BLOCKCHAIN
BLOCKCHAIN
BLOCKCHAIN
New cryptocurrency wallet ZenGo offers keyless entry with distributed security
A new cryptocurrency wallet called ZenGo is launching today with the promise of being the first keyless wallet to offer decentralized security and distributed key management.
Created by Kzen Networks Ltd., the ZenGo wallet is being pitched as the first secure user-controlled crypto wallet that can be adopted and used by anyone, removing what the company describes as a typical friction point found in alternative solutions.
The wallet differs from many existing cryptocurrency wallets by not requiring a password, seed phrase or mnemonic key to access. It does so by replacing key access through security distributed through a users’ device and ZenGo servers. Accessing a ZenGo wallet involves two independently created “mathematical secret shares” that sync between the two to allow access.
On the security side, both are required to gain access. In the event that a device such as a smartphone is lost or stolen, access cannot be obtained by the device alone and likewise should ZenGo be hacked, access to the wallet is still required from device. Because of that setup, ZenGo itself has no access to funds held in user wallets.
In the event of a hack or lost device, backup functions using 3-D face scanning and a user’s iCloud account are used to restore access.
The dual-access security model has additional built-in functionality that allows users to access their funds should ZenGo itself no longer be available. The company offers an “Access Guarantee… meaning that users can access their funds even if we stop operating.”
A spokesperson for ZenGo told SiliconANGLE that the product matters because “trusting exchanges with funds is risky,” and that “private key management is complicated and does not scale to most users” whereas “decentralized wallets are just too hard.”
ZenGo is available for iOS today with an Android version expected to be released in the coming weeks.
At launch, ZenGo is free to those who sign up with a lifetime guarantee that it will remain free. The company said it will charge a subscription fee for the service in the future to later users but not at launch.
Images: Zengo
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