ZenGo Crypto Wallet, A Non-Custodial Storage Option, Launches Open-Source Project For Libra
There is a great amount of hype and anticipation that surrounds the upcoming Libra token by Facebook as many world governments have put measures in place to accommodate the token when it launches and Facebook themselves have been summoned to the US Congress to speak about their upcoming plans.
Besides the anticipation for the token itself, a number of private firms within the industry are already making provision for the token launch and is one of these is ZenGo, who announced on July 2, 2019, that they have created an open-source projects that provide proof-of-concept with the ability to support the Libra token when it comes on the market. ZenGo is a non-custodial crypto wallet solution and according to the announcement, the proof-of-concept project shows that that transactions can be conducted across the Libra testnet blockchain. They did, however, note that their findings are limited for now.
“Obviously, this experiment is only based on a testnet and we will have to explore further once Libra makes its mainnet available. Additionally, there is no user interface in this PoC and it goes without saying that a proper UI is required for a usable product,” the announcement said.
The announcement of the project also discussed the Calibra wallet, which is the native wallet for the token and according to report, the Calibra wallet is a good custodian-based solution for the token but does not give users full control over the funds. The slogan is ‘not your keys not your bitcoin’ and users are required to undergo a registration process with a government ID to make use of the wallet and this might be tedious for certain users.
In the case of ZenGo, they make use of a technique called Threshold Signature Scheme (TSS) that eliminates the need for private keys and this is because they are of the opinion that private key management is very complicated for the average user and the TSS helps to avoid custodian solutions and private keys.
“TSS removes the burden of the single atomic private key and splits the responsibility between multiple parties. Each of the parties generates its own secret and uses this secret to distributively sign a transaction without revealing the secret to the other parties,” the report said.
This report adds a further layer of complexity the already interesting topic of the Libra token and Facebook is trying to adjust itself to the regulations around the world such as in India where the token will not be available due to a ban on cryptocurrencies that carries a 10-year jail term for anyone who engages in transactions using cryptocurrency. At the same time, because the token will be so widely due to Facebook large user base, there will be the need for a registration process that will adhere to worldwide government regulations and the need for government ID might be somewhat tedious for users only those that are used to the general anonymity of making use of crypto.
As preparations continue to take place for the Libra token, some of these issues about wallets and regulations and bans should be resolved in due time ahead of the much-anticipated launch.