ZenGo Comes With The Crypto Wallet For All
ZenGo is the first keyless bitcoin and cryptocurrency wallet — the most simple and secure way
ZenGo comes From KZen and is the mobile app to manage your cryptocurrencies securely and easier than its counterparts. The present scenario isn’t user-friendly with them being too complicated or insecure.
Vulnerability of exchanges
The cryptocurrencies you own might be sitting on an exchange such as Coinbase or Binance. This makes them vulnerable to cyber attacks as someone could log in to your account and sell your assets or steal them.
More than that if the security of exchanges is compromised, they could divert the coins from that exchange’s wallets. In short, leaving the crypto on exchanges means that you permit the exchange to take care of the assets you own.
Manage your private keys
Either way, you can manage your private keys relying on a hardware wallet from Ledger and Trezor. Though learning the operation process is lit bit complicated. If you don’t follow the instructions properly, you may end up losing access to your wallet or sharing the private keys accidentally.
KZen uses threshold signatures meaning that you use booth ZenGo’s servers and your Smartphone for the transaction. In case you lose your phone, you can still recover the funds but the company cannot access your coins on its own.
They do use public and private keys whereas the transaction is completely transparent for the user. On setting up the wallet, two private keys are generated and stored one in your Smartphone and the other in the server. Both parts are needed to sign a transaction. When you backup your device to the server you can recover all the keys in case you lose your device.
How does ZenGo make transactions safe
ZenGo doesn’t access the second part as it is encrypted using a decryption code stored on your iCloud account. That is not all that should be done. You have to prove your identity in case you have to recover your wallet.
For this purpose, the company stores a 3D biometric face map so that you can restore your wallet on a new device. Partnering with ZoOm they create a face map from any Smartphone with a selfie camera.
ZenGo is set for all assets.
Being an open-sourced security model, experts are working to find the vulnerabilities in the system and end up with a secure system for ZenGo. Though it supports only Bitcoin and Ethereum as of now, more assets are on the way. When you receive funds, you will be notified as the company tracks your public addresses.
It is developed for the common man
Though crypto is in itself secure and robust, advancing technology could churn out a possible vulnerability in the system. This could be lethal as you may lose all your assets without any option to retrieve them. This is why KZen had to act identifying the need of the hour as a cloud-based encryption system. This helps the users recover their assets even when they lose their device. The dual encryption and biometric features help ZenGo secure the transaction.
Is it user-friendly?
The wallets available are difficult to manage as they need an expert in operating. The underbanked could find this process a herculean task. Strict instructions could probably make it vulnerable by exposing the private key or ultimately sharing information. Here is where ZenGo becomes a lifesaver technology. Your encrypted key is stored in a cloud account that can be accessed by a biometric 3D face map only by the user in case you lose your device.
Is the future bright or ZenGo?
ZenGo is the future wallet promise. The crypto wallet is set to bring security to all transactions for the common man. As the whole idea behind cryptography is to provide cybersecurity and that too for the commoner, this technology is sure to attract funding from various portals. Identifying this advantage makes the KZen the promise of tomorrow. The users are sure to find the technology easy and more safe saving their money from hungry middlemen. What more does this technology need to get a footing in the ground? This is the question that KZen tries to answer.
KZen helps us divert our attention to secure the future helping them evolve a robust user-friendly crypto wallet to safeguard the assets. Crypto mining brings the need for wallets as markets are flooding with coins of all sorts. This helps developers to set a standard for the Bitcoin development