How safe is ZenGo crypto wallet?
I recently heard a lot about ZenGo and want to know how secure it is. While other crypto wallets require me to use a seed phrase, with ZenGo, I didn’t get any passwords or seed phrases which is strange.
ZenGo uses your biometric data (fingerprint) to encrypt a key (password) which, half of it is on your phone and backup on cloud services, and the other half of the password is stored on ZenGo’s server.
In this way, no one besides you can control your crypto, but at the same time, your wallet is also recoverable, unlike cold wallets, which do not provide any backup if the password is lost.
Being in charge of your own “cold” crypto wallet security comes with great responsibility, and human error could lead to theft or accidental deletion.
By using their wallet, you remove the need for a password, so you can never lose it, and you can never fall into phishing scams or any other password theft hacks that ask for your private key.
This is enabled by using a unique security model called MPC (Multi-Party Computation), which keeps the user’s data hidden from the provider.
ZenGo describes their security model in depth here: https://zengo.com/security/.
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