• Mon, 27 May 2019, 10:19 AM
  • All times are UTC
  • Edition:
    International
Link copied

Samsung invests in keyless crypto wallet “ZenGo”

Fri, 19 Apr 2019, 07:27 am UTC

ZenGo, a project that aims to provide keyless crypto wallet, has raised $4 million from Benson Oak Ventures, Samsung, and Elron, The Block reported.

Currently, in private beta, ZenGo aims to accelerate mainstream adoption of cryptocurrencies by addressing a major pain point – the process of writing down private key and storing it safely. It leverages a unique cryptographic protocol to ensure security and ease of use.

“ZenGo uses open source threshold cryptography to replace the private key and all the troubles related to securely managing non-custodial wallets. Our solution eliminates the typical friction points of onboarding and backup and does so without the existence of a single point of failure,” ZenGo said in an online post.

“ZenGo is easy to backup, simple to recover, and guarantees that only the customer has control of their funds.”

Similar to multi-sig, threshold signatures require cooperation from multiple parties to initiate a crypto transaction.

“Instead of using a traditional private key, the message is signed using a public key and multiple secret shares held by the participating parties,” ZenGo explained.

For sending a transaction, ZenGo’s system uses a “two-of-two” signature system which requires two “shares” – one from the user and one from ZenGo. Further, the encrypted copy of a share is stored on ZenGo’s server and the decryption code on the user’s iCloud account.

All this happens in the backend. Users who wish to send transactions just need to scan their face via Apple’s FaceID feature to approve a transaction.

“Sending crypto is like sending a message…Its deeply human and I cared about making that experience more human,” CEO Ouriel Ohayon told The Block. “As I learned about it [crypto] I was shocked by how prehistorical solutions were…even the best ones.”

Responding to the concerns over shut down of ZenGo’s server, Ohayon said that they are planning to hire an independent trustee to trigger a share recovery process and allow ZenGo’s users to continue using its service.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $8,713.38 (+9.00%)
  • Ethereum (ETH) $267.41 (+7.13%)
  • XRP (XRP) $0.409200 (+6.83%)
  • Bitcoin Cash (BCH) $432.74 (+8.00%)
  • Litecoin (LTC) $113.49 (+11.83%)
  • Bitcoin (BTC) $8,713.38 (+9.00%)
May 27, 2019 (Monday)
10:15
bitFlyer Holdings establishes new blockchain subsidiary in Japan
09:11
More Indian telecom giants including Vodafone Idea, Jio to deploy blockchain-based anti-spam call tech
08:53
Recruit invests in next-gen blockchain startup COTI
07:44
Crypto exchange Bittrex teams up with IdentityMind for automated transaction monitoring
07:05
Rabobank ditches plan to launch cryptocurrency wallet 'Rabobit'
06:53
Deloitte Canada selects LiteLink as blockchain delivery group
06:09
Crypto trading app Robinhood gears up to raise $200M: Report
06:04
Saudi Customs departs first blockchain-powered shipment to Rotterdam
05:16
US State of Montana is now crypto friendly, recognizes utility tokens
04:20
Facebook’s Zuckerberg reaches out to Winklevoss twins for crypto project: Report
03:46
Blockchain capital markets platform iSTOX joins Singapore's sandbox
03:33
Luxury watchmaker Vacheron Constantin to use blockchain technology to authenticate timepieces
03:23
Swisscom TV to showcase blockchain-based artwork
May 24, 2019 (Friday)
12:18
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
10:50
German engineering giant Bosch trials Ethereum blockchain
10:39
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
09:33
Bank of Russia to review proposal on gold-backed cryptocurrency
09:17
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
08:45
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
08:45
Robinhood Crypto is now in New York
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft