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How “Zengo” Increases Crypto Wallet Security

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In the fast-paced and ever-evolving world of cryptocurrency, security is of utmost importance. This is even more so when you want to improve your OpSec while using the Darknet. Traditional methods of securing digital assets through seed passwords, generated sequences of passwords that act as primary keys, have proven prone to vulnerabilities. Such is the case with multiple previous vendors and administrators.

This vulnerability has led to significant losses, with a possibility of over $100 billion lost or stolen in the last ten years in the crypto space. The misuse of seed phrases is a critical concern, exposing users to risks such as malware, spyware, and social engineering attacks, which is why Zengo Wallet works as a solution.

Zengo Wallet

The Success of Zengo Wallet

Since its launch in 2018, Zengo Wallet has demonstrated its effectiveness, with zero instances of wallets being drained or hacked. This success underscores the significance of adopting MPC as a reliable and secure alternative to traditional seed phrases.

Zengo, being a hot wallet, is designed for ease of use and accessibility. It allows users to quickly access their funds, make transactions, and interact with various blockchain networks without the need for transferring assets from offline storage. This makes it a great choice for active users who need frequent access to their crypto holdings.

The top-tier anonymous crypto wallet goes beyond addressing the weakness of seed phrases, providing comprehensive solutions to various pain points in the crypto space.

  1. No Private Keys: Unlike traditional wallets, Zengo does not use private keys in the same way. Instead, it utilizes MPC technology. This means there’s no single point of failure. Your wallet’s security isn’t dependent on a piece of information that could potentially be exposed or stolen.
  2. Non-Custodial Model: Zengo is a non-custodial wallet. This means you have complete control over your funds. There’s no third party with access to your assets. In a world where we’re increasingly concerned about who has access to our information, this is a big deal.
  3. Anonymity in Transactions: Setting up a wallet is free and doesn’t need KYC. This means the transactions themselves can maintain a high level of anonymity (i.e Your personal data isn’t tied to your transactions.) This is the best step to take for great OpSec.
  4. Encryption and Security Protocols: Zengo employs robust encryption and security protocols, ensuring that your transaction data and wallet information are not susceptible to unauthorized access.

Multiparty Computation (MPC) Cryptography

As the crypto community seeks a secure alternative to alternative hot wallets, Zengo Wallet addresses the weaknesses in seed phrases through multiparty computation (MPC) cryptography.

The Power of MPC Cryptography: Zengo Wallet’s use of MPC cryptography ensures that no single entity owns all the keys, making it significantly more challenging for malicious actors to compromise wallet security. This approach eliminates the single point of failure associated with traditional seed phrases.

Three-Factor Security: We all know the typical 2FA implemented in various online services. Zengo Wallet offers an additional method with three access points: email address, 3D FaceLock, and Zengo Recovery File, ensuring secure account recovery in any situation.

Legacy Transfer Feature

The Legacy Transfer feature in Zengo Wallet tackles a crucial but often overlooked aspect of digital asset management: what happens to your crypto if you’re unable to manage it yourself? This feature is designed to ensure the continuity and security of your digital assets, even in cases where you might be incapacitated or otherwise unable to access your wallet.

How It Works: Allows users to designate a beneficiary or multiple beneficiaries who can inherit your digital assets. The process is usually streamlined and straightforward, ensuring that your loved ones can access the assets without the need for complex legal processes or technical know-how. *This is opt-in only.*

Security & Privacy: Despite its convenience, this feature doesn’t compromise on security. The transfer process is typically encrypted and requires specific protocols to be followed, ensuring that only the designated beneficiaries can access the assets under the predefined conditions.

Zengo Web3 Firewall

With the various cyber threats we’re currently facing, the Zengo Web3 firewall provides real-time alerts and protection against potential attacks, offering users enhanced security for their assets. This (along with other mentioned security features) means:

  • Real-Time Alerts: If a potential threat or suspicious activity is detected, the user is immediately notified. This prompt response allows users to take quick action to secure their assets.
  • Protection Against Attacks: The types of attacks that this firewall protects against can range from phishing attempts to more sophisticated exploits targeting blockchain vulnerabilities. By actively scanning and blocking these threats, the firewall adds an essential layer of security.

A Leader in the MPC Market

Elad Bleistein, Chief Marketing Officer of Zengo, emphasizes the platform’s role as the MPC market leader, providing users with secure self-care solutions in a time where security is paramount.

Supporting Over 120 Cryptocurrencies

Zengo Wallet offers a comprehensive experience supporting over 120 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC). Users can buy, sell, manage all their digital assets, and interact with multiple Web3 decentralized applications (DApps) with ease. The wallet also accepts non-fungible tokens (NFTs) and facilitates transactions with the embedded finance (DeFi) system.

Future-Proofing Crypto Security

As the crypto industry enters a recovery phase and new enthusiasts join, Zengo Wallet positions itself as a leader in secure self-storage solutions. With its proven track record, commitment to innovation, and user-friendly features, Zengo aims to redefine the crypto-security narrative, providing users with a seamless and secure experience in the ever-expanding digital asset landscape.

Frequently Asked Questions

What makes Zengo Wallet different to other traditional wallets?

Zengo Wallet uses multiparty computing (MPC) cryptography, eliminating vulnerabilities associated with traditional seed phrases. This ensures improved safety and security from hacking attempts.

What makes Zengo Wallet different from other traditional crypto wallets?

Zengo Wallet uses multiparty computing (MPC) cryptography, eliminating vulnerabilities associated with traditional seed phrases. This ensures improved safety and security from hacking attempts.

What cryptocurrencies does Zengo Wallet support? 

Zengo Wallet supports over 120 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Polygon (MATRIC), giving users a variety of options to manage their digital assets.

Have there been any security breaches since Zengo Wallet launched? 

No. Zengo Wallet have demonstrated its efforts with no instances of wallet removal or hacking since its launch in 2018, demonstrating its commitment to user security.