ZenGo protects users against approving the most dangerous and common Web3 attacks.
ZenGo Wallet utilizes innovative ClearSign and MPC technologies to provide users with industry-leading crypto asset protection. With ClearSign, users have a Web3 firewall that warns of malicious attacks and fraud from hackers.
- Wallet service providers must stand in users‘ shoes while providing crypto asset protection.
- ZenGo’s Web3 Firewall – ClearSign aims to help users quickly identify malicious transactions.
- Furthermore, the wallet leverages MPC instead of private keys, taking away this enormous vulnerability found in traditional crypto wallets.
In 2022 alone, nearly $2 billion of NFTs, DeFi, and other crypto assets were stolen through scams and hacks. Hardware wallets, considered relatively more secure, are not immune to these scammers.
Web3’s resistance to censorship is a double-edged sword. On the one hand, it allows users to experience financial and commercial innovations like never before. But on the other hand, users often have no way of knowing whether the other party in a transaction has bad intentions.
In ZenGo’s view, a responsible wallet service provider that cares about its users should strive to inform and protect users against potential risks. This is why ZenGo is introducing the Web3 Firewall – ClearSign, a powerful feature that safeguards transaction security.
What is ClearSign, and how does it work?
When users sign in with their wallets to access dapps or make transactions on the blockchain, all they can see is a string of information consisting of complex numbers and letters. Usually, wallets fail to notify users when they are exposed to a scam, and as a result: users are left blind.
ZenGo’s Web3 firewall – ClearSign, can inform, alert, and protect users against approving the most dangerous and common Web3 attacks. So how does it work?
ClearSign technology classifies on-chain transactions a user will see into three risk levels based on transaction sensitivity, levels of permission granted to external systems, and known scams. The crypto wallet has three security levels represented by red, yellow, and green colors, just like a stoplight, which can be recognized at a glance. This is how the team provides intuitive messages to its users.
Download the wallet to see how you can benefit from the groundbreaking ClearSign feature.
Green represents verified dapps and smart contracts
When users interact with leading Web3 dapps such as OpenSea or Uniswap, ZenGo ensures that they connect to original contracts. Fake or phishing websites that try and confuse users into giving away your assets won’t stand a chance.
Download and look for the green checkmark during the signing process.
Yellow notifies users of suspicious approvals and unusual behaviors.
When users see the yellow warning, they need to pay extra attention. This is because some transactions are potentially suspicious, while others are absolutely fine.
Whether users should process the transaction when seeing this alert depends on the context and users’ intention. For example, are you aware that you’re sending or transferring your crypto or NFTs to a private address when engaging with a Web3 dapp smart contract? If the answer is no, this ClearSign alert might just save you from losing millions of dollars.
Red requires users’ immediate attention
One of the most harmful security hacks is when a user grants a malicious actor access to their assets. Hackers may mislead users into sending their assets to a private address. ZenGo can effectively alert users in this situation.
Another scenario where one would receive a red alert is when a hacker tries to access a user’s entire account. ClearSign alerts users at such critical times to protect users from crypto loss.
How ZenGo tackles the private key vulnerability
Over $100 billion of bitcoin has been lost or stolen in the last decade due to poor private key and seed phrase management. Unless there is a fundamental technical breakthrough in private key management, users will continue to face losses from this single point of failure.
All traditional cryptocurrency wallets rely on the same vulnerable security architecture. From browser-based wallets like Metamask to hardware wallets like Ledger, there is no exception. However, ZenGo is different.
The wallet’s baseline security architecture leverages MPC instead of private keys to safeguard users’ crypto assets. As a result, it saves users from the anxiety of losing private keys. This is thanks to MPC technology, also known as multi-party computation. It involves separating the traditional private key into several individual “shares”. In this way, the wallet can provide multi-level protection for users.