ZenGo 'Keyless' Crypto Wallet Raises $4 Million

For entry level cryptocurrency users managing their assets can be a nightmare. It's easy to manage several keys and passwords as it can be stressful and many users may not be able to maintain a high level of security due to lack of knowledge or plain simple ignorance.

ZenGo aims to solve this problem by what they claim to be their breakthrough cryptography where there's no private key to worry about. I'm not entirely convinced it works in practice but consider they got funding of $4 million from investors including Benson Oak Ventures, Samsung, and Elron, I'd like to think they maybe onto something here.

They claim our security is distributed between our device and ZenGo servers when we use their wallet. So even if they get hacked or you lose your wallet, your assets are always safe. You get maximum security with complete control claims their website.

Keyless backup keeps your assets safer than a seed phrase ever could. We have no access to your funds. Only you can move your assets.

According to the report in TBC: The technology powering ZenGo’s system is threshold signatures —similar to multi-sig. With threshold signatures, multiple parties must cooperate to initiate a crypto transaction. According to ZenGo “instead of using a traditional private key, the message is signed using a public key and multiple secret shares held by the participating parties.”

The ZenGo system uses a two-of-two signature system, requiring two “shares”, one from the user and one from ZenGo, to send a transaction. An encrypted copy of a share is stored on ZenGo’s server, while the decryption code is stored on the user’s iCloud account.

The signing process all happens in the backend. If a ZenGo user wants to send transactions they only need to scan their face, via Apple’s FaceID feature, which will signal ZenGo’s servers to send over the encrypted share for signing.

ZenGo is interesting because it supports fast transactions, instant notifications, multiple cryptocurrencies and they even offer one tap support.

It has only been a few days since they have introduced their product. I think it's certainly worth a try and I'm going to apply for the private beta to test it out a little.

KZen Network is officially launching a new website for ZenGo, our new brand. Zengo is deceptively simple in appearance. Because the approach is so new, we know it will raise many questions and we have included on the site, all the explanations and answers to question you may have. Since, no words can really capture the magic of the experience we crafted, the best way to get it is to try it.

You can request access to their private beta here. According to their blog they have private beta access available for iOS devices and Android will be available soon. But the signup link has both options. Give it a try if you want.

However, all said and done, there is no dearth of crypto wallet providers today! I'm not sure at this point how it will stand out. Also this information from the report is probably worth your consideration:

There is also a concern about what happens if ZenGo’s server shuts down. Ohayon tells The Block that when ZenGo launches, the firm plans on hiring an independent trustee to trigger a share recovery process and allow ZenGo’s users to continue using its service. Additionally, because ZenGo uses facial verification, there is also a potential for an attacker to trick Face ID into signing a transaction without users’ knowledge. Ohayon, however, is not deterred, telling The Block that ZenGo’s tech is “spoof free.”

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