First Non-Custodial Wallet without Private Keys Rolled out by Israeli Startup Zengo
- Zengo is releasing the first non-custodial wallet with no private keys
- The wallet ensures users funds are not tampered with in the case of a hack
An Israeli startup Zengo is working on releasing the first ever non-custodial wallet with no private keys. This is meant to give users total control of the wallet without a third party and with the security level of one with private keys and custodians.
Co-founder of the Zengo Ouriel Ohayon said the company is trying to eliminate the difficulty new users face when using crypto wallets and to give them the best experience of simplicity and boosted security.
“Until now users had the choice between two poisons: be their own bank at the cost of complexity, human errors or hacks or trust a third party blindly (which they chose by default because it’s just easier but then lose total control),” Ouriel said.
Indeed the wallet is oddly simple. First, it has no password and the process of account setup and restoration are so simple that anyone can use. Further, an audit by Kudelski and AppSec ensures that the wallet is up to the required security standard with biometric encryption and funds cannot be affected if users’ phones or server is hacked, Ohayon added.
The first adopters of the wallet are to get free access but the subscription fees will be charged eventually as well as transaction fees. The wallet technology is superior to multi sig as it can support any asset a user would like to use.
Zengo had a $4 million seed funding from Samsung, other companies and three three blockchain grants for the project. The wallet is expected to be like a combination of cold and hot wallets, just better.