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Blog posts, Company | 11/17/2020

Ledger is ready for the Ethereum 2.0 revolution

crypto Hardware Security
Ethereum 2 Ledger Deposit contract

Ledger is providing an update of the Ethereum application through a new version of its Nano X firmware. This update will enable the validation of deposit contracts for Ethereum 2.0 via third-party services.

The Ledger Nano X firmware version 1.2.4-5 is now available! It supports the seed derivation algorithm EIP2333. This new cryptographic functionality is a prerequisite for updating the Ethereum Nano application (Ethereum 1.6.0) in the context of the upcoming launch of Ethereum 2.0.

What is the purpose of the Ethereum application update?

As you have probably heard, the first Ethereum 2.0 phase — Phase 0 — will start on December 1st. The fundraising necessary for this successful launch has already begun. Its purpose is to create a bridge between the current proof-of-work blockchain and the upcoming proof-of-stake blockchain by allowing Ethereum owners to start depositing Ether on the Beacon Chain.

The Beacon Chain is the new blockchain at the core of Ethereum 2.0. Its mission is to ensure the synchronization of data among all shard chains (parallel blockchains which will allow to increase the number of transactions on Ethereum 2.0). To achieve this, the Beacon Chain relies on validators who participate in the creation and validation of new blocks.

To become validators, Ethereum stakers have to deposit at least 32 Ether on the Beacon Chain using what is called a “deposit contract”. With Ledger Nano X’s new firmware version 1.2.4-5, the Ethereum application update (Ethereum 1.6.0) makes it possible to securely sign a deposit contract transaction directly on your Ledger Nano X.

Anticipating the future

For now, no third party services connected to the Ledger Nano X allow you to create the deposit contract transaction easily. However, as soon as this feature becomes available, our technology will be ready. Your Ledger Nano X will be able to derive an Ethereum 2.0 public key and validate that the withdrawal public key used in the deposit contract indeed belongs to the device.

We’re already working with third parties to advance this service.

Moreover, Ledger is currently working on a second Ethereum application allowing stakers to securely sign blocks on the Beacon chain.

What about Nano S?

For now, the firmware and Ethereum application upgrades are only available on Ledger Nano X.
Nevertheless, we are working on their integration on Ledger Nano S. Although there is no defined deadline, the new firmware version and the Ethereum application update will be available in 2021.

To learn more about updating your Ledger Nano X’s firmware, please visit our Support page.

If you need more information on how to update your Ethereum application after updating your Nano X firmware, please visit our dedicated Support page.

Please note that Ledger will NEVER ask for the 24 words of your recovery seed.
When updating the firmware of your Nano X, if you have received a phishing attempt or if you are aware of an illegal website asking for your 24 words please report it to Google Safebrowsing and share it to the community: #StopTheScammers.

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