Zengo is a self-custodial wallet that leverages multi-party computation. Unlike other digital wallets such as Metamask, a Zengo wallet cannot recovered using a seed phrase, which is important for users who don’t want to worry about phishing attempts.
The company has implemented a new set of features for the Zengo wallet, including a premium subscription that costs USD 20 per month. This optional subscription is aimed at security-focused users who own a large amount of crypto assets or users who are concerned about digital asset security in general. It’s worth noting that basic accounts will remain free.
Zengo is looking to solve two important pain points that other crypto wallets rarely address. Chiefly, in the event of phone theft, bad actors who gain access to the smartphone’s passcode can potentially steal money from installed financial apps.
As previously mentioned, a Zengo wallet cannot be recovered using a seed phrase, but in the event of a malfunctioning smartphone or theft, users can recover the wallet on a new phone using a recovery file that can be stored in an online cloud storage account such as iCloud Drive or Dropbox.
However, users also need to confirm the action via email and provide a scan of their face. Specificallt, Zengo Pro users have the option to require a face scan for outgoing transactions. This way, nobody can empty a user’s wallet without their consent even if they have access to their smartphone. Zengo can also protect users from themselves by issuing a warning whenever they try to send money to a scam.
Zengo Pro will also include a solution that tackles legacy transfers. Basically, the system allows users to invite someone to become their legacy contact. The setup phase involves both users installing Zengo and choosing a secret stored in an online storage device. The initial digital asset owner can then set up a pre-defined inactivity phase, after which crypto assets are automatically transferred to the legacy contact.
Even in the event of user death and the inability to pay for the Pro subscription, Zengo will still make good on its promise to deliver the assets to the legacy contact. The legacy system will be upgraded in the future and will offer the possibility to add several contacts and define a split.
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