Figment, alongside industry leaders including Alluvial, AON, Blockdaemon, Chainproof, Coinbase, DV Labs, Eigen Labs, Galaxy, KPMG, Liquid Collective, Nexus Mutual, PwC, and Staked, is proud to announce the launch of the Node Operator Risk Standard (NORS) Certification for Ethereum. This certification, developed by a working group of leading entities in the blockchain space, is the first certification to attest to staking risk management and operational security.
What is The NORS Certification for Ethereum?
The NORS certification is a first-of-its-kind standard built specifically for Ethereum node operator risk management. It establishes enterprise-grade criteria that encompass critical aspects of validator operations, including:
- Slashing prevention
- Validator diversity
- Proper key management
- Overall operational security
Figment has always had an unwavering commitment to implementing and maintaining the highest standards of security and best practices in Ethereum staking. Figment, like all Liquid Collective node operators, will be among the first companies in the world to undergo the NORS assessment.
Why NORS Matters In The Ethereum Ecosystem
When it comes to staking, security and risk management are paramount. The NORS certification provides a clear, industry-recognized benchmark for node operators, offering assurance to clients and stakeholders about the quality and reliability of staking services.
For Figment, this certification is a testament to our dedication to responsible validator management and our continuous efforts to enhance our operational practices.
Risk-Adjusted Rewards
Risk-adjusted rewards represent a more holistic approach to evaluating staking performance, considering not just the raw returns but also the potential risks and vulnerabilities associated with achieving those returns. The introduction of NORS marks a significant shift in the industry’s perspective on rewards, emphasizing the importance of risk management in staking operations.
At Figment, we have long recognized the value of this approach, focusing on risk-adjusted rewards to ensure our clients can maximize their staking benefits while minimizing exposure to potential hazards. Our commitment to risk mitigation is reflected in our use of battle-tested open-source software and our emphasis on redundancy.
This strategy not only enhances our operational security but also provides us with the flexibility to swiftly adapt to any software issues, ensuring consistent performance and protection for our client’s assets. The NORS certification further validates our approach, underscoring the importance of robust risk management practices in delivering sustainable, optimized staking rewards.
“NORS helps bridge the gap between existing certifications like SOC 2 and ISO 27001, taking into account the many nuances of staking. Having participated as a subject matter expert in the NORS Development Working Group, I am proud that the resulting certification does an effective job assessing a node operator’s design and effectiveness of controls related to staking.” – Joshua Faier, Senior Product Manager at Figment
Looking Ahead
At Figment, we’re proud to be at the forefront of this movement towards greater transparency and security in staking services. We remain committed to maintaining and exceeding these high standards as we continue to serve our clients and contribute to the growth of the Ethereum ecosystem.
For more information about NORS and how to get involved, visit nors.global.
