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Zengo Wallet Review

Zengo is a revolutionary cryptocurrency wallet that employs a keyless approach to managing digital assets. It employs its KEYLESS WALLET™ technology with open-source threshold cryptography and multi-party computation, eliminating the concept of private keys and passwords. In this, it splits the wallet into two secret shares, one on the user's device and the other on the servers of Zengo. This minimizes a single point of failure. Zengo Pro features appeal to advanced users who can create multiple wallets in one account. This improves security and helps maintain an organized structure since the assets will be separated depending on their use.

History of Zengo

Founded in 2018 by Tal Be'ery, Ouriel Ohayon, and Gary Benattar, Zengo was launched in 2019 to address security vulnerabilities in crypto wallets, particularly those tied to private keys and seed phrases. 

The wallet leverages advanced cryptographic techniques, specifically multi-party computation (MPC), to enhance security further, Zengo integrates biometric facial recognition for secure logins and account recovery, ensuring users are protected at every step.
Since its unveiling, Zengo has consistently boasted an impeccable zero-hack record, showcasing how good the concept is working. In 2021, the company secured $20 million in Series A funding, further cementing the company's position in the marketplace. Zengo is protecting more than a million users in 2024 while continuously innovating to balance security and user experience.

Features of Zengo Wallet

Zengo is a multi-chain wallet supporting more than 180+ cryptocurrencies, tokens, and NFTs from well-known blockchains such as Ethereum, Polygon & Bitcoin. Another noteworthy feature is the pro upgrade (or Zengo Pro as they call it) allows users to create up to five wallets which can be used to compartmentalize their assets. 

Support for biometric authentication of backups and recoveries without seed phrases. The capability to monitor trade history is also another important feature. 

Benefits of Zengo Wallet

Zengo unifies all three, buy, sell, and swap features into one platform which offers a better user experience. Zengo Pro users benefit from reduced fees for transaction insurance among other wallet benefits including added privacy with a private transaction mode. Zengo also provides a legacy transfer service to allow users to address their asset holdings responsibly in cases of emergencies.

Challenges for Wallet

The wallet is revolutionary and highly secure but with several challenges that might reduce the trust in it. Relying on biometric authentication poses risks if compromised. Compared to traditional wallets, the keyless model is likely to confuse users regarding asset safety. In a competitive market, Zengo must balance the ease of use with security, to stay relevant.

Conclusion

Zengo Wallet is a sophisticated system for managing digital assets with a special focus on their security, especially a number of keys are not required, and a high level of protection is achieved through advanced cryptography and biometric verification. Despite offering great ease of use and strong security features, there are various hurdles that it has to address including the biometric-related threats and misunderstanding from the users associated with no-key-based design.