ZenGo Wants To Reach The Masses With A Cryptocurrency Wallet
KZen is ready to release the ZenGo mobile application that would allow users to manage and handle their virtual currencies in a secure environment and easy way. There are several virtual currency wallets in the space, but the company aims at solving many of the current issues that others are currently facing.
ZenGo Releases New Crypto Wallet
In general, crypto users have their funds stored in crypto exchanges such as Binance or Coinbase. However, if there is an individual that has access to their account, they would be able to steal the digital currencies in just a few minutes. Moreover, if the exchange experiences an attack, the virtual currencies could simply disappear and the exchange could eventually cease its operations.
When a user leaves the funds in such platforms, they are giving the private keys that control the virtual currencies to a third party that might not be the most secure site in the space. Users should expect this third party to take care of the funds in a proper way. Although exchanges claim to be safe, several platforms lost millions of dollars in virtual currencies over the last years.
It is also possible to secure the digital currencies in a hardware wallet such as Trezor or Ledger Nano S. Nonetheless, the knowledge required to use them is usually too hard for many individuals.
According to Ouriel Ohayon, former TechCrunch editor, ZenGo is the perfect wallet application that only requires a device that is paired with ZenGo’s servers. The company is currently using threshold signatures. That means that users that want to start a transaction would need the servers to also be involved in this action. At the same time, if for any reason the user losses its funds, the company can have access to the virtual currencies on its own.
As reported by TechCrunch, ZenGo will be using a public key and private secrets but all will be transparent for the user in order to make it easy.
As soon as a user creates a wallet, there are two private secrets generated separately that are stored in different ways. One of them is stored in the smartphone and the other on ZenGo servers. Users will need both secrets to sign a transaction. It is also possible to back up a device on ZenGo’s servers in case the device is lost.
ZenGo would be able to access this data only if the user shows its identity and if it requests that. The company also stores a 3D biometric face map that allows users to restore the wallet on a new device.
In order to do so, ZenGo has partnered with SoOm for the app to be able to create a face map from a smartphone with a selfie camera. This is the only possible way to be sure that it is a secure system. Although the application is not ready to be released to the market it will be live in just a few weeks.