ZenGo is the inaugural keyless cryptocurrency wallet. Instead of precarious seed words, it employs sophisticated multiparty computation (MPC) technology. The MPC uses intricate mathematical techniques to divide users’ private keys into several encrypted segments. No individual entity can obtain the user’s key, decreasing the risk of theft or loss.

What is Zengo Wallet?

ZenGo is a highly secure blockchain wallet utilized for cryptocurrency storage. It features a highly secure system devoid of seed phrase vulnerabilities and underpinned by an advanced multiparty computation (MPC) wallet design. Zengo Wallet is a non-custodial mobile cryptocurrency wallet that substitutes private keys with threshold signatures to generate two mathematical secret shares—one retained on users’ mobile devices and the other on their servers.

ZenGo employs cutting-edge biometric encryption, 3FA, and Multiparty Computation (MPC) cryptography, facilitating seamless and secure access to your cryptocurrency. Multi-billion dollar institutions have utilized advanced MPC cryptography for years; Zengo is the inaugural cryptocurrency wallet application to provide these security advantages to users. Zengo’s approach eradicates the conventional friction points associated with onboarding and backup, all while ensuring the absence of a single point of failure. Zengo facilitates effortless backup and straightforward recovery and provides exclusive asset management for the user.

Background of Zengo Wallet

Zengo is a keyless mobile crypto wallet created by KZen Networks, an Israel-based business specializing in blockchain solutions emphasizing security and user experience. Gary Benattar, Omer Shlomovits, Ouriel Ohayon, and Tal Be’ery established the company in 2018. Zengo Wallet gained prominence during the FTX collapse in 2022. Their distinctive combination of engineering, security, and encryption enabled the Zengo project to secure $4 million in startup funding, with support from Samsung. In 2021, Zengo secured an additional $20 million in a fundraising round, increasing the total capital received to $24 million.

Security on Zengo Wallet

Security is the essential foundation of any cryptocurrency wallet. Zengo Wallet employs secure multiparty computation (MPC) and threshold signatures to safeguard users’ valuables.

Multiparty Computation (MPC)

Multiparty computation (MPC) is a distinguished domain of cryptography employed by significant institutions, such as banks, to safeguard and secure substantial financial assets. It is deemed secure because, in contrast to public/private key cryptography, it functions without a singular systemic point of failure and has undergone extensive testing over the years.

3FA

ZenGo’s three-factor authentication guarantees the recoverability of the user’s account at all times. ZenGo’s keyless recovery is straightforward and safe and requires only a few seconds to configure. It eliminates the need to manage and store a private key, ensuring the secure recovery of users’ wallets and assets without the concern of loss. The Recovery Kit lets users restore their ZenGo wallet if the application is deleted or transitioned to a different device.

Secret Shares

Zengo Wallet substitutes the conventional private key with two independently generated mathematical secret shares. An encrypted version of the user device’s secret share is retained on the Zengo server (inaccessible to Zengo). At the same time, the decryption key is securely maintained in the user cloud account (e.g., iCloud, Google Drive, Dropbox). Access to the encrypted sharing is permitted solely through the user’s biometric facial scan. The shares are never exposed to one another at any moment.

Zengo Wallet’s Main Features

Buying and Selling Crypto

Zengo enables users to transact with cryptocurrency from within the wallet application. This eliminates the necessity of transferring funds to a cryptocurrency exchange. Zengo employs third-party payment processors to execute transactions, resulting in potentially elevated rates. Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and additional cryptocurrencies can be purchased using credit cards (Visa and Mastercard), Apple Pay (Visa and Mastercard), bank transfers (SEPA and Swift), or debit cards (Maestro).

Swapping

Zengo users may trade cryptocurrencies in the Swap section. Zengo allows users to exchange cryptocurrency assets from within the wallet interface. All coins and tokens compatible with the wallet are eligible for exchange. In contrast to fiat currency transactions, users do not require a third-party intermediary, as cryptocurrency exchanges occur via decentralized liquidity pools. Zengo imposes a fee of 0.5% on the swap amount. However, the wallet facilitates fee reduction on swaps by enabling users to connect with Web 3.0 Dapps, such as Uniswap and OpenSea.

Integrated Wallet Connect

Zengo Wallet enables users to connect and authenticate with numerous Dapps (decentralized applications) via the Ethereum blockchain through the WalletConnect functionality incorporated inside the Zengo Wallet. Users can safely connect to the diverse ecosystem of Dapps, including NFTs on OpenSea, trading on Uniswap, earning yield through Lido, and gaming in The Sandbox, using WalletConnect with Zengo. Despite the numerous capabilities of Zengo Wallet, applications based on ZK rollups are still unsupported due to their method of managing transaction signatures.

Zengo Pro

Zengo Pro is a high-end self-custodial service with advanced security features, including a crypto inheritance product and multi-layered protection to safeguard your assets from unwanted withdrawals. Zengo Pro incorporates a range of pioneering security measures and sophisticated self-custody mechanisms. Zengo Pro enables customers to access Legacy Transfer, the first self-custodial inheritance system in the industry, Asset Theft Protection linked to user biometrics, a sophisticated Web3 firewall, Bitcoin Private Transaction Mode, and many more features.

Features of Zengo Pro

Zengo Pro enhances the robust security framework inherent in every Zengo wallet through four features:

Legacy Transfer

Zengo Pro’s legacy transfer feature enables customers to securely transfer their digital assets to a trusted friend or family member. Zengo’s inheritance feature facilitates the continuity of digital assets across generations. Zengo’s legacy transfer enables users to safeguard their digital assets from potential loss by establishing an inactivity threshold for their Zengo wallet. Users may nominate a legacy recipient, who can be altered or removed at any time while retaining complete control over their on-chain assets.

Theft Protection

With the theft protection feature, Zengo Pro enables customers to safeguard their possessions. Zengo intends to actualize the future of asset protection by linking assets to the user’s distinctive 3D FaceLock biometrics. Zengo Pro empowers customers to specify the dollar threshold that activates multi-factor authentication with 3D FaceLock.

Web3 Firewall

The Web3 Firewall is integrated into each Zengo Pro account. Zengo’s Web3 Firewall safeguards, notifies, and shields users’ Web3 assets from hackers, fraud, and wallet depletion. Users can utilize this capability without the necessity of additional software. Zengo’s Web3 Firewall categorizes sensitive on-chain transactions into three risk tiers, determined by transaction sensitivity, the extent of permissions granted to other systems, and identified scams. Similar to a traffic signal, featuring three tiers of safety.

The green colour signifies users engaging with a confirmed Dapp and recognized smart contract.

The yellow interaction is contingent on context but typically signifies atypical behavior. The Web3 firewall enhances transparency and clarity in Web3 transactions.

The red indicator signifies that the Web3 firewall has identified anomalous behavior for prompt intervention. Many susceptible red transactions necessitate dual confirmation.

Zengo Pro clients gain access to Transaction Insights, enabling them to analyze transactions before final approval. This degree of detail is attributable to transaction simulations, which provide an optimal estimation of what you endorse before executing an on-chain transaction.

Benefits of Zengo Wallet

The Zengo wallet offers numerous distinctive advantages that facilitate trading for seasoned users and novices. Among the benefits of the Zengo Wallet are the following:

Portfolio Accessibility

Zengo enables users to access their crypto holdings at any moment and purchase, swap, watch, or sell cryptocurrency as required. In contrast to other wallets, there are no minimums, maximums, or exorbitant transaction fees—merely secure and uncomplicated transactions.

Assets Management

Zengo enables trading, purchasing, sending, and receiving cryptocurrency without incurring supplementary transaction costs, allowing you to maintain control over your crypto assets.

Secured Keyless Wallet

Zengo’s wallet is one of the most secure, thanks to its superior cybersecurity methods. It uses three-factor authentication, threshold key signatures, multiparty computation (MPC), and facial recognition to secure your cryptocurrency tokens.

Seamless Recoverability

Using its authentication procedures, Zengo can restore access to users’ wallets and currency if they misplace their devices at any point.

How to Use Zengo Wallet?

Install the ZenGo Wallet Mobile Application

• Access ZenGo’s homepage and select the download button corresponding to the device type, either Android or iOS, or scan the QR code on the ZenGo webpage.
• Upon scanning the QR code, users will be directed to the application repository corresponding to their device to download the application.

Setting Up Wallet

• Once the user successfully installs the ZenGo mobile wallet application on their smartphone, they may proceed with onboarding. To proceed to the next phase, navigate the carousel or click on Skip in the upper right corner of the page.
• Next, the user must provide an email address to obtain a verification link to secure their account.
• To authenticate their email address, the user must click the “tap to confirm” button within the email. Upon successfully authenticating their email address, they will be routed to the ZenGo program homepage.

Establishing a Personal Recovery Kit

• To assemble their recovery kit, users must access the Account page on their dashboard and click the Let’s Go button to initiate the process. They must also adhere to the instructions for assembling their recovery kit.

Buying Crypto Assets

• Step 1: Download Zengo and establish a wallet.
• Step 2: Select the “Buy” icon and input the amount. Select to purchase Bitcoin, Ether, stablecoins, and additional cryptocurrencies. The minimum purchase requirement is $50.
• Step 3: Input the verification code to the email and select the box to consent to the terms.
• Step 4: Provide billing address. Ensure the address aligns with a recognized country (refer to the preceding information). Additional paperwork may be requested.
• Step 5: Select a payment option and complete the purchase. Select a credit card, Apple Pay, bank transfer, or debit card.

Zengo Wallet and WalletConnect

WalletConnect possesses significant potential to enhance the usability of decentralized applications (Dapps). WalletConnect potentially mitigates a primary barrier to the widespread adoption of a decentralized web by facilitating more user-friendly methods for individuals to securely manage and control their keys. The WalletConnect protocol ensures security and simplicity for Dapps users. WalletConnect has been explicitly engineered to interface with any wallet. Any blockchain renders it the most adaptable and accessible method to engage with Dapps.

WalletConnect functions as a conduit to decentralized applications (Dapps), linking users to their preferred Dapps through the cryptocurrency wallets they already utilize and favor, of which there are numerous WalletConnect-compatible options. Numerous internet dapps utilize your Ethereum, Optimism, Arbitrum One, or Polygon Wallet for trading ERC20 tokens and investing in decentralized finance (DeFi), gaming, NFTs, and more. The Zengo wallet is a safe conduit to this extensive ecosystem through a WalletConnect protocol. Zengo accommodates Ethereum, Optimism, Arbitrum One, and Polygon applications.

Connecting Zengo Wallet with WalletConnect

To initiate WalletConnect, users must first download Zengo and subsequently adhere to the following steps:

Step 1: Users can access the preferred Dapp, such as Uniswap, on their computer or mobile device and select “WalletConnect” from the connection choices, typically found under “Connect Wallet.”

Step 2: A QR code will appear after users select the “Connect Wallet” button. Subsequently, they can launch Zengo on their mobile device, select the QR scanner icon in the home screen’s upper right corner, and scan the QR code. The QR code is unscannable if the user still needs to back up and synchronize their account with a cloud service.

Step 3: Upon scanning the QR code, a “Connect to the app” dialog box will appear, allowing users to select the network they wish to connect to. Choose the network, either Polygon or Ethereum, then press the Confirm button to establish a connection. By linking, users grant the app access to their address, account balances, activity history, and the capability to make transactions.

Step 4: After step 3, users can launch Zengo on their mobile devices, hit the activities button at the bottom of their home screen, and then select the Connect button.

Conclusion

Zengo is a premier wallet choice for security-focused investors, catering to advanced and novice traders. The non-custodial wallet employs MPC technology, granting users total control over their assets. Zengo is a mobile app-based hot wallet that securely saves users’ cryptocurrency assets and facilitates trading from within the application.