Zengo wallet

Zengo wallet is a simple but secure cryptocurrency wallet, users can buy, trade, or earn up to 8% APY, Bitcoin, Ethereum, and more. This wallet received many positive reviews and became one of the top crypto wallets by bringing its own uniqueness.

Zengo wallet is primarily designed for web3, which has recently started to become a discourse about future internet freedom. By developing MPC technology, the Zengo wallet is the first non-custodial wallet that does not use a private key, which according to him is vulnerable to security.

What is the Zengo wallet?

Zengo wallet is the first non-custodial wallet to adopt keyless crypto assets, which means no private keys are created for either the user or on Zengo.

This is very unique and different from most crypto wallets that create private keys. And it should be kept by users safely. While Zengo wallet does not have a private key, and instead they use so-called threshold signatures.

This method replaces the traditional way of generating a private key, it creates a shared mathematical secret, one placed on the mobile device, and the other on the Zengo server. Simply put, the Zengo wallet uses advanced cryptography.

Using the Zengo wallet, besides being able to buy and trade crypto assets, you can also connect to NFT or to Defi Dapps.

How does the Zengo wallet works?

The first time you use Zengo, download the app, you can set up biometric face detection which can one day unlock your account access when you may delete the app and use a new device. This unique way of working from Zengo allows you to use your face when you lose account access. Maybe your smartphone crashed or you bought a new device. This is why Zengo called a custodial wallet a keyless crypto asset.

The account registration process is also very simple and easy, users only need a valid email address, we recommend using the Gmail email address associated with the smartphone.

The user enters an email address and will receive an inbox which he then clicks on for verification. Maybe you can’t find the email in the main message, you can find it in the folder labeled “Promotions”.

During the account creation process, Zengo, with its advanced cryptographic, created two mathematical secrets for sharing, one stored in the device, the other on the server.

Because it uses advanced cryptography, to initiate transactions, device and server shares communicate encrypted. Zengo can’t access the funds despite storing communicate shares on their server.

For backing up wallets, users need to set their account on the security feature by creating a recovery kit on the primary face scan. Zengo will ask for permission to use your email to save on the drive as well as your camera to continue.

After successfully setting the face detection biometric, you can try the test through the application. It will be useful if you switch devices and install a new application using a biometric face to decrypt your encrypted account.

Founder Zengo wallet

Zengo has the legal name KZen Networks Ltd, this company was founded in 2018 by Gary Benattar, Omer Shlomovits, Ouriel Ohayon, and Tal Be’ery with a total of 10-50 employees. It is a private company located in Tel Aviv, Israel.

Gary Benattar, is a Co-founder and engineer who is also an engineer at Toluna, as well as a Senior Software Engineer at Amazon. He received an honorary in Computer Science or Software Engineering from Pierre and Marie Curie University.

Omer Shlomovits as co-founder of Zengo focuses on cryptography. Ouriel Ohayon is the CEO and co-founder of Zengo, but he has more experience in more than five companies. Like Appsfire as co-founder and CEO. TechCrunch as founder and editor. AOL as Regional Business Director, Asia/Europe. LUDPODIA INTERACTIVE as Co-Founder and Marketing Director. Danone as Trade Marketing Manager. Reckitt as Assistant Brand Manager. Topify as Team Member.

Tal Be’ery co-founder and security at Zengo is a B.Sc and an M.Sc degree in Electrical Engineering and ComputerScience and is CISSP-certified. Experienced in several organizations such as Aorato, Securityweek, and Imperva.

What is Zengo used for?

Zengo is a multipurpose wallet, users can store crypto assets and can also connect with Web3 projects for NFT access, as well as Defi Dapps, this allows Zengo users to participate in Defi projects to buy NFT or gaming needs which currently may have thousands of Dapps on Web3.

Zengo users are also able to lend out and earn interest from crypto holdings. More specifically, users can receive crypto assets from other exchanges or send crypto, buy and sell by credit card, or use cryptocurrencies BTC, ETH, etc. Zengo also allows selling crypto assets to bank accounts within days.

You can also trade through the Zengo app for cryptocurrencies from one crypto to another. If you prefer to access Dapps projects, you can use Walletconnect to connect with an Ethereum wallet for Defi access for both NFT buying, investing gaming, and more purposes.

Zengo wallet Security

Zengo is different from other crypto wallets, which are keyless for account access, with no private key, or password for account access. First using the app you are asked to use your fingerprint for login authentication. There is no password but only uses a fingerprint as a signature.

Keyless

Instead of using a private key, Zengo uses sharing secret math stored on Zengo’s device and server, both secret math sharing tools to confirm transactions.

Biometric Protection

Using face detection, which is stored in the cloud allows you to decrypt from other devices when you lose wallet access. Users can set up this feature after creating a Zengo account.

3-Factor Recovery

2-factor authentication may be common in both exchanges and other applications use. Zengo differs from others in that it offers 3-factor authentication. It involves three categories called knowledge, possession, and inherence.

Refers to TechTarget, the knowledge here is that the user must know the ID, password, and PIN. Possession shows ownership can be OTP, ID card, etc. Inherence is a biological trait such as fingerprint scan, Irish scan, retina scan, facial recognition, voice recognition, hand geometry, etc.

Feature Zengo wallet

The key feature that Zengo offers is to access Web3. Ease of use is also important, especially for beginners. Zengo doesn’t write down seed phrases or private keys.

• Zen crypto show, where users can learn about blockchain and cryptocurrencies through Apple Podcasts, Spotify, and favorite podcasts.
• Earn free Bitcoin for users who can refer friends who then make crypto purchases. Zengo provides a special code to invite friends.
• Another feature that is a limited offer is the Zengo card, which is a limited offer gets $30 when staking with StakeWise.
• Local currency support, users can choose the local currency for the application.
• And another feature is apps connection to Paraswap, Uniswap, StakeWise, Index, AAve, ENS, and Sandbox games. Users can also use a QR code to connect.

Cryptocurrency supported

Zengo does not support all cryptocurrency coins, it is important not to transfer coins that are not supported, another warning Zengo does not support BSC, cannot transfer BCH, and only transfers ETH via the Main net.

Zengo cryptocurrency support includes BTC, ETH, USDT, USDC, BNB, FTT, DOGE, LINK, DAI, WBTC, LEO, SHIB, MATIC, UNI, OKB, SAND, LUNA, MANA, ONT, XTZ, GNO, CRV, HT, GRT, AAVE, PAX, 1INCH, TUSD, CHZ, MKR, NEXO, RSR, NU, LRC, SNX, BAT, COMP, IOST, KNC, UMA and more.

Some crypto coins are not available on the Zengo platform but users can ask for assets. Details of supported coins can be found in Zengo assets here.

Countries supported

Zengo basically supported everywhere, but in China and some other countries, it is not available due to local regulations that prohibit the use of cryptocurrencies.

Customer service

Zengo customer support uses a chat application that is available 25/7 days a week, providing solutions within minutes of responding to messages from users. Users can also access option help articles to learn anything related to the Zengo wallet.

Other support can be found through podcasts, blogs, and communities such as Twitter which are known to be very active in interacting with their audience.

Besides users being able to access help on the Website through chat apps, users can also access help through apps for both Android and iOS.

Zengo wallet fee

Users can use some features free of charge at no cost, but some require fees that vary in size. Please note that in transactions there may be network fees, such as for ERC-20 transactions.

Ethereum tokens are subject to gas. Maybe it’s different from the processing fee paid to the operator for buying and selling cryptocurrencies. Then the spread is the difference between buying and selling prices in the spot market. Fees may also be charged for local currency conversion.

• Send and receive crypto fees 0%.
• Buy crypto with a bank transfer fee of 1.99%. Minimum 85 USD/EUR/GBP.
• Buy crypto with a credit card (Moonpay) fee of 5.99%. Minimum 85 USD.
• Buy crypto with PIX in Brazil fee of 5.99%. Minimum 84 USD.
• Sell crypto (Moonpay) fee 1.99%. Minimum , ETH 0.01 BTC 0.001, BCH 0.05, USDC 30, USDT 30. Max 2000 EUR daily, 10000 EUR monthly.
• Trade crypto processing fee 0.5%, spread up to 0.2% vary depending market.
• Withdraw fee from Savings (NEXO) 0%.
• Activated Tezos staking fee 0%.

Zengo wallet App

The Zengo app can be found in the App Store and Play store. For iOS users, they download the app via App Store, and Android users download it via Google Play Store.  Simply search Zengo to find apps.

Apps on Google play store, Zengo gets a rating of 4.4 from a number of reviews of more than 4.5 thousand reviews. While the application in the App store gets a rating of 4.7 out of 2.1 thousand reviews.

Is Zengo wallet safe?

So far there have been no security complaints with Zengo wallet. By using facial recognition by scanning faces for decrypted accounts, it will be difficult for someone to hack. Even if it uses photos to try to trick the system, it won’t work.

In fact, according to a statement, Zengo challenged hackers to hack a wallet consisting of 1 BTC. And no one can do it. Although it is not possible, there have been no reports of Zengo wallet hacking so far.

Login account by using a fingerprint as a signature, it is also very safe from forgery, it is very unlikely that someone’s fingerprint is the same as someone else’s. Only possible problem is that when the fingerprint sensor is not working, it can cause login failure.

Is Zengo wallet legit?

Yes, Zengo is legit, the legal name of this company is KZen Networks Ltd. or also known as KZen Networks. In three funding rounds, Zengo raised $24M, the latest round series A on 27 April 2021. Funded by 14 investors with the most recent being Elron Ventures and Benson Oak Ventures.

Is Zengo a cold wallet?

A cold wallet is a wallet that is stored offline. Meanwhile, Zengo uses the cloud to store shared math secrets for communication with devices. This is not a cold wallet. However, this wallet has never been hacked, with the support of MPC (Multi-Party Computing) technology and cryptography.

How to use the Zengo wallet

Using the Zengo wallet application even for beginners is very easy. First, you will purchase assets, you will be asked to make a recovery kit, with facial scanning to anticipate other switch devices. This requires your email to proceed. Fast speed internet connection is very helpful in this process.

File recovery stored in personal google drive. After the process is complete you can continue using the application to purchase crypto or other actions. Where there are four main buttons in the application, home, actions, history, and accounts.

On the home screen, you can see your crypto assets, Bitcoin, and Ethereum, you can add assets by clicking “Add Asset” on the home screen.

On the Actions screen you will find several features, Receive, Send, Buy, Sell, Earn, Trade, and Connect.

• Receive to receive or deposit crypto assets.
• Send to transfer assets.
• Buy for purchasing assets with a credit card or Google pay in local currency.
• Sell ​​or exchange assets in cash to a bank account.
• Earn for lending and staking.
• Trade for buying and selling crypto to one another.
• Connect to access Defi Dapps, via wallet connect.

The history screen records all the transactions you’ve ever made. Your account screen will find the recovery kit settings and promotional packages available. Through the account screen, you can also establish connections with applications, such as Paraswap, and Uniswap.StackWise, Index.Aave, ENS, and Sandbox.

How to verify Zengo wallet

To verify a Zengo wallet, you don’t need an ID card, but some partners of Zengo may ask users to verify with an ID card.

Wallet verification using only email and face detection. Before you can fully use the app, you have to complete face verification.

Zengo recommends only using your own device. You can also add face verification of other people such as your family. And add another email address, to prevent your files from being compromised, due to files stored on Google Drive which may leak.

Zengo wallet pros and cons

Conclusion

Zengo wallet is one of the best crypto wallets, giving users access to Web3. Applications that are smooth and easy to use, are the main attraction for using the Zengo application.

Although until now there have been no reports of hacking, users need to consider the vulnerability of hacking due to file recovery stored in Google drive or the cloud.  Zengo is not a cold wallet that stores offline, devices and cloud servers communicating online, for the validation process.

Note: this article is for information only. This should not be construed as investment advice or solicitation. Crypto, forex CFD is risky. Every investor is responsible for their investment. 

You may like

All about Obsidium (OBS) – Recent Top Gainer

Coinbase wallet self custody

OnerArt wallet – NFT and Metaverse wallet app

Please leave this field empty

Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox, every week, or on our Telegram.

We don’t spam! Read our privacy policy for more info.

Check your inbox or spam folder to confirm your subscription.