 wallet will be automatically created for every user when using the Eth2 staking service. The mnemonic phrase of the Eth2 wallet is the same with that is used to pay the staked deposit so that the user can utilize their current Eth1 wallet to manage Eth1 at the same time as assets on Eth2. In terms of protecting the security of private keys and mnemonics, imToken adheres to the principle of user self-sustainability. All mnemonics and private keys are safely stored locally on the user’s device. All synchronization and migration mechanisms (including mobile phone system-level data migration will not migrate the private key and mnemonic), this process ensures the security of the private key and mnemonic.
3 Signing and Monitoring of Staking Transactions
When the user initiates a staking request, imToken will send the Withdrawal public key of the staking request to InfStones. InfStones distributes the corresponding Signing key according to the requested number of validator nodes, and generates the staking authorization information according to the Withdrawal public key and Signing public key in accordance with Eth2 specification, and returns the authorization information to the imToken wallet for the user to sign and send the transaction.
After the user signs the transaction, InfStones will monitor the confirmation status of the staking transaction on Eth1 and then confirm the status of the staking on Eth2 (generally, it takes 15 hours after the transaction is confirmed on Eth1).
4 Establishing the Validator Node(s), Long-Term Operation, and Maintenance
When the staking transaction is confirmed on Eth1, InfStones will establish the corresponding validator node(s). The corresponding Signing private key will be imported into the node to complete the normal block signing and block generation process and obtain the corresponding node revenue. Please note that the revenue will go directly to the Eth2 wallet managed by the user, instead of the wallet of InfStones so that there is no possibility of charging intermediate fees.
To ensure node stability, high online rate, and high-quality operation, InfStones will run all validator nodes with an enterprise-level infrastructure, including 24/7 monitoring, disaster prevention, multi-cloud & multi-client deployment, node backup redundancy, etc.
5 Verify Node Status and Income Query
From the broadcast of staking transactions to the long-term operation of validator nodes, the status of transactions and nodes during the entire process can be seen on the imToken wallet interface.
After the node enters the Active state, users can see the automatic growth of the Eth2 account balance every day, as well as node-related information such as the status, online rate, and profitability.
In this service jointly launched by us and imToken, you will feel that you have genuinely established one or more validator nodes, participated in the transaction validation and block producing of Eth2, and contributed to the groundbreaking process of Ethereum’s upgrade from PoW to PoS, all from within your existing and trusted imToken wallet.
Founded in 2018 with offices across three countries and two continents, InfStones is the world’s leading blockchain infrastructure provider. The company’s core team is composed of senior engineers and business leaders from the most well-known tech and financial companies.
InfStones is dedicated to bringing down the traditional barriers to connecting with the blockchain, allowing clients to quickly build their applications on top of hundreds of blockchain networks. Currently, InfStones provides services to large institutional clients around the globe, supporting over 10,000 nodes on more than 50 public blockchains.