Today we want to talk about a particular DeFi wallet that differs from all the other centralized wallets as well as the decentralized ones, thanks to an innovative technology that allows it to function without private keys while at the same time being among the most secure wallets in the world. It is called ZenGo and shortly we will explain why it is unique!
ZenGo Wallet: Why is it so safe?
Considering that security is a central point of all crypto wallets, ZenGo has decided to pursue its goal by creating a new method for the protection of its wallets. With ZenGo there are no more private keys, registrations with email and password or other traditional methods. Instead, there is a brand new method known as ‘mathematical secret sharing‘. Basically, the wallet creates two secret shares, one that remains on our device and another that is concealed in ZenGo’s servers. Even if someone should discover your share, your funds remain safe because every transaction must match the two shares in order to be executed.
When executing a transaction from the ZenGo wallet, the two shares must be signed on both client and server side to initialize the transaction. The great thing is that the share located on ZenGo’s servers is encrypted, so the devs or team behind the wallet will never be able to vanish with the funds. The client-side share is located in your iCloud or Android account and can only be used through 3D biometric Face map unlock, so it’s impossible to recover it even if someone steals your device. And if you should lose your smartphone, backing up your ZenGo wallet will be easy thanks to the 3D biometric Face map. An amazing feature that eliminates any risk of hacks, losses, disappearance of funds and so on. Summing up: the ZenGo Wallet is non-custodial, has no private key, can be recovered in a few seconds on new devices and does not require KYC.
ZenGo Wallet: The Features
We have dedicated half of the article to explain the security behind the ZenGo wallet as it definitely deserves special attention, however, the other features of the wallet shouldn’t be neglected. The Wallet is part of the DeFi universe because it offers many useful operations such as buying cryptocurrencies, swapping between different currencies and finally the possibility of earning interest on your assets!
Buying cryptocurrencies with ZenGo: The wallet collaborates with MoonPay and Coinmama in 188 countries around the world to allow its users to buy Bitcoin, Ethereum, USD Coin (USDC stablecoin) and many other cryptocurrencies through credit cards (both VISA and MasterCard), Apple Pay (only MasterCard at the moment) and bank transfers (both SEPA and SWIFT). Unfortunately this function is currently prohibited in some countries and states such as: Bangladesh, Barbados, Cuba, Iran, North Korea, South Sudan, Syria, Uganda, Venezuela, Zimbabwe, Connecticut, Hawaii, Iowa, New Mexico and New York. This link contains all the forbidden countries.
Earning interest with ZenGo Wallet: As far as DeFi is concerned, the wallet collaborates with Compound and Figment Network. The former allows earning interest by adding liquidity to its pool while the latter allows earning Tezos (XTZ) by staking funds. In case of any doubt about this part, there’s a whole article explaining step by step how Savings works!
Currently supported assets by ZenGo: Bitcoin, Binance Coin, Ethereum and Tezos. Among the ERC20 tokens for the moment there are: ZRX, REP, BAT, LINK, CHZ, CVC, DAI, MANA, GNT, HT, LEO, LOOM, MKR, OMG, PAX, USDT, TUSD and USDC. However, the team seems ready to add new tokens in the future. To start using the wallet we recommend downloading it on Android or iOS right away! To learn more about the team that developed this wonderful project here is the link to the official page where you can see pictures, names and surnames and links to the various social profiles of all the team members. A transparency that is rare in such a new sector like crypto! And don’t forget to follow the official ZenGo Twitter account!