ZenGo

What is Zengo Wallet?

Have you ever wondered if any crypto wallet exists without a private key? Then, your guess might be as good as mine! It might sound unbelievable, but Zengo Wallet is considered the first Keyless crypto wallet.

It was developed by an Israeli company, KZen Networks. KZen Networks is a blockchain-based product development company focusing on security and User Interface. KZen Networks was founded in 2018 by three dynamic engineers-Omer Shlomovits, Ouriel Ohayon, and Tal Be’ery. 

ZenGo Wallet is not just a crypto wallet. It is made up of other unique features. The application supports over 70 cryptocurrencies, and these supported cryptos are traded, sent/received and swapped on the platform.

The company did not grow out of any existing project. It has benefited from two rounds of seed funding, with the latest in 2021 raising $20 million after initial fundraising of $4 million.

However, Zengo Wallet intends to remove the technical difficulties in setting up wallets. This helps simplify the processes for crypto newbies and professional crypto investors/traders. This is done to maintain the highest security while streamlining the process. 

The wallet is equipped with an innovative security feature. The wallet does not rely on private keys to protect your account. Instead, an advanced cryptographic framework secures accounts from the company’s server.

Getting Started with ZenGo Wallet

ZenGo Wallet is not like any other wallet you may know out there. It stands out from the crowd in a way. With this wallet, you do not need to write down any private key or backup phrase anywhere to use the application. Below are some of the steps involved in setting up ZenGo Wallet;

1. Download the Application: The wallet is available on Google Play and Apple Store. Search for “zenGo wallet” from your search bar and install the application into your device.

2. Open the wallet: After successfully installing the application, tap on it to open it so you start your signup/setup process. 

3. Input Your Email Address: If you have an existing account that you wish to restore or you wish to open a new one, input your email address and tap on “Continue.” If you input the email into an existing account, a restore link will be sent to the email address. However, if your signing up for the first time, an activation link will be sent instead. Next, proceed to your email and tap on the activation link sent.

4. Generate Your MPC Secret Shares: A new page about “generating your MPC secret shares” will appear next.MPC secret shares are smaller units of encrypted data. The data individually does not reveal any data about the original data. To proceed, tap “Continue.”

5. Secure Your Account With Your Device Lock: Secure your wallet with the same lock you use on your phone. If it’s your thumb you use to open your phone when locked, you will need to use the same thumbprint to open the wallet. The app makes sure only you have access to your account, which is why it has enabled this feature. Tap on the “enable device lock” below your screen, and it will allow it with your thumb.

6. Choose How You Want to Get Started: Next, choose how you want to explore the application. Three options for how to explore the p will. You can choose whether to buy crypto, receive NFTs and Explore the app. 

Cryptocurrencies & Assets Supported by ZenGo Wallet

ZemGo Wallet supports over 70 crypto assets. All the supported assets could be sent/received, and some could be bought on the platform. Below is a table containing the supported assets;

ZenGo Wallet Keys and Security

Private keys are essential to the security of any wallet address. They are the only way to access most crypto wallets. However, because of the innovative structure of ZenGo Wallet, it does not need private keys to Access. Instead, it uses an encrypted system powered by its servers to secure users’ wallets.

Important: This wallet does not require you to access it with a seed phrase or private keys. Make sure that only your thumbprint should be registered on your mobile device. This is important because your assets might be stolen if anyone can access your wallet through your phone.

Other ZenGo Wallet Features

ZenGo Wallet is more than just a wallet. There are other unique features associated with the app. Below are some additional features of ZenGo Wallet;

• Staking: ZenGo has a staking program. The staking program allows users who stake with them to earn passive compound interest on their staked crypto. The app uses a proof-of-stake consensus mechanism for its staking program.

Also, their staking program offers an annual yield of over 15%, significantly higher than other traditional investment options. Plus, the process is simple and easy to understand, making it accessible to anyone interested in staking.

• Purchase Crypto: This application allows users to purchase crypto using credit or debit cards. This is swiftly done with the help of an integrated payment system, MoonPay. It is a unique feature because it removes the difficulties in buying crypto.

• Anonymity: The wallet offers some users who want to keep their identity hidden while using the platform to purchase crypto with a limit of $100. This limit was implemented to fight against fraud and other criminal tendencies.

• Swap: ZenGo users can swap their crypto assets for another supported asset. Swapping is quickly done at the “swap” section of the application. However, swapping this wallet comes with a fee. The platform charges a fee of 0.125% of the transaction volume.

• NFT Wallet: In addition to their staking and crypto purchase features, ZenGo Wallet offers a unique NFT (non-fungible token) service. This feature lets users easily send and receive NFTs from their wallets. What’s great about this is a dedicated and easy-to-use section designed explicitly for NFTs within the app.

If you’re unfamiliar with NFTs, they are digital assets representing ownership of a unique item or piece of content, such as artwork, music, or collectibles.

ZenGo Wallet Usability and Support

ZenGo Wallet takes pride in its user-friendly interface, which makes it simple for anyone to navigate the website. The site is designed with a clean and organized layout, and the homepage displays all the information needed to get started.

Signing up for ZenGo Wallet is simple. The procedure is simple and quick, taking only a few minutes to complete. This means you can start using the wallet and its features immediately.

In addition, the ZenGo Wallet website offers live chat support. If you have questions about ZenGo’s products or services, you can use the live chat feature to get immediate assistance from their knowledgeable support team.

What’s great about this is that the team is known for their quick and helpful responses, so you can immediately get the assistance you require.

Aside from live chat support, the ZenGo Wallet website also includes valuable articles that explain everything you need to know about using the wallet. The articles on the site cover a wide range of topics, from basic setup to advanced features, making it simple for users to make the most of their money.

ZenGo Wallet Reputation and Popularity

Since the wallet was launched in 2018, hundreds of thousands of people have widely accepted and used it. On Google Play Store alone, the wallet has been downloaded more than 500,000 times with a rating of 4.3 stars and over 6000 reviews. This shows that the wallet has a large user base.

Despite the simplicity of the wallet and the absence of private keys, there has not been any report from any media house regarding hacks or exploitation. Also, the owners and management of the application have not been involved in any controversial report.

Conclusion

From our study and interactions with ZenGo Wallet, it is a unique, keyless crypto wallet that simplifies managing multiple cryptocurrencies while maintaining top-notch security. Its innovative features set it apart from other crypto wallets, and its extensive list of supported assets provides users with diverse investment options. 

ZenGo Pros and Cons

This wallet also has its strengths and weaknesses. The following are some of them;