Security is the fundamental building block of any crypto wallet. As pioneers of a new approach to security, we want to share how we designed our best-in-class system.
Using threshold signatures, we’ve replaced the traditional private key with two independently created mathematical secret shares. One share is stored on your mobile device and the other on the ZenGo server. With no single point of failure, even if something happens to one of the shares, your assets are always safe.
Unlike with exchanges, only you can initiate a transaction. ZenGo cannot access your funds. To send funds, you initiate a process in which the server and device shares communicate to sign the transaction without ever revealing their secrets to each other.
Backing up your wallet is just as simple. An encrypted copy of your device share is stored on the ZenGo server, and the decryption code is stored separately in your personal cloud account. Only with your biometric face map can you access the encrypted share.
It only takes a few seconds to restore your wallet if you delete the app, lose your phone, or want to use ZenGo on a new device. Just scan your face to match with the biometric face map you created during backup. The encrypted device share is then decrypted on your device.
Our keyless security model removes the single point of failure of traditional cryptocurrency management solutions and frees you from ever having to worry about private keys again. And we also made sure it was easier to use than any other option.