ZenGo is an on-chain crypto wallet powered by MPC instead of private keys
ZenGo uses a 3-factor authentication system and MPC technology to provide the highest level of security for crypto wallet users. ZenGo eliminates a single point of failure by replacing the standard private key with two independently created mathematical “secret shares.” Additionally, ZenGo is immune to those hacks that usually happen to hardware wallets.
- Hardware wallets cannot save users from hackers: Over $100 Billion of Bitcoin has been lost or stolen in the last ten years because of poor private key management!
- ZenGo is an MPC wallet that takes crypto security to a new level.
- ZenGo brings users a multichain crypto experience by supporting BTC, ETH, Dogecoin, Tezos, and more than 70 other crypto assets.
- Moreover, ZenGo provides users with a highly-secured gateway to access their favorite dapps across DeFi, NFT, and gaming.
- Use ZenGo to connect to OpenSea, Sandbox, UniSwap, Lido, and more.
Crypto wallets are an essential tool. They serve as the gateway for users to enter the blockchain world, allowing them to easily store and access their crypto assets and send and receive cryptocurrencies like Bitcoin and Ethereum.
Crypto wallets come in various forms, from hardware wallets like Ledger and seed phrase wallets like MetaMask to MPC wallets like ZenGo. Usually, hardware wallets are considered comparatively safer for storing cryptocurrencies due to their less vulnerability to hacks.
However, this is not necessarily true. Today’s article will explain why hardware wallets might not be the most secure and MPC crypto wallets like ZenGo are more trustworthy.
Can hacks happen to hardware wallets?
While hardware wallets are designed to keep private keys offline, making them unhackable to malware, they can still be exposed to risks in several ways.
One of these hacks is through a power glitch. This attack often floods the hardware circuit board with power for a short period, leaving the user’s device in a state of damage. Then, with a shockwave of energy, the device’s circuit becomes disorganized, allowing sensitive information to be accessed by the attacker.
Another hack is called a side-channel attack. The attacker observes a hardware wallet’s behavior when executing a transaction. They can identify a device’s noise when it hits the correct PIN. In other words, a side-channel attacker “listens” to a user’s device to decode its PIN.
Since hardware wallets are physical, they are not exempt from the step of transportation. Unfortunately, there are cases where hardware wallets have been tampered during transit, not to mention fake wallets with phishing messages sent to users.
MPC wallets offer greater security
MPC cryptography, also known as multi-party computing, involves separating the traditional private key into several individual “shares” (ZenGo’s MPC wallet uses 2, for example). In this way, the wallet can provide a higher level of security by avoiding a single point of vulnerability: the private key.
MPC is a technology widely used by large institutions, offering custody for companies like Fireblocks. Recently, Coinbase announced they’re building an MPC wallet for a specific subset of applications.
ZenGo provides Web3 users with the highest level of security powered by MPC.
Like most cryptocurrency wallets that users are familiar with, ZenGo provides on-chain access to a user’s cryptocurrency. In addition, the ZenGo wallet has a comprehensive range of features, allowing the wallet to be used to buy and sell NFT, DeFi, Gaming, and more. Furthermore, ZenGo is also multi-chain, supporting Bitcoin, Ether, Tezos, Dogecoin, and over 70 other crypto assets.
What sets ZenGo apart from other wallets is its significant security innovation. Thanks to MPC-powered ZenGo, users can’t lose their private key because there is no key to lose. At the same time, ZenGo does not have the drawbacks mentioned above in hardware wallets.
Besides everything else, ZenGo uses encrypted facial biometrics to ensure users can retrieve their wallets if their phone is lost or stolen. This function is part of ZenGo’s 3-factor authentication, which includes 3D facial biometrics encrypted and stored privately.
These powerful features of ZenGo ultimately ensure that no one but the user can steal the user’s crypto assets, giving users peace of mind.
You can now download your ZenGo wallet from App Store and Google Play.
Find more about ZenGo:
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